Can we deposit 5 lakhs in savings account?

Can we deposit 5 lakhs 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.

Can I deposit 4 lakhs in my savings account?

1] Savings/Current account: For an individual, the cash deposit limit in savings account is ₹1 lakh. 4] Mutual fund/stock market/bond/debenture: People investing in mutual funds, stocks, bond or debenture must ensure that its cash infusion in the above mentioned investment options doesn’t go beyond ₹10 lakh limit.

Can I deposit 6 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.

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How much money can be deposited in a current account?

In India, current account can be opened by depositing Rs. 5000 to Rs. 25,000. The customers are allowed to withdraw the amount with cheques, and they usually do not get any interest.

Can Neft transfer 5 Lacs?

The minimum amount that can be remitted through it is ₹2 lakh, and there’s no upper ceiling. NEFT, on the other hand, does not have a minimum transfer limit. In the case of RTGS, you can be charged ₹25-30 for transactions of ₹2 lakh to ₹5 lakh; and ₹50-55 for transactions above ₹5 lakh.

How much can you deposit in a bank at one time?

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.

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How much cash can I deposit in bank?

You will still be able to deposit and withdraw $10,000 or more cash into and from your accounts. Any changes to the Bill are subject to full Parliamentary scrutiny. The Australian Government introduced the Currency (Restrictions on the Use of Cash) Bill 2019 on 19 September 2019.