While taking out money from your account using the bank’s withdrawal form, it is mandatory to have a bank passbook in most cases. Also, you need to be present while withdrawing cash from your account. So, no one else can withdraw money from your account unless you give a written consent authorising another person to withdraw cash on your behalf.
This authorisation is allowed in the following cases: the account holder is sick, is a senior citizen or disabled and unable to visit the bank branch personally to withdraw cash. So, appoint an authorised person from your family or friends whom you trust on money matters.
Update your passbook and check the last few transactions just to be sure. In case you find an entry specifying a transaction you haven’t authorised, raise the concern immediately with the branch manager.
To ensure that only the person you have issued the cheque to is able to encash the amount, you should put a double cross line and write “A/C payee.” Such a practice is a precautionary measure to ensure that the money will be credited only to a bank account and not handed over to someone else.
Do not share the debit card or the pin number with your friends or office colleagues. Also, do not write the pin number on the card itself. It’s better to memorise it. While making any transactions at ATMs, stand close to the machine and use your hand to shield the keypad as you enter the PIN.
With a rising number of cloning cases of debit cards while using it to withdraw money from ATMs, the likes of State Bank of India, Bank of India, HDFC Bank, ICICI Bank, AXIS Bank etc. now allow the card-less cash withdrawal facility.
Also, monitor suspicious transactions on your bank account. Notify your bank immediately if there has been a fraudulent transaction.
Here are the ways through which you can withdraw cash:
1) Using ATM: The most easy way to withdraw money from your bank account is by using an ATM. You can use a Debit card or an ATM card; each is associated with a different type of bank account.
To withdraw money from an ATM:
-Traditionally, you will need a card to use an ATM, but some banks provide other options.
-Insert the card into the slot on the machine.
-Enter your four digit PIN (Personal Identification Number)
-Navigate options either using the touch screen or with the number keypad.
-Most accounts have daily withdrawal limits, and most machines only dispense cash in multiples of 100.
-Remember that while ATMs owned by your bank normally don’t charge to use them, if you use an ATM outside of your bank’s network, you can be charged varying amounts for a transaction.
2) Withdraw money from ATM without a Debit card: Some banks allow you to withdraw money from ATMs in other ways. If you lose your card or it’s stolen, many banks will allow you to access ATMs without it through mobile apps, online accounts, or withdraw money within a branch by speaking to a teller and it also depends on your bank and how integrated they are with new technology.
3) Withdraw money from the bank in person: You can also withdraw money by going into a branch and talking to a bank teller. Most of the time, just like an ATM, you’ll need the card associated with the account you wish to draw from, as the teller will run the card, and also request that you enter your PIN, to access funds. This can take longer, but has the benefit of presenting a real person to talk to if you have questions or any problems arise with the account.
If you have lost your card, it’s been stolen, or you don’t have it for any other reason, the easiest way to access funds is to talk to a teller. The bank may have processes for allowing you to access your accounts without a card using personal identification numbers or other unique codes set up in the case of lost cards.
Even if you simply forgot your card at home, a teller may be able to access your account with personal identification.
4) Online Banking: Most banks these days give you access to your accounts through online services, and you can use that service to pay bills directly from your accounts. Many billing companies will allow you to set up automatic transactions from your bank, so that you don’t have to remember to pay directly. This isn’t so much withdrawing money as it is a payment option.
5) Mobile Apps: This one depends on your bank. Some banks allow you to use your mobile device at ATMs in place of a card, and you can usually access all the regular online banking options through a mobile app as well.
6) Cheques: Cheques are another way to directly pay someone from your bank account without a card. Before debit and credit cards existed, checks were one of the primary ways, other than cash, to pay people. They’re not often used today, with most people choosing quicker and easier digital alternatives to provide payment, but cashing checks is sometimes required by certain entities.
Banks charges: After three free withdrawals in a month, a withdrawal transaction charge will be charged at a flat fee of Rs 150 for a loan account.
Similarly, in case of savings account, customers can withdraw for free only thrice a month, after which a fee of Rs 40 will be charged on each transaction.
Jan Dhan account holders have some relief here, which means that while they will not be charged for fee deposits, these account holders will have to pay a fee of Rs 100 only for withdrawal.
Additionally, no relief will be provided to senior citizens.
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