Can I deposit cheque without KYC?

An RBI circular said banks will not be questioning customers depositing old notes if their accounts are compliant under know your customer (KYC) norms. However, the restrictions on deposits in non-KYC compliant accounts still hold. Customers can deposit up to Rs50,000 in these accounts before 31 December.

Can I deposit 2 lakhs cheque in my account?

(a) To deposit a cheque of Rs. 2 lakh in a bank, you basically require two things. The first one is a cheque deposit slip and the second one is a photocopy of your PAN card. (b) You are required to fill up the cheque deposit slip carefully indicating the details of the cheque and your account number.

What is the limit for cheque deposit?

As per the RBI guidelines issued last year, banks can enable this facility for all account holders for cheque amounts of Rs 50,000 and above at the discretion of the account holder. However, banks may consider making it mandatory for cheques of above Rs 5 lakh.

Can we deposit cheque without pan?

Cheque deposits may not entail one to write the PAN number, but, for cash deposits it is a must. If you are depositing an amount in excess of Rs 50,000 in the bank you have to mention the PAN number on the pay-in slip. The bank may not allow you to deposit the cash if you do not mentioned the number.

Can a cheque be deposited in any branch?

Answer – Yes, you can deposit cheque in any branch of SBI in India. Just make sure that there are two sections in the dropbox- local cheques and outstation cheques. Drop the cheque in the correct compartment.

Can I deposit a Cheque of Rs 100000 or above without a PAN card?

No PAN mandatory for deposit or cash transactions above Rs 50,000, you can use Aadhaar.

What is the taxability of 5 lakhs in cash deposit?

Taxability is not dependent on cash deposit. It can be primarily argued that you have savings of Rs 5 lakhs in cash and due to demonitisation you want to deposit it in bank. Infact, doing so in 2 different bank account will enable you to withdraw cash faster as limits are per bank and not per pan.

Is there any tax on depositing cheques in bank account in India?

Your income of 3 lakh is taxable any way and if your accounts are supported with PAN, than you are liable to tax for rs 5 lakh. No , there is no tax on depositing your cheques or cash in your bank Account in India, as In India there is no banking transaction tax like some developed Countries… Harness digital marketing analytics tools.

Can I deposit a joint check into my own account?

Some banks will only accept checks that are jointly made out of two individuals, where one of them endorses it to the other so that this other person can deposit it into his own separate account. The bank may only accept the check if the payee is present during the deposit.

How do I deposit a general cheque?

General Cheque Deposit. You will need to provide your full name as per Bank’s records, your bank account number and your contact number at the back of the cheque before depositing it at our Quick Cheque Facilities. Ensure that your full name, date, amount in words and figure (which tally) and issuer’s signature are completed on the front…