In general, we read the number as written. If the text on the printed page is "3.50", I read that as "three point five zero". Just read the digits and say "point" for the decimal point.
Yes, you would express the same value if you said "three and a half". But that isn't what the other person wrote. In some contexts it would NOT be the same. For example, if this is a technical scientific paper, "three point five zero" indicates that the measurement is accurate to two decimal places, while "three and a half" is vague about how precise the measurement is.
In my humble opinion, if you are reading something that someone else wrote, you should read it as they wrote it, and not insert your own interpretations. For example, if a columnist wrote, "China rightfully owns the South China Sea", I would not quote him as saying, "China claims to own the South China Sea", even if I believe that statement to be more accurate, because that is not what he said. Of course how you read a number is not likely to stir angry debate ... though in some context it could.
We do not normally read commas, but insert words like "thousand" and million" where appropriate. Like "1,234,567" is generally read as "one million two hundred thirty-four thousand five hundred sixty-seven".
Some languages use comma as the decimal separator and period as the thousand/million/etc separator. How people read numbers in these languages is a different question. (And I don't claim to know the answer.)