NWD full form in banking is Network Withdrawal. The term NWD is used by many financial institutions and banks to refer to network withdrawal transactions. The bank statement is new and shows when the customer withdraws money from another bank’s ATM. When a customer withdraws money from another bank’s ATM, the bank’s details (NWD) are displayed.
NWD terms are widely used by private banks with other terms, such as NFS, EAW, AWB, ATS, etc. For these types of transactions, banks also used different codes. Unlike transactions done using ATMs, the commission on NWD transactions is slightly higher. If the user has an ATM card of the concerned bank, ATW will be written on the receiving and the costs will be relatively less.
What Else Should You Know About NWD?
NWD is an important banking concept, which indicates a scenario in which a user withdraws money from an ATM owned by a different bank. Withdrawals from your own bank’s ATM are less than NWD. In short, the term describes the act of withdrawing cash from an ATM operated by a different bank. This will result in additional charges. For a single user, the charges usually start from Rs 25 as NWD charges.