Quick Answer: What Will Happen If I Deposit More Than 2.5 Lakhs?

Can I deposit 5 lakhs cash in my 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..

How much money can I keep in my bank account in India?

In short, there is no limit on the amount of money that you can put in a savings account. No law limits how much you can save and there’s no rule stating that a bank cannot take a deposit if you have a certain amount in your account already.

How much cash can be deposited without raising suspicion India?

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.

Can we deposit 1 crore bank?

If FD interest rate is 6.5%, then you get Rs 6.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 54,167. … If FD interest rate is 7.5%, then you get Rs 7.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 62,500.

What is the monthly interest on 50 lakhs?

If FD interest rate is 6.5%, then you get Rs 3.25 lakh on a fixed deposit of Rs 50 lakh in a year. This means you get a monthly interest of Rs 27,083. If FD interest rate is 7%, then you get Rs 3.5 lakh on a fixed deposit of Rs 50 lakh in a year. This means you get a monthly interest of Rs 29,167.

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 money can you deposit without paying taxes?

If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government. The guidelines for large cash transactions for banks and financial institutions are set by the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act.

Can I deposit 50 lakhs in my account?

Deposits in Current Accounts : Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.

Can I deposit 10 lakhs in my account?

If you cash deposit more than Rs. 10 lakhs from your savings bank account – Bank will report to Income Tax authority. If you do fixed deposit more than Rs. 10 lakhs in a financial year – Bank will report to Income Tax authority.

How much cash can you legally keep at home India?

Also question is, how much cash can you legally keep at home India? New Delhi: Indians should be banned from keeping more than Rs 15 lakhs in cash at home, suggested a team of experts assigned by the Supreme Court to fight and recover black money today.

How much interest will I get for 30 lakhs?

You should split the Rs 30 lakh between a mix of government-backed schemes, mutual funds and corporate fixed deposits. Park Rs 4.5 lakh in a Post Office Monthly Income Scheme. This will earn you a 7.6 percent interest per annum, payable monthly.

Can I deposit 2 lakhs in my account?

Here customer should note that, deposits of up to Rs 2 lakh is free per account per month in home branches. 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.