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Savings accounts are among the most fundamental bank features available to everyone. You can store your money in a savings account and later use it to pay bills, buy products online, and make investments. As the world steadily moves towards a cashless economy, however, the volume of cash transactions in savings accounts has fallen.
Rules concerning savings accounts are in place for various reasons. These rules serve the account holders and the Income Tax (IT) Department. Hence, it is important to know everything about a savings account.
Making a cash deposit in your savings account is simple. All you need to do is carry the cash to the branch and fill out a deposit slip. But remember that you cannot exceed a limit when doing this. The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department.
There are also certain savings account withdrawal limits that you should know. Here, it is best to check the specific rules of the bank where you hold your savings account. They may allow few free withdrawals per month before they levy a charge per withdrawal.
There are several rules and regulations governing cash transactions, especially in savings accounts. One of these is the limit on cash deposits. Here is all you need to know about cash deposit limits in savings accounts.
Apart from savings account cash deposits, here are some other cash transactions that may attract the notice of the IT Department if they exceed a limit.
Current account holders have a cash deposit limit of ₹50 lakhs. Current accounts are mainly used for business transactions and are thus afforded a higher limit. Violation of this limit may garner the attention of the IT Department, and you may face a notice.
Like the savings account deposit limit, fixed deposits also have a ceiling when making cash transactions. Cash deposits, while allowed in a fixed deposit (FD), should not exceed ₹10 lakhs. You can make large FD transactions through other traceable means such as cheques or Mobile banking App.
Credit card bill payments also have a limit of ₹1 lakh. When paying credit card bills, it is best to avoid making cash operations over this amount. It would be suitable to make credit card bill payments through other cashless modes, especially if it is a sizeable amount.
Real estate transactions of high value made in cash could also attract attention, and you could receive a notice. The limit in such cases is ₹30 lakhs. Cash transactions should be kept under this amount. Also, ensure that it is from a valid source.
With the rise of multiple cash alternatives, going cashless may be the imminent future. Making larger transactions in cash can be risky as well. Savings account transaction limits work as a safety feature. Using other means, such as cheques or internet banking, is relatively safe and helps you better maintain your financial situation.
If you are in the market for a savings account, IDFC FIRST Bank’s savings account should be on your list. With a ₹6 lakh purchase limit and an unlimited ATM withdrawal limit, IDFC FIRST Bank offers flexibility and allows you to make the best use of your money. To know more about online savings account opening, you can reach out to IDFC FIRST Bank customer care on 1800 10 888.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.