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Latest Business Updates: Nowadays, it is said that there is no house without a bank account. To get the benefits of government schemes, you must have a bank account for some of these needs. Hence, everybody who wants to open a bank account does so. Apart from storing your money safely in a savings bank account, you can also earn interest on it. And all digital transactions are done only if you have a bank account. How much money can you store in a bank savings account in this order? Any limit? What if the limit is crossed? Let’s find out.
Most of the customers are doing transactions through their savings accounts. They have doubts about how much money they can deposit in the savings account. But any amount can be deposited in the savings account. There is no limit to it. However, the Income Tax Department has 10 lakh limit.
If more than 10 lakhs you deposit, then you come under income tax. You may have to pay tax for that cash as well. Also if the cash deposit is more than Rs. 10 lakh, you have to inform the income tax department.
If you deposit more than 10 lakhs of cash in the savings account, then it can be said that the income tax department will spy on you. Check your savings account deposit history. Also, banks in a financial year with Rs. 10 lakh savings accounts with deposits exceeding Rs. 10 lakh will be reported to the IT department. With this, there will also be opportunities for the IT department to send notices to the savings account holders. Fixed deposits include cash deposits, purchases of bonds, mutual funds, stocks, etc. The Rs. 10 lakh limit is applicable.
