Quick Answer: Can I Deposit 1.5 Lakh In My Account?

Can I deposit 20 lakhs in bank?

cash transaction more than Rs.

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)..

How much cash deposit is suspicious?

Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government agency that monitors financial transactions to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism. All cash transactions of $10,000 and more must be reported to AUSTRAC within 10 days.

Can I deposit 2 lakhs 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.

What is the maximum limit of saving account in India?

1,00,000/-. For accounts of minors above-14-years,there is no limit to maximum balance.

Can we deposit 1 crore bank?

If FD interest rate is 6%, then you get Rs 6 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 50,000. If FD interest rate is 6.5%, then you get Rs 6.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 54,167.

Can I deposit 3 lakhs in my account?

If you are an individual owning a proprietary business and have deposited, for instance, Rs 3 lakh in the denomination of scrapped currency notes in your account after demonetisation, you can declare in your tax return for the assessment year 2017-18 that the amount is part of your past savings.

Can I deposit 7 lakhs in my account?

Under the newly introduced Section 269ST of the Income Tax Act w.e.f 1st April 2017, no person shall receive an amount of Rs 2 Lakhs or more in cash. … The penalty for receiving cash of Rs 2 Lakhs or more is the equivalent amount. Hence, you need to be very careful in making cash deposits into your bank account.

How much cash can I deposit in one day?

If you deposit more than $10,000 of cash into your account within a single business day then your bank must complete a “large currency transaction report.” Bank business days typically end at 2 or 3 p.m. and Saturday and Sunday do not count as business days.

What if I deposit 5 lakhs in my account?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

How much money can be deposited in savings account?

Though there’s no limit to how much you can keep in a savings account, you should know the rules surrounding large deposits to savings accounts. When it comes to making deposits to a bank account, $10,000 is the magic number.

Can I deposit 1 lakh in my SBI account?

However, SBI savings bank account holders with less than Rs 1 lakh balance will continue to get 3.5 per cent interest on deposits. … Hence, the SBI will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 1 lakh. At present, the interest rate is 3.5 per cent.

Can a bank ask where you got money?

There is no law that specifically requires a bank to ask where you get your cash. They are probably just following Governmental and company guidelines on money laundering and have been told to ask that question on deposits of cash over a certain amount. Either that or the teller is just a nosy sod.

How much money can be deposited in a savings account without PAN card?

Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. But a circular issued on Tuesday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh.

Can I deposit 10 lakhs in my account?

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.

Is PAN card required for cash deposit?

Quoting of PAN is also required for setting up a time deposit – or fixed deposit – exceeding ₹ 50,000 with a financial institution. Also, a cash deposit exceeding ₹ 50,000 in a post office savings account requires PAN, according to the taxman.

How much money can I withdraw without being flagged?

Withdrawals of $10,000 cash or more in the same day raise a red flag and must legally be reported by the bank. Multiple withdrawals in the same day are considered to be the same transaction, so withdrawing $5,000 in the morning and $5,000 later in the day would satisfy the $10,000 required for the bank to report it.

Can I deposit 1 lakh cash in my account?

Cash Deposits in Banks : Banks will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts (other than Current Account / Time Deposit) of a person.