How Much Cash Can You Deposit In Savings Account In A Day? What Is The Yearly Limit? Explained

RBI has laid down certain rules and regulations regarding cash deposit limits in savings account. Read on.

The first step in safely increasing your savings is to deposit money into your savings account. In addition to bank transfers and check deposits, cash deposits are a wiser move to raise your bank balance. The maximum amount of money you are able to put into your account in a single day is known as your cash deposit limit.

You can make a deposit of up to Rs 50,000 into your savings account as per the Reserve Bank of India (RBI) regulations without providing your PAN card information. You will have to supply your PAN card information, though, if you wish to deposit a larger sum. The daily, transactional, and single-person cash limit is Rs 2 lakhs. In contrast, a savings account's annual cash deposit cap is Rs 10 lakhs. If a transaction goes beyond this cap, your bank will notify the appropriate income tax authorities.

Deposits into savings accounts are subject to a ceiling set by the Reserve Bank of India, which caps them at Rs 10 lakh every fiscal year. Although these sums are not directly taxed, depositing more than this may result in a notification from the Income Tax Department to review your transactions.

You can make a deposit of up to ₹50,000 into your savings account in accordance with Reserve Bank of India (RBI) regulations without providing your PAN card information. You will have to supply your PAN card information, though, if you wish to deposit a larger sum. The daily, transactional, and single-person cash limit is ₹2 lakhs. In contrast, a savings account's annual cash deposit cap is ₹10 lakhs. If a transaction goes beyond this cap, your bank will notify the appropriate income tax authorities.

Deposits into savings accounts are subject to a ceiling set by the Reserve Bank of India, which caps them at Rs 10 lakh every fiscal year. Although these sums are not directly taxed, depositing more than this may result in a notification from the Income Tax Department to review your transactions. You must pay taxes in accordance with the applicable income bracket, complete your returns, and clearly state your source of income. According to Section 68 of the Income Tax Act, the Income Tax Department may levy a 60% tax, a 25% surcharge, and a 4% cess on the deposited amount if you are unable to confirm the source of the funds.

Your bank may likely alert the IT authorities if you deposit more than Rs 10 lakhs in cash during a fiscal year. In this situation, the IT department might send you a notice asking where the money is coming from. When you file your taxes, you will be taxed according to your income bracket and will be required to disclose the source of cash.

Each bank has a different daily cash withdrawal cap for savings accounts. Generally speaking, you can withdraw more money from a premium account. There can be a monthly withdrawal cap set by your bank which you must be well-versed with.