'How can you withdraw money from a Savings Bank Account?' is a question asked by almost any individual with an active
bank account. Fortunately, withdrawing money from your Savings Account is easier than you think. There are various
methods to suit your needs and preferences, ensuring you get your hard-earned money quickly and conveniently.
Withdraw money from Savings Account
With technological advancement in the picture, several options are available to access your funds on time. However,
withdrawing money from your Savings Account is a relatively straightforward process, but the process depends on your
bank’s specific policies. Various withdrawal options include:
1. ATM withdrawals
- Widely accessible: Banks offer nationwide ATM networks, allowing you to withdraw from any participating
ATM, not just your bank's.
- Convenient 24/7: ATMs are accessible around the clock, providing flexibility for urgent or unplanned
needs.
- Limits: Be aware of your daily or monthly withdrawal limits, which can vary depending on your bank and
account type. For instance, a Secure Plus Debit Card you get with
Axis Easy Access Savings Account offers a high daily withdrawal limit of ₹50,000. Also, you may be
charged network fees for withdrawing cash from an non-bank branch ATM.
2. Visit bank
- Personal touch: Speak directly with a customer executive to withdraw your desired amount. You can
withdraw a higher amount than in from an ATM and get assistance in the process.
- Branch accessibility: Keep in mind the bank's working hours and locations to plan your visit accordingly.
3. Cheques
- Traditional method: Write a cheque payable to 'Self' or a third party to access your funds.
- Processing time: Allow ample time for the cheque to clear before using the funds. It takes usually two to
five business days.
- Security concerns: Lost or stolen cheques can pose safety risks. Consider alternative methods if security
is a priority.
Things to keep in mind when withdrawing money from a Savings Account
There are certain things that you need to keep in mind before you withdraw:
1. Daily limit
Banks often fix a daily limit for money withdrawal from a Savings Account. It is better to keep an
account of the bank's terms and conditions and withdrawal policies to avoid additional fees.
2. Digital banking services
Many banks offer online and mobile
banking options for transferring funds electronically to other accounts, eliminating the need for physical
withdrawals. You can access banking services through their websites or mobile apps. Check if your bank charges fees
for online or mobile transfers.
Bottom line
Withdrawing money from your Savings Account is a straightforward process as you can choose the method that best suits
your needs — whether it's the quick accessibility of ATMs, the personal touch of a bank visit, or the convenience of
digital banking. Always be mindful of your daily withdrawal limit and any associated fees to make informed decisions
when accessing your funds. Understanding these options allows you to confidently access your savings whenever
needed!
Also Read: Guide
to the cash deposit limit in a Savings Account
FAQs
How much can I withdraw from a Savings Account?
Withdrawal limits vary from bank to bank and your account type. You can get these specific details by contacting your
bank.
Can I withdraw from my savings at an ATM?
Yes, most bank ATMs allow withdrawals from Savings Accounts. Be aware of potential fees for using out-of-network
ATMs.
How often can you withdraw from a Savings Account?
There are typically no restrictions on the frequency of withdrawals. However, exceeding a certain number of
withdrawals within a specific period (often six a month) can trigger penalties under Federal Regulation D.
Disclaimer: This article is for information purpose only. The views expressed in this article
are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd.
and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader
for taking any financial decisions based on the contents and information. Please consult your financial advisor
before making any financial decision.
