The exact amount of money that can be withdrawn from a savings account in a day is not a fixed universal figure; it largely depends on the specific withdrawal method, your financial institution, and the type of savings account you hold. For ATM withdrawals, most banks in India typically set daily limits ranging from Rs. 20,000 to Rs. 50,000.
Daily withdrawal limits are a standard practice among banks to ensure security, manage cash flow, and protect customers from potential fraud. While ATM withdrawals have specific daily caps, other methods of withdrawal may have different thresholds.
Understanding Daily ATM Withdrawal Limits
ATM withdrawal limits are the most commonly encountered daily restrictions for savings account holders. These limits are not uniform across all banks or even all account types within the same bank.
- Typical Range: For a majority of banks in India, the daily ATM withdrawal limit for a savings account generally falls within the range of Rs. 20,000 to Rs. 50,000. This range covers many of the leading financial institutions.
- Factors Influencing Limits:
- Account Type: Premium or higher-tier savings accounts often come with elevated daily withdrawal limits compared to basic savings accounts.
- Bank Policy: Each bank establishes its own set of rules and limits based on its internal policies, risk assessment, and operational capabilities.
- Card Type: Different debit card variants (e.g., Classic, Gold, Platinum) issued by a bank can also have varying daily ATM withdrawal limits.
Here’s an illustrative table showing how daily ATM withdrawal limits might vary, reflecting the general range observed:
| Bank Type / Account Tier | Typical Daily ATM Withdrawal Limit (INR) |
|---|---|
| Standard Savings Account | Rs. 20,000 – Rs. 40,000 |
| Premium Savings Account | Rs. 40,000 – Rs. 50,000 |
| Basic Savings Account | Rs. 10,000 – Rs. 20,000 |
Note: These figures are indicative and vary by specific bank and account features.
Beyond ATM Withdrawals: Other Methods
While the information above primarily pertains to ATM withdrawals, it's important to remember that money can also be withdrawn from a savings account through other means, each potentially having different limits:
- Branch Withdrawals: Over-the-counter withdrawals at a bank branch typically have much higher limits, often allowing for the withdrawal of substantial amounts, sometimes even the entire available balance, provided sufficient notice is given for very large sums.
- Cheque Withdrawals: Writing a cheque allows you to withdraw money or authorize someone else to do so. Limits for cheque withdrawals are generally higher than ATM limits and may depend on the cheque's clearing status and your account balance.
- Online Transfers/NEFT/RTGS: While not a direct cash withdrawal, these methods allow you to move funds out of your account, often with much higher daily transaction limits than ATMs, or even no limit for RTGS (Real-Time Gross Settlement) for high-value transactions.
How to Check Your Specific Daily Withdrawal Limit
To determine the precise daily withdrawal limit for your savings account, it's always best to:
- Check Your Bank's Website: Most banks provide detailed information on daily transaction limits for various account and card types on their official websites.
- Refer to Your Welcome Kit: Your account's welcome kit or debit card documentation usually contains information regarding daily withdrawal and transaction limits.
- Contact Customer Service: For the most accurate and personalized information, reach out to your bank's customer service helpline or visit a branch.
- Use Mobile Banking/Net Banking: Many banking apps and online portals display your daily limits for different transaction types.
Understanding these limits is crucial for managing your finances effectively and planning for your cash needs.
