Can I deposit 2 lakh cash in my account?
Here customer should note that, deposits of up to Rs 2 lakh is free per account per month in home branches.
However, cash deposit up to Rs 25,000 per day can be deposited in non-home branch, but beyond this limit there is Rs 5 per thousand charged subject to minimum Rs 150..
How much money can you deposit in a bank without getting reported?
Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000.
Can I deposit 10 lakhs in bank?
If you cash deposit more than Rs. 10 lakhs from your savings 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.
Can I deposit 3 lakh cash in my account?
Also, deposits of Rs 12.5 lakh or more in a current account need to be reported to the authorities. The notification also said that the permanent account number (PAN) needs to be compulsorily quoted in case of cash deposits exceeding Rs 50,000 on a single day, or over Rs 2.5 lakh between November 9 and December 30.
Can I deposit 20 lakhs in bank?
10,000 for a single purpose not permissible under income tax act. 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).
What is the maximum amount of money you can have in a bank account in India?
The bank you work with manages the accounts on your behalf, making sure no one account holds more than the $250,000 limit. You get the convenience of only seeing the main account and being able to withdraw or deposit money at one location.