Quick Answer: How Much Money Can You Put In A Bank Without Questions In India?

How much money can you have in your bank account without being taxed in India?

Under Section 80TTB Interest on savings deposit with Banks, Post Offices and others in case of Senior Citizens (having age above than 60 years) is allowed as deduction, subject to maximum limit of Rs 50,000 per annum..

Can I deposit 50 lakhs in my 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.

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.

What is the most money you can have in a bank account?

You can have a CD, savings account, checking account, and money market account at a bank. Each has its own $250,000 insurance limit, allowing you to have $1 million insured at a single bank. If you need to keep more than $1 million safe, you can open an account at a different bank.

Why do banks ask why you are withdrawing money?

It’s mainly for security purposes. The big reason is: Under the Bank Secrecy Act (BSA), the government wants to make sure you’re not exploiting your bank to fund terrorism or launder money, or that the money you’re depositing isn’t stolen.

What if 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 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.

How much money can you have in your bank account without being taxed?

If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government.

What is the maximum limit of saving account in India?

Maximum balance to the credit of such account should not exceed at any time Rs. 1,00,000/-. For accounts of minors above-14-years,there is no limit to maximum balance. A savings bank account may be opened in the name of minor jointly with his/her natural guardian i.e. father or guardian i.e. mother or both.

What is the minimum amount of money you can have in a checking account?

You’ll need to meet the minimum balance requirement (and then some). Most traditional offline banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500 (though most are much closer to the lower end).

Can I deposit 10 lakhs in my account?

If you cash deposit more than Rs. 10 lakhs from your savings bank account – Bank will report to Income Tax authority. If you do fixed deposit more than Rs. 10 lakhs in a financial year – Bank will report to Income Tax authority.

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.