ATM Withdrawal Limits – How Much Can You Withdraw?
Have you ever found yourself puzzled by your atm withdrawal limit? It can be a hitch for anyone suddenly needing more than they can take out. Generally, the atm withdrawal limit varies from one bank to another, governed by its policy. The set limit usually moves around the range of ₹10,000 to ₹50,000. However, some banks allow for more, which makes understanding the nuances crucial.
Your ATM withdrawal limit is dictated by factors such as the type of account you have, terms of your specific bank and the day of transaction. For instance, many banks permit higher withdrawals on business days, reducing the limit for weekends and public holidays.
Exceeding Your ATM Withdrawal Limit: NEFT vs RTGS
Now, what happens when you need to transact more than the set limit? This is where you need to be aware of the difference between NEFT and RTGS, two widely used systems for fund transaction in India.
NEFT (National Electronic Funds Transfer)
NEFT (National Electronic Funds Transfer) is an electronic fund transfer system that operates on a deferred net settlement (DNS) basis, settling transactions in batches. RTGS (Real-Time Gross Settlement), on the other hand, is a continuous process, settling transactions individually. It is convenient for larger transactions, as it has no upper limit, unlike NEFT, which has a limit of ₹10 lakhs per transaction.
RTGS (Real-Time Gross Settlement)
Although both systems were previously chargeable, due to changes in rules by RBI, these services are generally free, increasing their prominence. The key difference between NEFT and RTGS lies in the amount to be transacted and the speed of the transaction.
Now, let’s swirl our focus towards the burgeoning facades of the financial arena – the UPI’s, particularly, Bajaj Pay UPI, a dependable platform for digital transactions.
Bajaj Pay UPI allows one to make direct payments from their bank account without exchanging sensitive information, enhancing your financial management and making transactions seamless. The interface is available 24×7 and is widely celebrated for its simplified usage features and ultra-security measures on transactions, making it a reliable choice for many.
Here’s how you can conveniently use Bajaj Pay UPI:
Step 1: Download and open Bajaj Pay UPI app on your smartphone.
Step 2: Create your profile by entering your name, phone number, and email address.
Step 3: Link your existing bank account with the app.
Step 4: Set your UPI Pin for the linked bank account.
Step 5: Start conducting your transactions! To make a payment, click on ‘Pay’. Enter or select the receiver’s UPI ID. Enter the amount, and confirm the details.
Step 6: Enter your UPI PIN to authorize the transaction.
Step 7: You’ll then receive a confirmation of the successful transaction.
Through Bajaj Pay UPI, you can transfer as low as ₹1, making it a convenient option. However, like any other transaction medium, your device needs to be secured as well. Install antivirus and anti-malware apps on your device and regularly update your UPI app from trusted sources.
Conclusion
Understanding your atm withdrawal limit and the difference between NEFT and RTGS can help you comfortably manage your finances. Complementing these options with a dependable UPI mode like Bajaj Pay UPI can give a new height to your money management skills, allowing you to transact safely and effortlessly. Stay updated with the latest financial tools and manage your finances efficiently and strategically.
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