Name: Exploring Money as a Medium of Exchange in Our World
Uploaded: 2019-07-19
Duration: 4 min 39 s
Description: We do different daily transactions. Let’s learn how money is a part of these transactions, how things are different than before with money, and how it is a medium of exchange.

Question

How can you withdraw money from a Savings Bank account?

Accepted Answer

Money can be withdrawn from a Saving Bank account in two ways:

By visiting the branch:

By filling withdrawal form: The account holder has to personally visit the branch and fill the withdrawal form. The cash teller will ask for the identification and passbook of the account holder.

By cheque: The cheque has to be signed and drawn by the account holder of the bank. A cheque can be used to withdraw money for self, or it can be given to someone whose name is written on the cheque which will enable him to collect money from the bank.

By using ATM (Automated Teller Machine): Every account holder is provided with a Debit Card, and they can withdraw from any ATM installed by banks. One has to insert the card, enter the pin and enter the details of the amount to be withdrawn and the machine will dispense the cash.

How can you withdraw money from a Savings Bank account?

Important Questions on Money and Banking

Learn and Prepare for any exam you want !