Saving Account Rules: Do not deposit this much cash in your savings account, income tax notice will come to your home..
From time to time, the Reserve Bank of India (RBI) issues new guidelines for the customers of the banking sector. It is considered mandatory for customers associated with the banking sector to follow the guidelines issued by the Reserve Bank of India (RBI Guidelines for savings accounts). If you are above 18 years of age and you have an account in any private or government bank of the country, then these guidelines (savings account bank rules) can be beneficial for you too.
For your information, let us tell you that a limit (Savings account cash limit) is set by the banks for depositing money in the savings account. We can deposit cash in our savings account only as per the guidelines issued by the banks.
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Limit of savings account
According to the rules of the Reserve Bank of India, if you have a savings account in a bank, then you (RBI Saving Account Rules) can deposit a maximum of Rs 10 lakh cash in your savings account in a financial year. If you deposit more than Rs 10 lakh cash in your savings account in a financial year (maximum cash limit of a savings account), then the banks will have to give complete information about it to the Income Tax Department. Earlier, bank customers could deposit Rs 50,000 or more cash in their savings account at once (bank account cash rules), but now it has been increased to Rs 2.5 lakh. To deposit this, you must provide your PAN number.
60% tax will have to be paid
If the customers of the banking sector deposit more than Rs 10 lakh in their savings account in a financial year, then the Income Tax Department (Income tax notice on savings account) can also collect 60% tax of this amount from you. If you deposit more than the limit of 10 lakhs in a savings account in a financial year, then you will have to give a satisfactory answer to the Income Tax Return Department about the amount of cash deposited (IT return file). If you are unable to tell the Income Tax Return Department the source of income, then the Income Tax Return Department will impose 60% tax, 25% surcharge, and 4% cess on the deposited amount.
The income Tax Return Department can impose a penalty
Under its guidelines, the Reserve Bank of India (RBI) has given information to the customers of the banking sector about the maximum limit of depositing cash in their savings account, debit card, ATM card, fee, check fee, etc. While making people aware (Income tax department penalty), the Reserve Bank of India has said that if a person does not follow the guidelines given, then the Income Tax Return Department can impose a penalty on him.
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