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Cash Deposit Limit: Most people in the country have a bank account. Most of the economic activities of the people are carried out through these bank accounts. Most of these people know about the minimum balance of the account. But, apart from this, there are dozens of rules related to the bank account which you should know about. These include the maximum limit of depositing cash in the account, charges for ATM-debit card, charges for cheques… and many other things. The Reserve Bank of India (RBI) has issued detailed guidelines regarding all these things.
Before coming to the maximum amount that can be kept in the account, we would like to tell you that in every case you have to keep a minimum balance in your account. If the minimum balance is not maintained, the bank deducts a penalty charge. Different banks have set their own minimum balance limits. In some cases the minimum balance limit is Rs 1,000 and in some it is Rs 10,000.
Cash Deposit Limit
There is also a limit on depositing cash in these savings accounts. According to the Income Tax rules, a person can deposit a maximum of Rs 10 lakh in cash in his savings account in a financial year. If more cash is deposited than this, banks have to give information about that transaction to the Income Tax Department. Along with this, when you deposit Rs 50 thousand or more in cash in your account, you will also have to provide PAN number along with it. You can deposit up to Rs 1 lakh in cash in a day. Also, if you do not deposit cash in your account regularly, then this limit can go up to Rs 2.50 lakh.
Limit of Rs 10 lakh!
If you deposit cash in your account in excess of the limit of Rs 10 lakh and do not give satisfactory information about its source in the income tax return, then you may be investigated. If you are caught in this investigation, a heavy penalty will be imposed on you. If you do not disclose the source of income, then 60 percent tax, 25 percent surcharge and 4 percent cess can be imposed on the deposited amount.
Now let's come to the point. Actually, we all deposit money in savings account to keep our earnings safe. In such a situation, its maximum limit is not fixed. But, it is certain that if you keep more money in the account and do not tell the source of its income, then it is possible that it may come under the scrutiny of the Income Tax Department. If the source of income is clear then you do not need to be afraid.
Second, if you have kept a lot of money in your savings account, you should convert it into a fixed deposit. This will give you a good return on your money. You get a very nominal return on the money deposited in a savings account. Banks have deposit schemes ranging from short term to long term i.e. from at least seven days to ten years. This will give you a good return on your money.
