Using a Withdrawal Slip for SBI Savings Account: Rules and Conditions
When a customer is unable to visit the State Bank of India (SBI), they can still withdraw cash from their savings account by using a withdrawal slip. However, several conditions and limitations must be considered to ensure the transaction is processed smoothly. Understanding these rules and conditions is crucial for both the account holder and the person acting on their behalf.
Understanding the Withdrawal Slip Process
Individuals who are unable to visit the bank personally to withdraw cash from their SBI savings account can still take advantage of the withdrawal slip process. However, there are specific limitations and requirements to follow.
1. Withdrawal Limits:
The maximum amount that can be withdrawn using a withdrawal slip may be subject to specific bank policies and account types. Typically, the limit may be set at Rs. 25,000 per day for cash withdrawals at branches using a withdrawal slip, but this figure can vary depending on the particular bank and branch. Always check with the specific SBI branch or customer service for the most accurate and up-to-date information.
Authorization and Documentation
When the account holder is absent, the person authorized to withdraw cash on their behalf must follow a few key steps:
1. Authorization: A signed withdrawal slip is necessary, along with a copy of the account holder's identification. The signatory authority must be explicitly granted. In some cases, additional documents such as a power of attorney or a written authorization letter may be required.
Withdrawal Slip Process Details
1. Obtaining a Withdrawal Slip: Withdrawal slips can only be obtained from a Teller. The process involves presenting the slip in person and filling in the amount and the account holder's PAN (Permanent Account Number) on the slip. Both the front and back of the form must be signed by the account holder.
2. Account Holder's Presence: It is crucial to note that the account holder must not attempt to withdraw a single rupee using a withdrawal slip without being physically present at the bank. The withdrawal slip is designed as a self-check, and the account holder must personally present it and sign it to validate the transaction.
3. Maximum Withdrawal: There have been instances where the Teller may impose a limit on the amount that can be withdrawn even when a withdrawal slip is presented. For example, when trying to withdraw Rs. 60,000, the Teller may inform you that the maximum limit is only Rs. 50,000. Therefore, it is always wise to consult with the Teller to ensure you are aware of the current withdrawal limit.
Conclusion
Using a withdrawal slip for SBI savings account is a convenient option for customers who cannot visit the bank personally. However, understanding the limitations and the necessary steps can help avoid any complications. Always verify the specific rules and boundaries with the specific SBI branch or customer service to ensure a smooth and successful transaction.