Cash withdrawl limit from saving bank account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2014 Hi,

How much cash can be withdraw from a Saving Bank account in a single day without any objectionable subsequent impacts.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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28 November 2014 There is no Limit on withdrawing amount from Bank on a particular day.

It is your money not of bank.

Rupesh Jain

Rupesh Jain (Expert)
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29 November 2014 you can withdraw cash, no limit. but every bank have limit for withdrw cash limit pls contact to your bank. Moreover, if you withdraw rs. 10 lacs in a year. it may possible you received the letter from the income tax deptt. for sources of income .

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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29 November 2014 Dear Rupesh Jain

Please correct yourself, notices from income Tax department can be received only when cash deposit not withdrawal exceeds from 10 lacs. You are quoting the provisions of rules 114E of the Income Tax Rules, 1962 read with section 285BA (Annual Information Return)

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