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Cash Withdrawal Rules: Everyone deposits his money in the bank. By depositing money in the bank, the money remains safe and interest is also earned on it.
Whenever people need cash for some work, they go to ATM and withdraw cash. Or go to the bank and withdraw cash. If you withdraw cash from ATM then it has a limit of one day. That is, for example, one ATM has a limit of Rs 40,000, while another ATM has a limit of Rs 50,000.
If you want to withdraw more cash than this, you will have to wait for the next day. But if you need more cash immediately then you can go to the bank and withdraw it. There are some rules for withdrawing cash from the bank.
What you need to know. For example, if you have to withdraw more than Rs 20 lakh and you have not filed ITR for 3 years, then you will have to pay TDS.
If you withdraw cash more than Rs 20 lakh, you will have to pay 2% TDS. Whereas if you are withdrawing Rs 1 crore then you will have to pay 5% TDS.
But if you have filed ITR then you will not face any problem. You will be able to withdraw cash without paying TDS.
If we talk about the limit, in some banks the cash withdrawal limit is Rs 1 lakh, while in some banks this limit is up to Rs 5 lakh.