Can I Deposit 10 Lakhs In Bank?

Can we deposit 10 lakhs in bank?

Aggregate Fixed Deposits of Rs 10 lakh or more in a year.

Banks are required to report the cash payment made for Fixed Deposits amounting Rs 10 lakh or more in a year.

However, these fixed time deposits will not include deposits made through renewal of other fixed deposit..

What can I do with 10 lakhs?

10 things to do with 10 lakhsEmergency funds. Life is dynamic. … Short-term funds. These funds primarily invest in debt funds and have a maturity period of 1-3 years. … ELSS funds. ELSS funds are Equity Linked Savings Scheme. … High growth funds. … Its all about gold. … Mediclaim. … Term Insurance policy. … 10.Retirement planning.

Can I deposit 5 lakhs in my 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 account?

Under the newly introduced Section 269ST of the Income Tax Act w.e.f 1st April 2017, no person shall receive an amount of Rs 2 Lakhs or more in cash. … The penalty for receiving cash of Rs 2 Lakhs or more is the equivalent amount. Hence, you need to be very careful in making cash deposits into your bank account.

Can I deposit 7 lakhs in my account?

Yes, you can deposit any amount in your account, but the depositing more than 2.5 lakhs will be under Income Tax Radar.

How much cash can be deposited in bank without tax India?

2.5 lakhDuring the period 9 November to 30 December, the government has defined a maximum limit of Rs 2.5 lakh on cash deposit, which will not be under scrutiny by the income tax department. If the cash deposits exceed this limit, the bank or post office will automatically report it to the tax department.

How much money we can deposit in bank?

CASH DEPOSIT – BANK BRANCH Maximum cash deposit limit: While there is no limit on the amount of cash deposit made in a home branch, the maximum limit for cash deposit at a non home branch is Rs 2 lakh per day.

How much tax do I pay on 10 lakhs?

Income between Rs 7.5 lakh and Rs 10 lakh will be taxed at 15 per cent. Income between Rs 10 lakh and Rs 12.5 lakh will be taxed at 20 per cent. Income earning between Rs 12.5 lakh and Rs 15 lakh will be taxed at 25 per cent. Income above Rs 15 lakh will continue to be taxed at 30 per cent.

Can I deposit 3 lakhs in my account?

If you are an individual owning a proprietary business and have deposited, for instance, Rs 3 lakh in the denomination of scrapped currency notes in your account after demonetisation, you can declare in your tax return for the assessment year 2017-18 that the amount is part of your past savings.

Can I deposit 2 lakhs in my account?

Here customer should note that, deposits of up to Rs 2 lakh is free per account per month in home branches. However, cash deposit up to Rs 25,000 per day can be deposited in non-home branch, but beyond this limit there is Rs 5 per thousand charged subject to minimum Rs 150.

Can we deposit 1 crore bank?

If FD interest rate is 6.5%, then you get Rs 6.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 54,167. If FD interest rate is 7%, then you get Rs 7 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 58,333.

Can a bank ask where you got money?

There is no law that specifically requires a bank to ask where you get your cash. They are probably just following Governmental and company guidelines on money laundering and have been told to ask that question on deposits of cash over a certain amount. Either that or the teller is just a nosy sod.