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How to Withdraw Money from Yes Bank?

Yes Bank has gone the PMC way, with the Reserve Bank of India on Thursday evening superseding the Board of Directors and imposing a moratorium on withdrawals and advances for a month as the bank’s financials deteriorated.

How much money can be withdraw from Yes Bank?

You can withdraw more than Rs. 50,000 only in following situations.  For that you will have a need of a permission from RBI.

  1. Depositors can now pull out a maximum of Rs 50,000 per head even if an individual has more than one account, a government gazette notification said.

The bank will not be allowed to pay depositors a sum exceeding Rs.50,000/- lying in any savings, current or any other deposit account, the government said in a notification.

2. The outstanding amounts on drafts and pay orders issued so far would be paid in full, it said.

See Also : Till what date the limit is placed? When the limit be removed?

3. The bank can breach the cap on withdrawals for exceptional events in a depositor’s life such as a medical emergency, payment for higher education or for marriages. This shall not exceed Rs 5 lakh.

4. in connection with the medical treatment of the depositor or any person actually dependent on him;

5.  Towards the cost of higher education of the depositor or any person actually dependent on him for education in India or outside India;

6. To pay obligatory expenses in connection with marriage or other ceremonies of the depositor or his children or of any other person actually dependent upon him;

7.   In connection with any other unavoidable emergency.

A similar situation had arisen for depositors at PMC Bank last September. The crisis first came to light on September 24, 2019, when RBI placed curbs on the activities of the Mumbai-based bank for six months.

There was panic among depositors as the central bank limited the amount a customer could withdraw from their account during the next six months — to Rs 1,000 at first. Later, that limit was raised to Rs 25,000.

There was panic among depositors as the central bank limited the amount a customer could withdraw from their account during the next six months — to Rs 1,000 at first. Later, that limit was raised to Rs 25,000.

Anticipating a similar panic situation, RBI has this time issued an upfront assurance to Yes Bank depositors, saying that their interest will be fully protected.

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