How Much Can I Withdraw from My Savings Bank Account in a Day?

Understanding Daily Withdrawal Limits

There is no legal or regulatory restriction on the amount of cash you can withdraw from your savings bank account on a daily basis. However, most banks request a day or two of advance notice if you plan to withdraw more than $5,000. This requirement is primarily due to the fact that many banks keep less cash on hand than one might expect, which is a safeguard against potential theft or loss.

Despite the inconvenience, it seems reasonable for banks to request this advance notice to manage their cash reserves more effectively and minimize risks.

Interestingly, some banks may charge an overdraft fee if they do not have the necessary cash available, but this rarely happens in practice.

How much you can withdraw can vary depending on your bank and the type of account you hold. In the United Kingdom, for example, the range can be from ￡200 to ￡1,000 per day, depending on the bank and the specific type of account you have—such as a Personal, Student, Business, or Premier account.

ATM Withdrawal Limits and Methods

ATM (Automated Teller Machine) withdrawals can be limited, but these limits are often based on the bank’s policies rather than any legal restrictions. For example, some banks may allow you to withdraw up to ￡1,000 per day from ATMs, while others might have lower limits. However, it's important to note that you can often withdraw your total balance by issuing a cheque, which may be a more reliable option for larger amounts.

In some cases, banks may need to 'order in' additional currency if you request a large withdraw, leading to a delay of one to two days.

Withdrawal via Cheque and Online Transfer

There are no restrictions on withdrawing money via cheque or through online transfer services. You can withdraw the entire balance by cheque, and there are no limits on the amount you can transfer electronically, though specific transaction limits might be set by your bank.

For UPI (Unified Payments Interface), IMPS (Instant Money Payment Service), and ATM withdrawal modes, each has its own set of limits, but these limits can often be extended with your bank’s approval.

For example, you can typically withdraw around $10,000 a day, with a weekly limit of $20,000. These limits can be adjusted to $24,000 from November 24th onwards, provided you request the increased limit in advance from your bank.

The Bottom Line

The amount you can withdraw from your savings bank account each day depends on your bank and the method you use. Teller transactions usually allow you to withdraw the full amount, but this might close your account. The key is to plan your withdrawals accordingly, especially if you are dealing with larger amounts that might take longer to process.

If you need to withdraw a large amount, it's best to inform your bank in advance to ensure smooth and timely processing.