Saving Account Update: How much money can be deposited in a savings account, know what is the rule of RBI..

While opening and managing a savings bank account in India, it is necessary to keep many important things in mind. How much money should be in the savings account (Limit to keep money in savings account) and it is necessary to follow the rules of RBI. How much money can be kept in a savings account,

Some rules have been laid down by the Reserve Bank of India (RBI Update) regarding this. Although there is no fixed limit for keeping money in a savings account, if a large amount is deposited in your account or there are transactions beyond a certain limit, then you may come under the radar of the Income Tax Department.

It is important to follow RBI rules.

While opening and managing a savings bank account in India, it is necessary to keep many important things in mind. How much money should be in the savings account and it is necessary to follow the rules of RBI. Here these important points are described in detail.

How much money can be kept in a savings account?
The purpose of these rules is to prevent black money and make economic transactions transparent. If a large amount is deposited in your savings account or you have transacted a large amount, you will have to show its proper source. Otherwise, the Income Tax Department may investigate you and you may have to face legal proceedings. Therefore, it is important to ensure that the source of the money deposited in your savings account is legitimate and that all the necessary reporting and documentation has been followed.

Income Tax Department's monitoring of keeping more than 10 lakh amount

The monitoring done by the Income Tax Department and the related rules on keeping large amounts in savings accounts in India (savings accounts update) is important. If you have an amount of more than Rs 10 lakh in your account, then you have to take care of some important things. Here is detailed information on this subject.

Monitoring and Reporting
If you have an amount of more than Rs 10 lakh deposited in your savings account, the bank can report it to the Income Tax Department. The Income Tax Department may ask you to provide information about the source of the amount deposited. You have to prove that this amount is legitimate and matches your sources of income.

Investigation and Verification
If the Income Tax Department is not satisfied with the information provided by you, it can also investigate. If the investigation finds that the information about your deposit amount is not correct or you are depositing money through illegal means, then you may have to face legal action.

Penalties and Taxes
If the Income Tax Department's investigation proves that you have deposited illegal money, then you may have to pay a heavy penalty. About 60% tax, 25% surcharge, and 4% cess charge can be levied on the deposited amount. Overall, it can be up to about 89%.

Minimum Balance
Zero Balance Account: Some banks also provide the facility of zero balance savings accounts, in which there is no requirement of minimum balance.
Regular Savings Account: Most banks have a minimum balance requirement for Regular Savings Account. This minimum balance may vary according to the bank and type of account. Usually, it can be Rs 5,000 in urban areas and Rs 1,000 in rural areas.

RBI and Income Tax Department Rules
Transaction Limit
If there is a cash deposit of Rs 10 lakh or more in your savings account in a financial year, then the bank has to report it to the Income Tax Department. If an account holder makes a single transaction of Rs 2 lakh or more in a financial year, then its information can also be given to the Income Tax Department.

Dividend and Interest Income
If the interest income generated from the money deposited in your savings account exceeds Rs 10,000, then the bank can also report it to the Income Tax Department.

Large Transactions
If you purchase a large asset from your savings account, such as a house, vehicle, etc., then you may have to report it.

KYC Compliance
It is necessary to complete the Know Your Customer (KYC) process while opening a savings account and from time to time. This allows the bank to keep an eye on unusual transactions in your account.

PAN Card Compulsory
It is mandatory to use a PAN card for large transactions in the bank. If you make a transaction above a certain limit and do not have a PAN card, the bank may report it.

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