Restriction on Withdrawals

Q & A Forum › Category: Banking › Restriction on Withdrawals

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shashykru asked 9 years ago

I wanted to know how can we restrict money withdrawal from an savings account and which banks provide it.

3 Answers

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Sreekanth Staff answered 9 years ago

Hi, Are you referring to withdrawals through ATMs?

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Sreekanth Staff answered 9 years ago

Hi, (in reply to your PRIVATE comment..) I am not aware of any such bank account with the mentioned features. However, there certain banks which offer feature like, the customer can set/remove the withdrawal limits (ATM) through mobile banking or mobile APP. For ex - IDBI bank.

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Sreekanth Staff answered 9 years ago

Hi, (In reply to your PRIVATE comment..) If she is totally dependent on the income generated on this Corpus amount then she can consider choosing options like Post office Monthly Income Scheme (monthly interest income is payable) & Senior citizen savings scheme (quarterly payable). She can also consider 8% Govt of India Bonds, locked for 6 years, monthly interest payable. PO MIS : She can deposit max Rs 4.5 Lakh (single a/c) and can get around Rs 2,800 monthly income. PO Sr.C.S.S : She can deposit around Rs 10 Lakh and can get around Rs 20,000 every quarter. Kindly read: http://www.relakhs.com/small-saving-schemes-interest-rates-2016-2017-fy/ http://www.relakhs.com/list-of-best-investment-options-schemes-in-india/