How can I deposit a large amount of cash in my bank in India?

All you need to do is carry the cash to the branch and fill out a deposit slip. But remember that you cannot exceed a limit when doing this. The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department.

What happens if I deposit a large amount of cash in India?

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. Similarly, for current account holders, the limit is ₹50 lakh and on violation of this limit may also liable for income tax notice.

How much money can I deposit in my bank account without tax in India?

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.

How much can you deposit in bank in one day?

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. If you are a third-party person, then upto Rs 25,000 per day cash deposit is allowed.

What is the maximum amount you can deposit in a bank?

The Law Behind Bank Deposits Over $10,000 It’s called the Bank Secrecy Act (aka. The $10,000 Rule), and while that might seem like a big secret to you right now, it’s important to know about this law if you’re looking to make a large bank deposit over five figures.

Can I deposit 10 lakhs in my account?

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.

Can I deposit 2 lakh Cheque in my account?

(a) To deposit a cheque of Rs. 2 lakh in a bank, you basically require two things. The first one is a cheque deposit slip and the second one is a photocopy of your PAN card. (b) You are required to fill up the cheque deposit slip carefully indicating the details of the cheque and your account number.

How much can be deposited in bank in one day?

Can I deposit 2 lakh cash in my SBI account?

CASH DEPOSIT – BANK BRANCH Maximum cash deposit limit: While there is no limit on the amount of cash deposit made in a home branch, the maximum limit for cash deposit at a non home branch is Rs 2 lakh per day.

What happens if you deposit 10000?

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.