What is the rule for withdrawing money from an ATM: In today’s article, I will tell you what are the rules for withdrawing money from ATM. Many of you may not know how to withdraw money from ATM properly. If you also want to withdraw money from ATMs properly, then today’s article is going to be very important for you. Because inside this article, I will give you brief information about how you can withdraw money from an ATM using an ATM card.
In today’s modern era, many banks have been formed. Some of the famous banks are – SBI, PNB, ICICI, etc. Many people of India use the ATM cards of these banks because they are considered to be the most secure banks in India. Most people use SBI Bank’s ATM.
SBI is the largest bank in India, so if you also have an ATM of SBI or any other bank and you want to withdraw money from the ATM machine with its help, then you have to follow a lot of steps.
In today’s article, I will tell you all the same steps. So that you can withdraw money easily. In view of the increasing fraud, many banks have also improved their rules and have brought many new rules related to ATMs. So let’s start this article today and tell you the rules to withdraw money from ATMs.
Also Read: How to Generate New ATM Card Pin Number in 2023
Contents
The Rule for Withdrawing Money From an ATM in 2023
If you use any bank’s ATM or you have SBI’s ATM, now you have to follow the new rules made by SBI. These rules have been mainly taken out by RBI and within these rules, you will have to use a one-time password ie OTP.
On the basis of that, you will be able to withdraw your money and there are many other rules, which RBI has imposed on each and every bank, you can never withdraw money without following those rules.
So that’s why first of all it is very important for you to know these rules. Only then you can withdraw your money from the bank because all this the bank does for your safety and the safety of your money. So that you do not face any loss in the future, let us now tell you all the rules, which are as follows –
Also Read: How to Unblock SBI ATM Card in 2 minutes
Rule 1: Transactions above 1 Thousand
Within the first rule, whenever you do a transaction above thousand rupees, you will get an OTP. You can also call it a one-time password, which you have to enter into your ATM machine. Only then you will be able to withdraw your money. This OTP will come on the number which you have given while opening the account.
Keeping in view the trend of fraud, the government and banks have come out with this rule. Under this, money will never disappear from your bank account and no one will be able to withdraw money without your permission. Even if your ATM card is stolen under any circumstances, even that thief cannot withdraw money without your OTP, so this is the safest rule.
Rule-2: With OTP
The OTP you will get while withdrawing money will be valid only once. That is, you can withdraw money from that OTP only once and whenever you do a transaction or withdraw money, you will get a new OTP every time. This is a verification process, in which the OTP is sent by the bank and is valid only once.
So you should know very well that the OTP received by you will be valid only for one-time transactions. You will get a new OTP for other transactions. Due to this, the fraud happening with you is reduced to a great extent, because that OTP will come only on the number of which he has an account.
Also Read: How to Generate SBI ATM Pin Online in 2023?
Rule-3: How to Withdraw using OTP
Now you have to understand that without OTP you cannot withdraw money. But now you must be thinking that how to withdraw money from OTP, for this you have to follow the following steps, which are as follows –
- So in this process first of all you have to check your Debt. A card or credit card has to be inserted inside the ATM machine.
- Later he will ask you for an OTP, which will come on your number which is attached to your bank account.
- Now you have to enter that OTP inside the ATM machine.
- Now you have to click on Next.
- After this, you have to enter the amount, which you have to withdraw from the ATM.
- Now your money will go out.
- So in this way, you can complete the verification with the help of OTP.
Note – So keep one thing in mind whenever you go to withdraw money from the ATM machine, you must take your phone with you and this rule applies mostly to SBI customers.
Rule-4: STRIX rules
This OTP is sent to you, it is sent only when your transaction is above 10000, or if you do a transaction above this, then you have to take the help of OTP. This OTP process is now used by almost every bank, the OTP you get is 4 digits.
In the coming times, the bank is implementing many more STRIX rules for your convenience. We will keep giving you its information in the new post, so keep reading the article on our website.
Rule-5: OTP with ATM Pin
Along with the rule of OTP, when you withdraw money from an ATM card, you must also remember your ATM PIN. If you do not remember the PIN of your ATM, then you cannot withdraw money from the ATM or do transactions from it. ATM PIN is always generated only once and can be used for a lifetime.
If you want, you can also change it with the help of your permanent phone number. But you should have the phone number which is attached to your bank account.
That is why it is very important for you to remember your PIN. Remembering this is also a verification process, whenever you do a transaction at the ATM, you always have to enter the PIN code.
Also Read: How to check Balance from SBI ATM?
Rule-6: Required Things
Whenever you use your friend’s or brother’s ATM card, you must have all these things. As we have told you below, it also comes under the rules of RBI. Unless you have all these things, you cannot use your friend’s or brother’s ATM card, which is as follows –
- ATM Card
- ATM pin
- OTP on Number
Frequently Asked Questions (FAQ)
How much money can be withdrawn from an ATM card in a month?
It all depends on the transactions of the customer and how much money he can withdraw from his ATM card in a month. Every bank sets a limit for each customer, based on which that customer can withdraw money from his ATM card. The limit for many people is up to lakhs, but for many, it is only up to thousands. So it all depends on your old transactions, but a minimum ₹ 10000 every person can withdraw from an ATM card in a month.
How many times can the ATM card be used in a day?
If you use SBI’s ATM card, you can use it thrice a day and other banks also have the same limit. But in case of any emergency, you can use it five times. More than this you cannot use any ATM card in a day, so mainly this limit is on every bank ATM card.
Do ATM withdrawal rules apply to every bank’s ATM?
In view of today’s fraudulent practice, every bank has implemented rules on withdrawing money from their ATM cards. No matter which bank that ATM card is, it has its own different rules and if you use any bank’s ATM, then you have to follow those rules. Only then you will be able to withdraw money from your ATM card. Otherwise, you cannot get the amount in the case from him.
How much is charged for withdrawing money from an ATM?
In the early times when ATM cards were new, then every person had to pay a charge to withdraw money from the ATM card. But now according to the new rules of banks, any customer does not have to pay any charge for withdrawing money. He can do his transactions using the free ATM card.
Summary
In today’s article, I told you how you can withdraw money from an ATM card and for this what are the rules you have to follow. So if you have liked this article of mine, then definitely share it on your social media sites, so that all people can know about the rules of withdrawing money from ATM cards.
Also Read: How to Make an ATM Card for Any Bank in 2023
If you are facing any problem with the rules of withdrawing money from an ATM card or you want to get any other information, then you can ask me by commenting, and I will reply to your comment as soon as possible. Or you can visit the RBI Official site. On this website, we provide complete information related to ATM cards and secure banking. You can also visit this website by searching thebanktoday.com in the Google search box. Thank you!