How Can You Withdraw Money From a Savings Bank Account

Withdrawing money from a savings bank account is fundamental to managing personal finances. Whether it’s for everyday expenses or unexpected emergencies, knowing how to access your funds efficiently and securely is crucial. In this article, we will explore the 5 methods available for withdrawing money from a savings bank account.

What Are the 5 Ways to Withdraw Money From a Bank Account?

You can withdraw money from the bank through your savings account in several ways. But before you know how to withdraw money from your savings bank account, you need to understand that every withdrawal you make will be counted towards your bank’s total monthly withdrawal limits.

1. ATM Withdrawals

One of the simplest ways to withdraw money from your bank account is by going to the ATM and withdrawing it with a debit card. Even basic savings accounts come with a debit card, allowing you to make ATM transactions and withdrawals. Simply insert the debit card into the ATM, enter your set ATM pin, select the savings account you want to withdraw from and enter the amount you want to withdraw.

But before you withdraw money from your savings account bank through an ATM, make sure you inquire about how many free ATM withdrawals are allowed according to the set limit by your bank to avoid paying any additional charges for a withdrawal.

2. Smartphone Apps

Today, several financial institutions and non-traditional banks operate digitally and have apps that run on a smartphone so you can access your savings account whenever you want. So, instead of going to the ATM or the bank branch, you can withdraw money from your bank account with the help of an online app in the comfort of your home.

3. Visit Bank

If you are doubtful of online withdrawals, you can visit the bank’s branch physically and make a cash withdrawal from your savings account. Like the ATM process, here also, you will need to carry your ATM card linked with the savings account as the bank employee will scan the card, and you will need to prompt the PIN to get the funds.

Here’s the process you need to follow to withdraw money from the bank by visiting the bank branch of your savings account physically:

  • Prepare Identification: Ensure you have a valid form of identification with you. A government-issued ID such as a driver’s license, passport, or Aadhar card will be required.
  • Visit the Bank Branch: Go to your bank’s nearest branch. Make sure to carry your debit card or passbook if applicable, as it may be required for the withdrawal process.
  • Fill Out a Withdrawal Slip (if needed): Some banks may require you to fill out a withdrawal slip. If so, you can usually find these slips near the entrance or at a dedicated counter in the branch. Provide your account details and the amount you wish to withdraw.
  • Approach the Teller: Once you have everything ready, approach the teller at the counter designated for withdrawals or general transactions.
  • Present Identification: Show your identification to the teller for verification purposes.
  • Request the Withdrawal: Let the teller know the amount you want to withdraw from your savings account. They will update you with the withdrawal information if you have a passbook.
  • Sign the Receipt: In many cases, you will need to sign a receipt or a withdrawal slip as a transaction record.
  • Receive Your Cash: The teller will then count out the requested amount and hand it to you.
  • Collect Receipt (if provided): Some banks will provide a receipt for your transaction. It’s a good idea to keep this receipt for your records.
  • Double Check the Transaction: Verify that the withdrawal amount and your account details are accurate before leaving the counter.

4. Online Banking

The majority of everything happens online now. From paying your bills to accessing basic banking features, you can do everything online. You can even withdraw money from your bank’s savings account through online banking. It’s actually quite simple to withdraw money from your bank through online banking, here’s the process:

  • Log in to Your Online Banking Account: Visit your bank’s official website and enter your login credentials, which usually include your username and password.
  • Navigate to the “Transfer/Withdraw” Section: Once logged in, find the section allowing you to perform transfers or withdrawals.
  • Select the Appropriate Account: If you have multiple accounts with the bank, choose the savings account from which you want to withdraw money.
  • Enter the Withdrawal Details: Provide the withdrawal amount, specify the destination account (if applicable), and select the transfer method (e.g., electronic or external).
  • Review and Confirm: Double-check the transaction details to ensure accuracy, then confirm the withdrawal. Some banks may require you to enter an OTP (One-Time Password) or use two-factor authentication for added security.
  • Verify the Withdrawal: After completing the process, check your savings account balance to confirm that the withdrawal has been processed successfully.

Some of the above online banking steps may vary, depending on your bank’s website portal, but mostly these are some common steps most banks follow when withdrawing money from the bank’s savings account online.

5. Cheques

If you don’t want to use a card or don’t have access to your card when you want to withdraw money, you can use a cheque instead. Before there were debit and credit cards, people made transactions and withdrawals through cheques. Although cheques are not a common method of transaction these days because they are slower than most digital payment methods, they are still a reliable withdrawal method.

Things to Keep in Mind When Withdrawing Money from Savings Bank Account

With technological advancement, it has become easier to withdraw money from the bank. You don’t always have to visit the bank branch for every bank purpose, and you certainly don’t have to always use a cheque for transactions. But when you withdraw money from the bank, there are certain things to keep in mind:

  • Daily Limit: In India, banks often have a daily limit for money withdrawal from savings accounts. The limit depends on the bank or the financial institution. So, it’s better to understand the bank terms and conditions along with withdrawal policies and limits beforehand.
  • Digital Banking Services: Some banks also offer digital banking services in India. You can access their banking services through their website or mobile apps, allowing you to withdraw electronically wherever you want.


Withdrawing money from a savings bank account is a relatively straightforward process that can be done through various methods. Whether you choose to visit your bank in person, use an ATM, or utilise online banking services, it is essential to understand the specific requirements and procedures associated with each option.

Additionally, keeping track of any applicable fees or restrictions is crucial to ensure a smooth withdrawal experience. By familiarising yourself with these different methods and taking the necessary precautions, you can confidently access your funds whenever needed. Remember to consult with your bank for further guidance on selecting the most suitable withdrawal method for your individual needs.