If we talk about withdrawing money from savings account, there are many ways to withdraw money from savings account. For example, account holders can withdraw money through withdrawal form by visiting the bank branch. Apart from this, money can also be withdrawn through ATM card and cheque. In this article, let us know how much money the account holder can withdraw from the savings account i.e. by using withdrawal form, ATM card and cheque.
How much money can be withdrawn from savings?
You can deposit and withdraw as much money as you want in a normal savings account, but all banks have different limitations regarding withdrawal form, ATM card and cheque. The details of which are given below in turn.
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How much money can be withdrawn from the withdrawal form?
Most banks allow their general savings account holders to withdraw cash up to Rs 50,000 in a day through withdrawal form. To withdraw more amount than this one has to use cheque.
How much money can be withdrawn by cheque?
A normal savings account holder can go to his bank branch and withdraw Rs 100,000 per day through cheque. Apart from this, one can give a check to another person to withdraw cash up to Rs 50,000. This limitation keeps increasing on transfer from account to account.
How much money can be withdrawn from ATM card?
All banks issue ATM cards with different types of limitations. Therefore, most banks allow withdrawal of Rs 10,000 at a time at their ATMs. Similarly, Rs 20,000 cash can be withdrawn from the ATMs of some banks. Things to remember here are that one is allowed to withdraw cash from ATM 03 to 05 times in a day or a month free of cost. That means, you can withdraw money 05 times from the ATM of a bank branch and 03 times from the ATM of another bank branch. Beyond this, the bank charges a fee for withdrawing cash from the ATM.
How much money can be withdrawn from online savings account?
From one rupee to 10 lakh rupees can be transferred daily from online savings account. There is an exemption to transfer Rs 50 lakh from a business account.