Can I deposit 25 lakhs in my savings account?

Can I deposit 25 lakhs in my savings 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.

Can I deposit 20 lakhs in my account?

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).

What is the maximum balance in SB account?

Rs.50,000
Basic Savings Bank Deposit Small Account The maximum balance that can be maintained in an account is Rs. 50,000. No minimum balance needs to be maintained.

What is the maximum amount in SB account?

There is no ceiling on maximum balance in Savings Bank account, except for Minors account and BSBDA-Small Account. (Rule Nos. 11, 12).

Where will the deposit of 10 lakhs in a savings account go?

The deposit will be in the server of Income Tax Department , courtesy provision of Annual Information Report mandatory for banks to submit every year and report among other things aggregate cash deposits in excess of Rs 10 Lakhs in a savings account.

How can I deposit a cheque in a cooperative bank?

1. You can deposit the cheque in your account. The interest earned would be added in your income. You have to pay capital gains tax if applicable. You can deposit the amount in any bank including Cooperative Bank.Seek the advise to get exemption from capital gains tax from the tax consultant.

Can I deposit a cheque received from AB in SBI account?

Similarly, you can deposit a cheque received by of AB can be deposited in your SBI account. There will not be any problem. But the clearance will be done in one day if it is in the same city or 3 days if it is outstation cheque.

Can I deposit a cheque in my own bank account?

You can deposit a cheque (even of your own account) in any bank to any other account (even to your own account) in any other bank. What you have to take care is the cheque can be deposited only to the account of the payee, whose name is written on the cheque (Pay to…..or bearer).