Cash Deposit Limit In Saving Account: Today, having a bank account has become essential for every individual. A bank account is not a tool to deposit your cash for safety but it also generates interest for you. All digital transactions, which is a common thing nowadays, can only be done through a bank account. We keep depositing cash in our accounts, but very few of us know how much cash can be kept in a bank account.
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Cash deposits limits
People have a habit of doing a lot of transactions through savings accounts. But often it comes into mind, how much money can be kept in the savings account. The answer is, that there is no limit on how much money you can keep in your savings account, you can keep as much money as you want in a savings account, but you should be aware that If the money deposited in your savings account comes under the purview of ITR, then you will have to give information about it.
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Income Tax Department keeps an eye
Nobody wants to keep so much money in their savings account that it comes under the radar of income tax. The IT department can access all the deposit history of any savings account. The Central Board of Direct Taxes has made it mandatory for any bank to report cash deposits of more than Rs 10 lakh in a financial year. The same limit of Rs 10 lakh also applies to cash deposits in FDs, investments in mutual funds, bonds, and shares, and purchases of foreign currency such as traveler’s cheques, forex cards, etc.
