Savings Account Rule: If you deposit more cash than this limit in your savings account, you will receive an income tax notice..

Savings Account Rule: Many rules are made by the Income Tax. Some rules have been made by the Income Tax Department regarding depositing money in the savings account. In such a situation, if you also have a savings account, then you must be aware of how much money you can deposit in the savings account. So that in the coming time, you do not have to face any kind of difficulties. Know complete information about this in the news.

There is no limit on depositing cash in the bank-

The Reserve Bank of India (RBI) has not yet set any limit regarding keeping maximum money in a savings bank account. That is, any person can keep as much money as he wants in his savings account. According to this, it is completely the wish of the person and it depends on the policy of the bank.

This is the rule regarding large amounts-

It is generally not recommended to keep very large amounts in the savings account in the bank. Especially when that amount is deposited for a long time without any transaction.

These are the rules regarding tax

If you deposit Rs 10 lakh or more in a savings account in a financial year (FY), then the bank will have to give its information to the Income Tax Department. Information is also given to the tax department on depositing Rs 10 lakh or more in a fixed deposit (FD).

This much interest will have to be paid on the amount-

If the interest in your savings account in a year is more than Rs 10,000, then it is counted under taxable income. Tax may also have to be paid on it. In the case of interest received from savings accounts (Savings account deposit limit), the tax limit for senior citizens is up to Rs 50,000.

Notice can be sent at this time-

If you keep a lot of money in your savings account (Savings account deposit limit) and it does not match your income profile, then in this situation the Income Tax Department can demand an explanation from you. In such a situation, you must have the correct source and documents of the money.

Keeping more money will cost you heavily-

The interest received on savings accounts is very limited. Usually, this interest can be from 2.5 to 4 percent. Whereas options like FD or mutual funds can give higher returns. Because of this, due to keeping more money than required in the savings account, less interest is given on your capital.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.