Business

How much cash can be deposited in a savings account?

Everyone must know how much money can be deposited in a savings account.

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Deposit Limit?

Exceeding the deposit limit in a savings account may attract income tax scrutiny. Do you know the limit?

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Financial Year Limit

Banks must report savings accounts with cash deposits or withdrawals of ₹10 lakh or more in a financial year.

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Income Tax Scrutiny

Depositing or withdrawing over ₹10 lakh may lead to an income tax inquiry.

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Aadhaar Number

Income tax guidelines require providing PAN or Aadhaar details.

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PAN Required

Cash deposits exceeding ₹50,000 require a PAN. Only ₹2 lakh can be deposited in a single day, per income tax law.

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₹2 Lakh Limit

Cash transactions exceeding ₹2 lakh are not allowed in a single day.

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