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Are There Any Withdrawal Limits on a Savings Account?
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With a savings bank account, you can deposit as well as withdraw funds at your convenience. It acts as a financial instrument that allows you to take an initial step towards corpus creation for a financially stable life. However, banks tend to set a cash withdrawal limit for security reasons and out of practicality. Most financial institutions set the withdrawal limits in consultation with the RBI (Reserve Bank of India). Explained here are the standard cash withdrawal limit allowed by most banks.
The cash withdrawal limit depends on distinct withdrawal provisions. Note that the limit varies from one branch to another. So, before you decide to open a bank account online or offline, ensure to not just factor in savings interest rates but also consider the withdrawal limit available to you.
Withdrawal limit on cheque transactions
Most banks usually set a cash limit of Rs 1-2 lakhs by cheque per day. This limit applies generally for the self-use of cheques. Usually, you tend to receive all withdrawal limit conditions and fees and charges while you hit on the offline or online saving account opening option. Thus, before you plan on opening the savings account, ensure to read the terms and conditions.
Withdrawal Limit on Account Type
Bank limits are even determined based on the account type you hold. If you are a privileged savings account holder, you may enjoy a higher withdrawal limit as compared to the basic account holders. Thus, banks generally endow priority savings bank account holders with a higher cash withdrawal limit.
Withdrawal limit on non-branch and branch transactions
Typically, banks offer a higher withdrawal limit whenever you withdraw funds from your bank branch. However, the withdrawal limit is generally lower if you withdraw through a non-home branch bank.
Withdrawal limit on ATM transactions
Apart from the cash withdrawal limit from the bank per day, you must even comply with the ATM withdrawal limit. Your regular withdrawal limit through ATM depends on the type of account you have. It is considerably higher for priority accounts but may be slightly lower for regular or basic accounts.
According to the Reserve Bank of India (RBI) mandate, you can get five free transactions every month at your bank ATM and three free transactions at other financial institutions' ATMs. If you surpass this transaction limit, then you may have to incur charges for next transactions.
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