How much money we can keep in bank in India?

What is the maximum limit of saving account in India?

There is no ceiling on maximum balance in Savings Bank account, except for Minors account and BSBDA-Small Account. (Rule Nos. 11, 12).

What is the maximum amount we can keep in saving account?

A Post Office Savings Account is one of the most popular and accessible savings accounts in India. The minimum opening amount as well as maximum balance that can be retained is Rs. 500.

Can I deposit 20 lakhs in bank?

your father must have to give explanation to the income tax department for depositing Rs. 20,00,000 to a savings bank account within a short period when asked for. Tax will be deposited by your father within 15th March, 2020 (if payable).

Can I deposit 10 lakhs in my account?

Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.

Can I deposit 30 lakhs in my account?

Yes. The Income tax Department receives information through its AIR network , ie Annual Information Return. Hence , when Rs 30 Lakhs will be deposited…

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Can I deposit 50 lakhs in my savings account?

If a savings account holder deposits more than ₹1 lakh in one’s savings account, then the income tax department may send income tax notice. Similarly, for current account holders, the limit is ₹50 lakh and on violation of this limit may also liable for income tax notice.

Can we deposit 1 crore bank?

1 Crore Fixed Deposit in India can be a decent source of income in India.

1 Crore FD Interest Rates Per Annum: Top 10 Banks in India.

Name of Bank For General Citizens (p.a.) For Senior Citizens (p.a)
Bank of India FD 2.85% to 5.05% 3.35% to 5.55%
Punjab and Sind Bank FD 3.00% to 5.30% 3.50% to 5.60%

How much money can you keep in a bank?

Banks tend to keep only enough cash in the vault to meet their anticipated transaction needs. Very small banks may only keep $50,000 or less on hand, while larger banks might keep as much as $200,000 or more available for transactions. This surprises many people who assume bank vaults are always full of cash.

Can I withdraw 50 lakhs from bank?

If you cash deposit or cash withdraw more than Rs. 50 lakhs to / from your current bank account – Bank will report to Income Tax authority. … If you do fixed deposit more than Rs. 10 lakhs in a financial year – Bank will report to Income Tax authority.

How much cash can I keep at home?

Cash Transaction Limit – Section 269ST

Section 269ST imposed restriction on a cash transaction and limited it to Rs. 2 Lakhs per day. Section 269ST states that no person shall receive an amount of Rs 2 Lakh or more: In aggregate from a person in a day; or.

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