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Can I deposit 3 lakh to a savings account having a PAN card?

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Can I deposit 3 lakh to a savings account having a PAN card?

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. 10 Lakhs.

How much can I deposit with PAN card?

In order to curb black money in the economy, the government has made it mandatory for people to use their PAN in cash transactions of more than Rs 50,000 in the case of hotel or foreign travel. Apart from this, PAN is also mandatory for purchase of real estate worth more than Rs 10 lakhs.

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Can I deposit 4 lakh cash in my savings account?

The cash deposit limit on savings accounts is ₹1 lakh. One of these is the limit on cash deposits.

How much amount can be deposited in savings account?

1] Savings/Current account: For an individual, the cash deposit limit in savings account is ₹1 lakh. If a savings account holder deposits more than ₹1 lakh in one’s savings account, then the income tax department may send income tax notice.

Can I deposit 5 lakhs Cheque in my account?

New RBI Cheque Rule: The Reserve Bank of India (RBI) has introduced a new rule for cheque payments from January 1, 2021. However, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.

How much money can be deposit in bank without being reported?

Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000.

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Can I deposit 1 lakh cash in my account without PAN card?

Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. But a circular issued on Tuesday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh.

Is PAN card mandatory for depositing money?

Having a PAN card is mandatory for several purposes like opening a bank account, buying mutual funds or shares, and even making cash transactions of over Rs 50,000. 5.

Can I deposit by check 5 lac in saving 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.

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Is Pan required for cash deposit?

Can I deposit 5 lakhs in my account?

Can I deposit 10 lakhs cash in bank?

Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.