[Resolved]  Indian Overseas Bank — NEFT transaction limit to Rs.50,000/-

Address:

Hyderabad, Andhra Pradesh

They(IOB) have restricted NEFT transaction limit to Fifty thousand(Rs.50,000/-) as daily limit., while RBI says the limit is 5 lakhs(Rs. 5,00,000/-). I don't know on what basis they are fixing this limit.
as per law they(all banks) should follow the RBI norms & mandate. but I don't know how they are making their own policies.
i was in a dire need of money (around 3.5 lakhs) to pay home loan & for that now i need to do 7-transactions of 50K each.(to take out my own money from the bank) How ridiculous is this!!
I wonder why RBI doesn't control these banks.
Even Nationalised banks are overlooking RBI mandates. I really pity this nation.

Svanky