How much cash can be deposited in 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 a limit on cash deposit in bank?

Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. There is nothing illegal about depositing less than $10,000cash unless it is done specifically to evade the reporting requirement.

What are cash deposit charges?

A convenience fee of flat Rs. 50 per transaction is levied on cash deposits after banking hours (5:00 PM to 9:30 AM) and on national as well as Axis bank holidays. Other banks like PNB, Central Bank, and Bank of India are yet to finalize the amount of convenience fee.

Can I deposit over 10000 cash?

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 banks charge fees for depositing cash?

While there’s been a talk of banks charging customers fees for making cash deposits, none of the major banks have implemented this kind of policy to date. That means that as long as you’re making the large cash deposit into a personal checking or savings account, you won’t pay a fee for this service.

Do banks charge deposit fees?

Banks charge monthly checking account maintenance fees that vary, from as little as $6 to as much as $15 per month, to account holders who don’t meet minimum balance or monthly deposit requirements. These conditions typically require a minimum daily or average balance or a monthly direct deposit of a specific amount.