Can I deposit 7 lakhs in savings 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 5 lakh in savings 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 you deposit in a savings account?

In short, there is no limit on the amount of money that you can put in a savings account. No law limits how much you can save and there’s no rule stating that a bank cannot take a deposit if you have a certain amount in your account already.

Can I deposit 3 lakh to a savings account without having a PAN card?

NEW DELHI: The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. During the period 9 November to 30 December, this limit has been lowered to Rs 2.5 lakh.

How much money can I deposit in my bank account?

If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government. The guidelines for large cash transactions for banks and financial institutions are set by the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act.

Do I need a PAN card to deposit 3 lakhs?

There might be various charges for deposits which might differ from bank to bank. There isn’t any amount restriction for deposits made through cheque into an account with a PAN card. Hence, it is mandatory to have a PAN card to deposit 3 lakh into a savings account.

How much can I deposit in a bank account without Pan?

Banks don’t accept Rs. 50,000 deposit by cash or cheque without the PAN info on the deposit form. There is no amount restriction for cheque deposit into an account with PAN card but any amount beyond Rs. 10,00,000/- has to be reported to Income tax dept.

Do you need a PAN card to deposit cash in India?

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. This clarifies the misconception that one can deposit cash in multiple batches of less than Rs 50,000 each and escape mentioning the PAN.

What is the limit of cash deposit in savings account in India?

The Government of India has taken strict measures with respect to cash deposits of higher amounts made into savings accounts. All amounts above Rs. 50,000 deposited by cash or cheque is not accepted without the PAN number on the deposit slip.