Saving Account Cash deposit limit for individual
Bank Charge Cash Deposit Fee, Know How much amount you can deposit in your account free
Cash Deposit Limit: The first thing that comes to our mind is savings accounts when we think of a bank in India. This is the basic facility which any bank provides to its customers. We tend to deposit money in banks to utilize it further in need. The money can be a customer’s savings, salary, pension, fund transfer or cash deposit. When it comes to cash deposits, there is a limit set by the Reserve Bank of India (RBI) and Income Tax Act on the maximum cash deposit limit in savings accounts for individuals.
There are several types of savings accounts available with banks in India. Like Basic Saving Bank Deposit account (BSBD Account), General Saving account, NRI account, Current account, deposit account etc. In this article I have covered detailed information about the free cash deposit limit in savings accounts as per income tax.
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Mainly there are few ways to deposit money in savings accounts which are direct cash deposit by visiting bank, UPI transfer, deposit by cheque, Mobile banking Fund Transfer and some other.
1. Basic Saving Bank Deposit Account (BSBD Accounts)
Basic Saving Bank Deposit accounts are opened to serve the minimum requirement of customers. There are certain restrictions on deposit of amount in this account. The customer, having a BSBD account can not keep more than Rs. 50,000/- in the account at any point of time. However, the maximum amount which customer can credit is Rs. 1,00,000/-. The account holder must reduce the amount to Rs. 50,000/- to operate the account. Read more on this as per RBI notification. Know more about BSBD accounts and zero balance accounts.
2. General Savings account cash deposit limit
Savings account cash deposit limit in India for an individual is Rs. 1,00,000/-. However, you can deposit as much amount as you want to, in a general savings account. But above Rs. 1,00,000/- cash deposit will be notified to the Income Tax department. If you want to deposit more than Rs. 1,00,000/- in your savings account, you must have genuine sources of that money.
The cash deposit limit in savings accounts may vary in some cases. If the account belongs to a real estate company, the cash deposit limit can be up to Rs. 30,00,000/- but with genuine sources. Same way if the account belongs to artisans, the cash deposit limit can be up to Rs. 20,00,000/-.
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3. Cash deposit limit in NRI account –
The maximum cash deposit limit for an NRI is $5000/- duly supported by currency declaration form. However, Any NRI from his/ her NRO account can also transfer money to another NRO account. Previously, deposit of cash was not allowed in NRO accounts. Read more on this as per RBI manual.
4. Current account limit to deposit money-
Current account cash deposit limit is up to Rs. 50,00,000/-. Current accounts are mainly available for financial transactions. Many of the businesses have major dealings in cash like petrol pump, ticketing business, grocery business etc. Cash deposit more than Rs. 50 lakhs may attract income tax department enquiry. Further, as per new government rule, cash transactions of more than Rs. 1 crore in any account in India will lead to tax deduction. Read more about current accounts and how you can improve your business with current accounts.
5. Deposit account like Fixed Deposit –
People in India can also open various deposit accounts by depositing cash. One of such accounts is a fixed deposit account. A customer can open a fixed deposit maximum of Rs. 10,00,000/-. If the customer wants to open a fixed deposit of a larger amount, he can do so by depositing the amount through cheque.
However, the government of India is continuously making efforts to make people aware of the benefits of cashless transactions. The Government of India has launched various ways to transact like UPI and Rupay Card. I also advise going cashless, as it is easy and convenient.
To conclude, I would say the limit to deposit cash in savings accounts in India is a facility which people use very frequently. But, in present conditions and tech savvy youth, the Indian economy is preferring digital transactions.
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