RBI New Rule: Nowadays the trend of digital banking has increased rapidly. According to a report, about 80% of the people across the country are connected with banking. In today’s digital age, any person wants his money to be in the bank. Because people trust those banks and their money is safe, it has become easier for the government to provide facilities to the public.
If you open a bank account, not only your money is safe but you also get interest from that bank. Many times people put their savings of lakhs in the savings account, in such a situation you should know how much money you can keep in the savings account, let’s know what the rule of (RBI Rules) says?
If you have a savings account, then a question must have come to your mind that how much money can we keep in our savings account. So let us tell you that there is no limit to keeping money in a savings account. You can keep as much money as you want.
But the thing to note is that the amount deposited in the account can also come under the purview of income tax, so you have to give its official information to the Income Tax Department. Along with this, the source of income will also have to be told.
If you deposit more than Rs 10 lakh in a bank account in a financial year, then its information has to be given to the Central Board of Direct Taxes. Along with this, this limit will also apply to cash deposits in FD, bonds, mutual funds and investment in shares.
If you have deposited more than Rs 10 lakh in your account, then the Income Tax Department will ask you for a complete report of it. If he is satisfied with your answer, then he can also investigate. If you are caught in the investigation, then you will have to pay a heavy fine. The Income Tax Department can levy about 60% tax, 25% surcharge and 4 plus sales tax on the amount deposited.
Is it right or wrong to keep money in a savings account? Know the complete information below. If you have a savings account, then thee is no point in keeping a large amount.
You can also invest this money in the stock market or mutual funds.
Here you will get good returns.
Along with this, if you do not want to take risk then it would be better to keep the money in the bank.
You can also get a fixed deposit done through a savings account. In this your money will be safe and you will also get a good return on that money.
