'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.
FAQs
Cash withdrawals can be made by visiting a local branch and asking a teller to withdraw funds from your savings account. But they can also be made using an ATM card at virtually any ATM, though fees may apply if you use a machine that's not in your bank's network.
How can you withdraw money from a savings bank account? ›
One of the quickest ways to withdraw money from a savings account is at an ATM. Depending on your bank, you can use your physical debit card or mobile wallet to access the funds in your account. Keep in mind there may be fees to take out money from a savings account at an out-of-network ATM.
Can you withdraw money from a savings account in Banzai? ›
A withdrawal in Banzai is when you take money out of Checking or Savings and put it in Wallet. Some places only take cash, so it's necessary to have a little in your wallet. In Banzai, withdrawing cash is easy.
How do you withdraw money from your bank account? ›
You simply insert your debit or ATM card and verify your identity by using your 4-digit PIN. You may encounter certain limits when withdrawing cash from an ATM. Banks can set daily withdrawal limits to help prevent fraud and theft, and individual ATMs may have lower limits set at the discretion of the ATM owner.
What are three ways that an individual can withdraw money from a savings account? ›
Money can be transferred in or out of your savings account online, at a branch or ATM, by electronic transfer, or by direct deposit.
Can I withdraw out of my savings account? ›
Typically, yes — your money is yours. But a savings account is designed to discourage frequent transactional use and may carry monthly withdrawal limits. Exceeding these limits can incur fees, have your account re-classified or have it closed altogether.
How can I withdraw money from my savings account without a debit card? ›
If you're near an open branch of your bank or credit union, this is one of the easiest ways to get cash. Simply visit the bank or credit union, grab a withdrawal slip and visit a teller. You'll be asked to fill out the amount you want to withdraw and provide account information.
Can you withdraw money from a savings account Quizlet? ›
Can you withdraw money from a savings account? Yes, you can withdraw money from a savings account at any time.
How much can I withdraw from my savings account ATM? ›
Banks set limits for how much cash you can take out at an ATM, which can range from small amounts such as $300 per transaction to $5,000 per day. Cash withdrawal limits are designed to protect you in the event that someone steals your debit card or your PIN.
Can you withdraw from savings account Citibank? ›
You can also access available cash from your savings account at over 65,000 fee-free ATMs nationwide. The interest rate on savings accounts is variable and can change at any time. If you're looking for an interest-bearing account with a fixed interest rate, consider a Citi Certificate of Deposit instead.
It's also simple to make withdrawals: You can request a withdrawal from your account by using our website, calling us, or visiting one of our branches.
How do you withdraw money from bank account? ›
Withdraw money from Savings Account
- ATM withdrawals. Widely accessible: Banks offer nationwide ATM networks, allowing you to withdraw from any participating ATM, not just your bank's. ...
- Visit bank. Personal touch: Speak directly with a customer executive to withdraw your desired amount. ...
- Cheques.
Here's how:
- Log in to our Mobile Banking app and select the checking or savings account from which you would like to get cash.
- Scroll to the ATM section and select GET CASH.
- When asked "How much cash do you want?," simply select a pre-filled dollar amount or enter an Other Amount.
Someone with access to both your account number and routing number could withdraw money from your personal bank account. They could also use these account details to shop online, pay bills, create counterfeit checks or apply for new credit accounts.
How do savings accounts work? ›
A savings account offers a place to deposit cash while earning interest over time. The flexibility and easy access to funds make savings accounts appropriate for emergency funds, short-term goals, and longer-term savings.
What are 2 ways to withdraw money? ›
3 ways to get money from a checking account
- Use an ATM. One of the easiest ways to quickly withdraw cash from the bank is to use an automated teller machine (ATM). ...
- Cash a check. If you receive a check from an employer or someone else, you can cash or deposit it in several ways. ...
- Use a debit card to get cash back at stores.
The maximum limit differs from one bank to another and depends on the type of account. For instance, some banks may allow a maximum withdrawal limit of Rs. 25,000 per day on the basic account type. On the other hand, others may offer a daily withdrawal limit of Rs. 40,000 on their basic account.
Do you lose interest if you withdraw from a savings account? ›
You won't lose interest on the money you withdraw before the end of the month, but it won't continue to earn interest after you withdraw it. The interest already earned on the money will be paid to you as part of the normal interest payment on the first calendar day of the next month.
How to withdraw a big amount from a bank? ›
If for whatever reason you need more cash than ATM limits allow, there are a few ways you can get around it:
- Request an increase in your daily limit.
- Make a withdrawal in person at a bank branch.
- Get a cash advance with a credit or debit card.
- Get cash back with a purchase at a store.
