In short, there is no limit on the amount of money that you can put in a savings account.
What is the maximum amount you can have in a savings account in India?
1] Savings/Current account: For an individual, the cash deposit limit in savings account is ₹1 lakh. 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.
Is there any maximum limit in savings account?
There is no ceiling on maximum balance in Savings Bank account, except for Minors account and BSBDA-Small Account. (Rule Nos.
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 we deposit 1 crore bank?
Earn interest on ₹ 1 crore fixed deposit up to 6.95%. One Crore FD Interest depends on the FD tenure and rate of interest.
₹ 1 Crore FD: Details.
|Banks||FD Interest on ₹ 1 Crore||Senior Citizen Rates on ₹ 1 Crore FD|
|IDFC First Bank||3.00% – 5.75%||3.50% – 6.25%|
|SBI||2.90% – 5.40%||3.40% – 6.20%|
How many savings accounts can I have in India?
An individual is eligible to have only one ‘Basic Savings Bank Deposit Account’ in one bank. Whether a ‘Basic Savings Bank Deposit Account’ holder can have any other saving account in that bank ? Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings account in that bank.
Can 1 crore transfer online?
“A retail customer can transfer up to a maximum of ₹20 lakh in a day using both mobile and internet banking channels such as RTGS, NEFT, IMPS and UPI. Customers can always use the branch channel for transferring money beyond this limit.
Can I deposit 25 lakhs in my saving account?
Deposits in Current Accounts : Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities. … (ii) Rs 2.5 Lakh or more, in one or more accounts (other than a current account) of a person.
What will happen if I deposit more than 2.5 lakhs?
Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. … 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.
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.