Yes Bank’s ₹50,000 withdrawal cap: Who can be exempted and everything you need to know | HT Tech

Yes Bank’s 50,000 withdrawal cap: Who can be exempted and everything you need to know

Yes Bank depositors can only withdraw 50,000 from their accounts starting today till April 3, but there are exceptions that will be considered

By: HT CORRESPONDENT
| Updated on: Mar 05 2020, 21:59 IST
Following RBI’s  moratorium, Yes Bank depositors can only withdraw Rs 50,000 from their accounts starting today till April 3. This Rs 50,000 cap is an aggregate amount across all bank accounts at Yes Bank – savings, deposits or current accounts.
Following RBI’s moratorium, Yes Bank depositors can only withdraw Rs 50,000 from their accounts starting today till April 3. This Rs 50,000 cap is an aggregate amount across all bank accounts at Yes Bank – savings, deposits or current accounts. (REUTERS)

The Indian government has given a go ahead to a plan State Bank of India (SBI) to lead a consortium that will buy a stake in troubled Yes Bank Ltd.

However, while this works out, Yes Bank depositors can only withdraw 50,000 from their accounts starting today till April 3. This 50,000 cap is an aggregate amount across all bank accounts at Yes Bank - savings, deposits or current accounts.  

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
23% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

Exceptions will be made in a few cases and 'competent authority' will decide on these exceptions. The amounts in these cases cannot be more than 5 lakh or the amount of money that is in the accounts (whichever is less).

Also read
Looking for a smartphone? To check mobile finder click here.

Grounds of exception that will be considered are:

-Medical treatment for account holder or dependants

-Higher education costs for account holder or dependants in India or abroad

-Marriage expenses

-'Unavoidable emergencies'

RBI has said that interest will be paid on deposits at the bank.

If you are paying an EMI from your Yes Bank account you need to speak to your receiving bank or housing company immediately and ask for a one-month window to sort things.

If your salary comes to your Yes Bank account then you might need to figure out some other funds.

Net banking might not work right now for you because too many people might be trying to log in at this point of time. ATM withdrawals might also not be possible immediately, you should try at a later time.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 05 Mar, 21:58 IST
NEXT ARTICLE BEGINS