Quick Answer: Can I Deposit 4 Lakhs In My Account?

Can I deposit 7 lakhs in my account?

It is barred to pay or receive more than two lac rupees in any single transaction.

If you are asked and unable to explain it is quite likely that the amount in excess of two lac may be impounded by the departmen.

Any deposit more than 50k would need your PAN number to be disclosed to the bank ..

How much interest will I get for 10 lakhs?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs. 6,15910 Lakh8.50%Rs. 9,84715 Lakh8.60%Rs. 13,11220 Lakh8.70%Rs. 17,610

What is the maximum amount of money you can have in a bank account in India?

If the combined amount deposited in an account exceeds Rs 2.5 lakh, the depositor will have to mention his PAN. This clarifies the misconception that one can deposit cash in tranches of less than Rs 50,000 and escape mentioning the PAN.

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 10 lakhs in my account?

NEW DELHI: The tax department has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills.

How much amount can be deposited in savings account?

Though there’s no limit to how much you can keep in a savings account, you should know the rules surrounding large deposits to savings accounts. When it comes to making deposits to a bank account, $10,000 is the magic number.

How much money can be given in cash?

Section 269ST: Restrictions on Cash Transactions The section states that no person shall receive an amount of INR 2 Lakhs or more in CASH in aggregate from a single person in a day: in respect of a single transaction or in respect of transactions relating to one event or occasion from a person.

How much cash can be deposited in bank without tax?

It doesn’t matter what the amount is. The only significance is at at $10,000 and above there is mandatory reporting to AUSTRAC as a significant cash transaction.

How much money can be deposit in post office?

Currently, the maximum that can be invested in this scheme by any individual is capped at Rs 15 lakh. The account can be opened singly or jointly with your spouse. Deposits above Rs 1 lakh will be accepted via cheque only.

What is the maximum limit of cash payment?

As per the section of 269SS of Income Tax Act, any person shall not take or accept any loan or deposit or any specified sum from any other person in cash exceeding Rs 20,000. If any person violate the rule then the person will be liable to pay the penalty of sum equal to the loan amount.

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.

How much cash can be deposited in bank without PAN card?

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

How much cash deposit is suspicious in India?

All series of cash transactions connected to each other which have been individually valued below Rs. 10 lakh where they have taken place within a month and the monthly aggregate exceeds Rs. 10 lakh is termed as suspicious transactions.

How much cash can you legally keep at home India?

New Delhi: Indians should be banned from keeping more than Rs 15 lakhs in cash at home, suggested a team of experts assigned by the Supreme Court to fight and recover black money today.

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 a bank ask where you got money?

Yes they are required by law to ask. This is what in the industry is known as AML-KYC (anti-money laundering, know your customer). Banks are legally required to know where your cash money came from, and they’ll enter that data into their computers, and their computers will look for “suspicious transactions.”

Can I deposit by check 5 lac in saving account?

Since there is a system of Annual Information Return being filed by banks, your cash deposit exceeding Rs. 10 Lakhs in a Savings account / exceeding Rs. … 2 lakhs is not allowed as per Section 269ST of the Income tax, which will land you in a penaly of Rs.