Bank Account: People can open savings account, current account and salary account. Actually, different accounts have different benefits. But do you know how much money people can keep in a savings account? If your answer is no then let us know in this news…
In today’s era, it is very important to have a bank account. Financial transactions are easier through bank accounts. There are also different types of bank accounts. People can open savings account, current account and salary account. Different accounts have different benefits. But do you know how much money people can keep in a savings account? Let us know about it…
Bank account-
Often people make a lot of transactions. These transactions are done in the savings account. Under savings account, people can keep their savings in this account. But when the question comes that how much money can be kept in the savings account, then let us tell you that there is no limit. You can keep as much money as you want in your savings account, but you have to take special care of one thing. Actually, if the money deposited in your savings account comes under the purview of ITR, then you will have to give information about it.
Cash Deposit-
No one wants to come on the radar of the Income Tax Department. Cash deposits are actively monitored through the IT department. It is important to know the regular limits to avoid unnecessary hassle. The Central Board of Direct Taxes has made it mandatory for any bank to report cash deposits of more than Rs 10 lakh in a financial year. Deposits may be in multiple accounts, which may benefit the same person/corporation. The same limit of Rs 10 lakh applies to cash deposits in FDs, investments in mutual funds, bonds and shares and purchase of foreign currency such as traveller’s cheques, forex cards etc. In such a situation, it is important for people to keep this in mind while depositing cash in their savings account.
Saving Account-
Tax also has to be paid on savings accounts. Tax can be imposed on higher income and also on the interest you receive from the bank. The bank gives a fixed percentage of interest on depositing money for a fixed period. This interest can be fixed or floating depending on the market and bank policy. This is a way in which banks encourage their customers to keep their money in the bank.
ITR–
The interest you receive from the bank is added in your ITR under income from dividends and profits and thus comes under the charge of tax. However, there is a limit of Rs 10,000 for this. The interest earned from bank deposits in a financial year must be more than Rs 10,000 to come under the ambit of any tax. If your interest is more than Rs 10000 then you can claim deduction under Section 80TTA of the Income Tax Act.
