Customers always consider the interest rate, account fees, and liquidity while opening a bank savings account. The cash withdrawal limit, on the other hand, is equally essential, and a savings account user should be aware of the cash withdrawal limit set by his or her lender.
The State Bank of India (SBI) recently increased the cash withdrawal limit from non-home branches via cheque and withdrawal forms. This was chosen by the country's largest commercial bank to assist clients during the Covid-19 outbreak.
Top Indian Banks and their cash withdrawal limits
State Bank of India (SBI):
Customers of SBI may now withdraw up to Rs 25,000 per day from non-home branches using a withdrawal form and their savings account passbook. The maximum cash withdrawal limit for an individual using a cheque is Rs 1 lakh, whereas the maximum cash withdrawal limit for a third party (using just a cheque) is Rs 50,000.
Punjab National Bank (PNB):
Customers may choose from three different sorts of debit cards from PNB: Platinum, Classic, and Gold. PNB Platinum debit card members have a daily cash withdrawal limit of Rs 50,000, a one-time cash withdrawal limit of Rs 20,000, and an ECOM/POS consolidation maximum of Rs 1.25 lakh, according to the PNB's official website. The daily cash withdrawal limit for PNB Classic debit card customers is Rs 25,000; the one-time cash withdrawal limit is Rs 20,000; and the ECOM/POS consolidated maximum is Rs 60,000.
Cash withdrawal limit every day for PNB gold debit card customers is Rs 50,000; one-time cash withdrawal limit is Rs 20,000; and ECOM/POS consolidation limit is Rs 1.25 lakh.
ICICI Bank:
Customers of ICICI Bank will be able to withdraw up to Rs 1 lakh per month, per account, starting August 1, 2021. There would be no fees for cash transactions up to Rs 25,000 per day at the non-home branch. The daily limit for third-party transactions has been set at Rs 25,000.
HDFC Bank:
According to HDFC Bank's official website, "Network of over 12,000 ATMs allows you to get cash whenever and wherever you want it. You can also withdraw money from any ATM that is not affiliated with HDFC Bank. You may withdraw up to Rs 10,000 each day using an HDFC Bank ATM card, and Rs 25,000 rupees or more using a debit card (depending on the kind of card you have). During business hours, you may stroll into any HDFC Bank branch to withdraw cash or deposit cash by filling out a deposit slip. You can also make a cash deposit at any of our locations or ATMs."
Cash withdrawals from non-home branches are free up to Rs 1 lakh per day, according to the HDFC Bank website, but third-party cash withdrawals are limited to Rs 50,000 per transaction.
This information is for the people from the rural community who have accounts in SBI, PNB, ICICI, HDFC banks.
