Can I withdraw 10 lakh cash from Citibank?
Withdrawing 10 lakhs cash from Citibank? That’s quite a sum! It’s not impossible, but it’s not as simple as withdrawing 1000 rupees from an ATM. Here’s what you need to know:
- First off, for such a large amount, you’ll need to visit a Citibank branch. You can’t withdraw this much from an ATM.
- You’ll need to give the bank some notice. It’s best to inform them at least a day in advance. This is because branches don’t usually keep such large amounts of cash on hand.
- When you go to withdraw, make sure you have proper identification. Your Citibank debit card and PAN card are must-haves. They might ask for additional ID too.
- Be prepared to fill out some forms. For large cash withdrawals, banks need to report the transaction to the Income Tax Department.
- You might be asked about the purpose of the withdrawal. This is standard procedure for large transactions to prevent money laundering.
- If you’re withdrawing from a savings account, make sure you have sufficient balance. Remember, there might be daily or monthly withdrawal limits on your account.
- If it’s a fixed deposit you’re breaking, there could be some penalties. Check with the bank about this beforehand.
- For such a large amount, the bank might prefer to give you a demand draft or transfer the money electronically instead of cash. This is safer for you too.
- If you do get cash, think about how you’ll carry it safely. That’s a lot of notes to stuff in your pocket!
- Lastly, remember that carrying large amounts of cash can be risky. Consider if there’s a safer way to make your payment, like a bank transfer or demand draft.
- While it’s possible to withdraw 10 lakhs from Citibank, it’s not an everyday transaction. The bank will take extra precautions, and so should you. It’s always better to plan ahead for such large withdrawals.