Can I deposit 5 lakhs in savings 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 lakh cash in my 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. 10 Lakhs.

Is it bad to deposit large amounts of cash?

Depositing a big amount of cash that is $10,000 or more means your bank or credit union will report it to the federal government. The $10,000 threshold was created as part of the Bank Secrecy Act, passed by Congress in 1970, and adjusted with the Patriot Act in 2002.

Can I transfer 5 lakhs in my account?

The minimum amount that you can transfer using RTGS is ₹2 lakh, and there is no upper limit. You need not pay any charges for receiving money through RTGS, but to transfer funds between ₹2 lakh and ₹5 lakh, you may need to pay up to ₹24.50, and ₹49.50 for transferring an amount above ₹5 lakh. The charges exclude GST.

Can I receive 5 lakhs in my account?

Yes. If there is a source of your income which is accounted, there is no fear of depositing the money. Also there is no limit on cash deposits too. If your income is proportionately lower than the Cash deposits made during this year, then only you will be in any problem.

Can you get in trouble if someone sends you money?

The general answer is yes it is most likely a federal crime of idenity theft where the person sending you the money steals it using so m eone elses id and you become compliant where you accept a per cent of the crime.

Is it illegal to deposit money into someone else account?

No. You can deposit money into any person’s account if you have the account number. It is most certainly illegal to withdraw money from a bank account without the knowledge and permission of the owner of the account.

Do banks get suspicious of cash deposits UK?

Sums in the region of £5,000 or more tend to trigger suspicion. The problem is tighter money- laundering rules. Banks have a duty to check cash being paid in isn’t being used by criminals. It’s a difficult balance for banks, as complying with the rules does mean they risk alienating some customers.