Every person deposits his money in the bank. Depositing money in the bank is safe and you also get a good interest on it. Later, whenever you need money, you can withdraw cash either from the ATM or from the bank.
There is a limit for withdrawing cash from the ATM, like in some ATMs the limit is 40 thousand and in some ATMs the limit is 50 thousand. Similarly, do you know that there are some rules for withdrawing cash from the bank as well? But let us know.
It is important to know the rules for withdrawing cash
We always go to the bank to withdraw more cash than the ATM limit. But there are rules for withdrawing cash from the bank. If you want to withdraw more cash, you will have to wait for the next day. It is important for you to know the rules for withdrawing cash from the bank. For example, if you want to withdraw more than Rs 20 lakh or if you have not filed ITR for three years, you will have to pay TDS.
Also Read: Banks will be open in these states on Monday 19th August on the occasion of Rakshabandhan
This way you can get relief
If you withdraw more than 20 lakh rupees, you will have to pay 2 percent TDS. On the other hand, if you withdraw one crore rupees from the bank, you will have to pay 5 percent TDS. However, if you have filed your ITR, then you do not need to worry. You will not face any problem, you can withdraw cash without TDS. If we talk about the limit, then in some banks the limit of cash withdrawal is one lakh rupees and in some banks it is five lakh rupees.
