Bank Cash Withdrawal Limit: In the digital age, cash usage has significantly decreased compared to the past. UPI payments and online transactions have made life much easier. While most people make payments via mobile, cash transactions remain prevalent in smaller towns and rural areas. When a sudden cash need arises, the question arises: how many free withdrawals can be made from a bank account per month, and what charges are levied after that?
RBI empowers banks
The RBI has empowered banks to set their own cash withdrawal limits for their customers from ATMs and bank branches. Therefore, each bank’s free transaction limit varies. Some banks allow up to three free withdrawals, while others offer up to five. After that, charges apply for each withdrawal. These banks have this limit.
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If you have an account with a government bank like State Bank of India, Punjab National Bank, or Bank of Baroda, you can typically withdraw cash 3 to 5 times for free. This limit applies to both ATMs and bank branches. After the free limit is reached, you may incur a fee of 10 to 20 rupees for each additional transaction.
What are the rules at private banks?
Private banks like HDFC, ICICI, and Axis Bank offer their customers up to five free cash withdrawals. However, if you withdraw cash from your own bank’s ATM, the limit is higher. Withdrawing cash from another bank’s ATM will exhaust the limit sooner and may incur higher charges.
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Learn about the limits by region
Bank rules also vary by city and rural areas. The free ATM withdrawal limit is lower in metropolitan areas, while it is higher in rural areas.