Understanding the Bank of India cash withdrawal limit is essential for customers who wish to manage their funds and avoid disruptions efficiently. Whether you’re withdrawing cash from ATMs or making purchases, knowing your daily withdrawal limits can help you plan your transactions better.
In this comprehensive guide, we will explore the Bank of India cash withdrawal limits through ATMs and bank branches, along with tips and suggestions on how to manage these limits effectively. Let’s dive into the details.
Table of contents
- Why the Bank of India Cash Withdrawal Limits are Imposed?
- Bank of India ATM Cash Withdrawal Limit
- Bank of India Cash Withdrawal Limit from Branch
- Bank of India NEFT and RTGS Transaction Limits
- Bank of India Mobile Banking Transaction Limits
- Bank of India UPI Transaction Limits
- Factors Affecting Bank of India Cash Withdrawal Limits
- How to Increase Bank of India Withdrawal Limits
- Tips for Managing Your Bank of India Cash Withdrawal Limit
- FAQs on Bank of India Cash Withdrawal Limit
Why the Bank of India Cash Withdrawal Limits are Imposed?
Before discussing the specific limits, it’s important to understand why the Bank of India cash withdrawal limits are in place. Bank of India, imposes limits on cash withdrawals for security reasons and to manage the flow of cash efficiently.
The Bank of India cash withdrawal limits can vary based on several factors, including the type of account, the method of withdrawal, and whether you’re withdrawing from an ATM or over the counter.
Also Read: BSBDA Full Form: BSBDA Features, and Benefits Explained
Let’s explore the Bank of India cash withdrawal limit for ATMs and accounts one by one!
Bank of India ATM Cash Withdrawal Limit
The Bank of India ATM cash withdrawal limit refers to the maximum amount of cash you can withdraw from a Bank of India ATM within a specific period, typically a day. These limits vary based on whether you are using a debit card or a credit card, as well as the type of account you hold.
Let’s explore the Bank of India cash withdrawal limit for debit cards first!
Bank of India Cash Withdrawal Limit For Debit Cards
The Bank of India cash withdrawal limit for debit cardholders is divided into two categories: regular debit cards and premium debit cards. Here’s a breakdown of the typical limits:
Regular Debit Card
The Bank of India cash withdrawal limit for a regular debit card holder is typically from INR 15,000 to INR 25,000 per day for domestic ATM withdrawals. For international transactions, the limit may vary based on the country and the type of ATM used.
Premium Debit Card
Customers holding a premium debit card such as a VISA Platinum Privilege Debit Card may have a higher Bank of India cash withdrawal limit, usually up to INR 50,000 per day for domestic ATM withdrawals.
BOI issues various debit cards on three major platforms: MasterCard, VISA, and RuPay. Here’s a breakdown of BOI cash withdrawal limits based on the card type and platform:
| Card Type | ATM Withdrawal Limit | POS Transaction Limit | Additional Benefit |
| RuPay Classic Debit Card | INR 25,000 per day | INR 25,000 per day | None |
| RuPay Platinum Debit Card | INR 50,000 per day | INR 1,00,000 per day | Free lounge access (2 per quarter) |
| RuPay Kisan Card | INR 15,000 per day | INR 25,000 per day | None |
| MasterCard Debit Card | INR 25,000 per day | INR 25,000 per day | None |
| Master Platinum Debit Card | INR 50,000 per day | INR 1,00,000 per day | Complimentary lounge access (2 per quarter) |
| VISA Debit Card | INR 25,000 per day | INR 25,000 per day | None |
| VISA Platinum Privilege Debit Card | INR 50,000 per day | INR 1,00,000 per day | Complimentary lounge access (2 per quarter) |
Bank of India Cash Withdrawal Limit For Credit Cards
For those using credit cards for cash withdrawals (cash advances), the limit is generally much lower. The Bank of India cash withdrawal limit for credit cardholders depends on the credit limit assigned to the cardholder, which is a percentage of the overall credit limit.
- Typically, credit card cash withdrawals are subject to a 50% limit of the total credit limit. For example, if the total credit limit on the card is INR 50,000, the available cash withdrawal limit would be INR 25,000.
Bank of India ATM cash Withdrawal Fees
Customers of BOI can make up to 10 free ATM withdrawals every month at Bank of India ATMs. After this limit, a charge of up to INR 21 per transaction will be levied. For ATM transactions at machines not operated by BOI, a similar fee of up to INR 21 will apply.
Additionally, when using ATMs abroad, a fee of INR 125 along with a 2% charge for currency conversion will be applicable.
Bank of India Cash Withdrawal Limit from Branch
If you prefer to visit a branch and withdraw cash over-the-counter (OTC), the Bank of India also sets limits on such withdrawals. The OTC withdrawal limit can vary based on the type of account and whether the withdrawal is made through a cheque or with an account passbook.
Here is an overview of the Bank of India cash withdrawal limit from the branch for savings and current account holders:
Bank of India Cash Withdrawal Limit for Savings Account Holders
For savings account holders, the OTC withdrawal limit is typically INR 50,000 per day. However, this limit can be higher if the withdrawal is made through a cheque.
Bank of India Cash Withdrawal Limit for Current Account Holders
Business accounts (such as current accounts) may have higher limits. The current account withdrawal limits per day for account holders can go up to INR 2,00,000 per day or more, depending on the bank’s policy and the account holder’s relationship with the bank.
Bank of India Cash Withdrawal Limit for Cheque Withdrawals
If you are withdrawing cash via a cheque, there are often higher limits. The cheque withdrawal limit may be set by the bank depending on your account type and the cheque’s validity. You may be able to withdraw amounts above the OTC daily limit with prior intimation to the bank.
Bank of India NEFT and RTGS Transaction Limits
NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) are common methods for transferring large amounts of money. The Bank of India transaction limits for these transactions depend on whether you’re using internet banking, mobile banking, or visiting a branch.
Here is a detail of Bank of India NEFT and RTGS transaction limits:
Bank of India NEFT Transaction Limits
Bank of India offers a minimum limit of INR 1 for NEFT transfers and a maximum limit of INR 10 lakh per transaction for individual customers through internet banking. However, the NEFT daily transaction limit is INR 25 lakh per day via Internet banking.
Bank of India RTGS Transaction Limits
The minimum amount for an RTGS transfer is INR 2 lakh, with no upper limit for the transaction amount, provided the account holder has sufficient funds in their account. While there is no set daily limit, the transaction limit is subject to the available balance in your account.
Note: To process higher-value NEFT or RTGS transactions, customers may need to enable additional verification, such as OTP (One-Time Password) or Two-Factor Authentication (2FA).
Also Read: Indian Bank Cash Withdrawal Limits & Transaction Restrictions
Bank of India Mobile Banking Transaction Limits
Bank of India mobile banking provides an easy and convenient way to make various online transactions, including payments, fund transfers, and bill settlements. Below are the limits for mobile banking transactions:
- Fund Transfers:
- Limit per Transaction: INR 50,000 per day.
- Bill Payments & Online Purchases: These transactions also have an INR 50,000 limit per day.
If you need higher transaction limits, you can request an increase via the bank’s customer service or by visiting your nearest branch.
Bank of India UPI Transaction Limits
Unified Payments Interface (UPI) has become one of the most popular methods for making instant fund transfers in India. Bank of India supports UPI, allowing you to make payments directly from your bank account to another individual or merchant.
- Daily UPI Transaction Limit: INR 1,00,000 per day.
- Per Transaction Limit: INR 10,000 per transaction.
- Maximum Transactions per Day: Up to 20 UPI transactions.
With UPI, you can transfer funds seamlessly and instantly. The limits are subject to change based on updates from the bank or regulatory authorities, so always check the latest guidelines.
Factors Affecting Bank of India Cash Withdrawal Limits
Several factors play a crucial role in determining the Bank of India cash withdrawal limits for account holders, impacting both ATM and over-the-counter withdrawals. Understanding these factors can help you manage your account more effectively and make informed decisions about your banking needs. These factors may include:
- Type of Account:
As mentioned, savings and current account holders have different limits for both ATM and OTC withdrawals. Business accounts tend to have higher limits. - Card Type:
Debit cardholders with regular or premium cards will have different withdrawal limits, with premium cards offering higher limits. - Account Balance:
A higher balance in your account may lead to higher withdrawal limits, especially in the case of OTC withdrawals. Similarly, low balances might restrict the amount you can withdraw. - ATM Type:
Some ATMs might have a lower withdrawal limit, especially those in rural areas or locations with lower cash availability. ATM operators may set their own limits. - Security Measures:
In certain circumstances, such as suspicious activity or security concerns, the bank may lower withdrawal limits temporarily.
How to Increase Bank of India Withdrawal Limits
If you frequently find yourself needing to withdraw larger amounts of cash than your current limit allows, increasing your Bank of India cash withdrawal limit can provide greater flexibility and convenience. Here’s how you can request a limit increase and ensure you have access to the funds you need when you need them.
- Upgrade Your Debit Card:
Upgrading to a premium debit card (such as a Platinum or World Debit Card) can increase your ATM withdrawal limit significantly. Contact the bank to inquire about upgrading your card. - Request Higher Limits:
Some account holders may be able to request an increase in their daily withdrawal limit through the bank’s customer service. This can be done either online via internet banking or by visiting your branch. - Increase Your Credit Limit:
For credit card holders, increasing the credit limit on your card will increase the available cash withdrawal limit. However, keep in mind that cash advances attract high interest rates.
Tips for Managing Your Bank of India Cash Withdrawal Limit
Managing your Bank of India cash withdrawal limit effectively can help you avoid unnecessary fees and ensure smooth access to your funds whenever you need them. Here are a few useful tips for managing your Bank of India cash withdrawal limits:
- Plan Your Withdrawals:
If you need a large sum, plan your withdrawals ahead of time to ensure you stay within the limits. Consider withdrawing smaller amounts across multiple days if necessary. - Monitor ATM Usage:
Be mindful of your ATM usage and check your balance regularly to ensure you don’t exceed your daily withdrawal limits. - Use Digital Payments:
Where possible, try to use digital payment methods such as mobile wallets, UPI, or online banking to reduce the need for frequent cash withdrawals.
Understanding your Bank of India cash withdrawal limit is crucial for managing your finances effectively. By knowing the limits for ATM withdrawals, OTC withdrawals, and credit card cash advances, you can ensure that you are never caught off guard when you need cash. Always keep in mind the associated charges and try to plan ahead to avoid unnecessary fees.
For more personalized information, always refer to your Bank of India account terms or speak directly with the bank’s customer service. With this knowledge, you can manage your cash withdrawals efficiently and avoid any surprises.
FAQs on Bank of India Cash Withdrawal Limit
The withdrawal limit for ATM transactions depends on the type of card you hold. For regular debit cardholders, it’s typically between INR 15,000 to INR 25,000 per day, while premium cardholders may have a limit of INR 50,000 per day.
Yes, Bank of India offers various debit cards like RuPay Classic, RuPay Platinum, MasterCard, and VISA. The withdrawal limit ranges from INR 15,000 to INR 50,000 per day, depending on the card type.
The cash withdrawal limit for credit cardholders is typically 50% of the total credit limit. For instance, if your credit limit is INR 50,000, your available cash withdrawal limit would be INR 25,000.
Yes, Bank of India allows up to 10 free ATM withdrawals per month at their ATMs. After that, a fee of up to INR 21 per transaction will be applied. Withdrawals from non-BOI ATMs and international ATMs incur additional fees.
For savings account holders, the limit is usually INR 50,000 per day for over-the-counter (OTC) withdrawals. For current account holders, the limit can be as high as INR 2,00,000 per day, depending on account type.
Yes, you can withdraw more than the OTC limit by providing a cheque. The limit for cheque withdrawals may be higher, depending on the account type and the cheque’s validity.
For NEFT, the daily transaction limit is INR 25 lakh via internet banking, with a maximum per transaction of INR 10 lakh. For RTGS, the minimum amount is INR 2 lakh, and there’s no upper limit as long as the account has sufficient funds.
You can increase your ATM withdrawal limit by upgrading to a premium debit card or by requesting a higher withdrawal limit through the bank’s customer service. Credit cardholders can also increase their Bank of India cash withdrawal limit by raising their credit limit.
The daily UPI transaction limit is INR 1,00,000, with a per transaction limit of INR 10,000. You can make up to 20 transactions in a day using UPI.
Mobile banking allows you to make transactions up to INR 50,000 per day. There are no specific fees mentioned, but charges may apply if the limits are exceeded or for certain types of transactions. Always check with the bank for updates.
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