Can you withdraw ₹1 crore at once from bank account?

Yes, you can withdraw ₹1 crore in cash from your bank account. “It is possible to withdraw ₹1 crore in cash from your bank account (assuming your bank branch can handle that much cash),” said Mumbai-based tax and investment expert Balwant Jain.

No RBI cap on cash withdrawals

The RBI removed its limits on cash withdrawals from savings accounts on March 13, 2017. This means there is no regulatory restriction preventing someone from withdrawing even very large sums, such as ₹1 crore.

According to the RBI circular “Removal of limits on withdrawal of cash from Savings Bank Accounts” dated February 8, 2017:

• From February 20, 2017, withdrawal limits were increased to ₹50,000 per week (from ₹24,000).

• From March 13, 2017, all limits on cash withdrawals from savings accounts were removed.

However, while the RBI does not restrict such withdrawals, individual banks may impose their own operational or risk-based limits.

Need ₹1 crore in cash? Banks mandate this

When dealing with very large cash withdrawals, such as the withdrawal of ₹1 crore, banks implement mandatory protocols that require customer cooperation and adherence to specific security procedures.

Banks generally require customers to give advance notice before a very large cash withdrawal.

Most branches do not keep ₹1 crore in cash on site. Cash has to be arranged.

An SBI official explained that branches sometimes do not even have ₹50 lakh available. For a ₹1 crore withdrawal, the branch would need to request additional cash from its currency chest. Customers must also inform the bank in advance of such high-value withdrawals.

Income tax reporting

Large cash withdrawals trigger mandatory reporting requirements. Any cash withdrawal exceeding ₹10 lakh must be reported to the income tax department under the applicable rules (including Sections 269SS, 269ST).

Banks are obligated to flag such high-value transactions, which may result in follow-up queries or notices from the tax authorities.

So, yes, you can withdraw ₹1 crore, but usually not as instant cash from a normal branch. It needs planning and approval.