Photo: Monstera

How many times use ATM in a day?

The ATM withdrawal limit is the maximum permissible limit that a bank places on ATM transactions per day. Most Indian banks permit five free transactions at their own bank ATMs. You may also withdraw funds from other bank ATMs up to three and five times a month in metro and non-metro cities.

dbs.com - Cash Withdrawal Limit From ATM | digibank by DBS

What is prediction crime?

What is crime forecasting? Crimes such as drug related offenses, burglaries, and much more can be predicted through crime patterns within a...

Last updated Nov 5, 2021

Can you bypass FanDuel with VPN?

Yes, you can play FanDuel outside the US if you have a VPN at your disposal. It allows you to change your location and get a US IP address no...

Last updated Jan 22, 2022

Make Your Bookie Cry And Pull The Hair By Generating $23,187

Promotion

A Brief Guide on cash withdrawal limit from ATMs

Key Takeaways

The ATM withdrawal limit is the maximum permissible limit that a bank places on ATM transactions per day.

Most Indian banks permit five free transactions at their own bank ATMs.

You may also withdraw funds from other bank ATMs up to three and five times a month in metro and non-metro cities.

Banks charge nominal fees if you exceed the ATM transaction limit.

The RBI has permitted banks to increase ATM transaction costs from January 1, 2022. Introduced two decades ago, Automated Teller Machines or ATMs allow us to withdraw cash at any given time without queuing up at banks. However, an ATM is a machine and can hold only so much money, so banks had to ensure they could meet the cash needs of their millions of customers. Banks set limits on the withdrawal amount and determine the number of free withdrawals permitted each month. As a bank customer, you must abide by the bank’s ATM withdrawal limit. Here is all you need to know.

ATM Withdrawal Limit – Meaning

ATM Withdrawal Limit refers to the maximum limit or number of times you can use your ATM card at your own or other bank ATMs. The bank also sets a limit on the cash amount you can withdraw per transaction and permits a fixed number of transactions at own and other bank ATMs. Besides the cash withdrawal limit from ATM, the ATM limit also encompasses any other transactions conducted using the ATM card, such as checking account balances, mini statements, etc.

Download digibank Now

The Need for ATM Withdrawal Limit

The ATM is a medium-sized machine. There is only so much money that the machine can hold and dispense to a bank’s broad customer base at a given time. By setting a limit, banks can efficiently streamline and manage the cash flow. Furthermore, banks treat ATM withdrawal limits as a security measure too. For instance, if your debit card falls into the wrong hands, the perpetrator can withdraw all your savings in a single transaction.

Maximum Withdrawal from ATM Explained

Do we have to pay the 1400 back?

People who don't want or need the money can give it back. Those who would like to forgo the government payment can return their check to the IRS....

Last updated Oct 5, 2020

Which is the most powerful indicator?

MACD - Moving Average Convergence/Divergence Several indicators in the stock market exist, and the Moving-Average Convergence/Divergence line or...

Last updated May 16, 2022

Promotion

The limit for maximum withdrawal from ATMs differs from bank to bank. Most banks allow you to withdraw anything from INR 20,000 to INR 50,000 per day from an ATM. Also, each transaction may be limited to a maximum of INR 10,000. Thus, if you wish to withdraw INR 30,000, you may have to conduct three consecutive transactions of INR 10,000 each. Per the Reserve Bank of India, you are entitled to 5 free ATM transactions every month at your bank’s ATM, three free transactions at other bank’s ATMs in metro areas and five free transactions at other bank’s ATMs in non-metro regions. If you exceed the free transaction limit, you have to pay a nominal fee. The RBI has permitted banks to charge Rs. 21 per transaction, effective 1st January 2022. Your cash withdrawal limit also depends on the type of bank account you hold. For instance, premium accounts get higher daily withdrawal limits with no specific caps on the number of transactions compared to regular savings account holders.

Final Note

Cash withdrawal limit from banks helps them control their customers’ cash flow needs. It helps to withdraw a larger amount of money in a single transaction instead of withdrawing funds in smaller denominations multiple times. By abiding by your bank’s withdrawal limits, you can avoid excess transaction fees. Would you like to explore more benefits of digibank by DBS? Download the app and start investing

Download digibank Now

*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.

dbs.com - Cash Withdrawal Limit From ATM | digibank by DBS

Why do casinos use 777?

777 is used on most slot machines in the United States to identify a jackpot. As it is considered a lucky number, banknotes with a serial number...

Last updated Feb 10, 2020

Can a straight go from ace to 5?

Ace-to-five makes the lowest possible straight, while ten-to-ace is the highest possible straight. All other straights in between the low and high...

Last updated Apr 21, 2018

Promotion

What does an exactor do?

The person dealing with the estate of the person who has died is called an executor or an administrator. An executor is someone who is named in the...

Last updated Jan 9, 2020

Promotion

What is the number 1 best sport?

Comparing All Lists Rank Sport 1 1 Football / Soccer 10 2 Basketball 5 3 Cricket 9 4 Baseball 6 19 more rows

Last updated Dec 13, 2020