Term Deposit in bank - RBI Intervention - Pl help
This query is : Resolved
17 March 2011
Term Deposit in bank - RBI Intervention - Pl help
One of my freinds wants to deposit an amount of Rs15 lakshs in bank for 1 year term deposit ( for an interest rate of 9.75%). she is been advised by bankers that, better to split the amount and deposti to avoid the RBI intervention.
Dear experts, kindly give ur valuable suggetions to get cleared by this doubt as interest amount is the only source of her income and she is completely depending on this amount to survive.
One of my freinds wants to deposit an amount of Rs15 lakshs in bank for 1 year term deposit ( for an interest rate of 9.75%). she is been advised by bankers that, better to split the amount and deposti to avoid the RBI intervention.
Dear experts, kindly give ur valuable suggetions to get cleared by this doubt as interest amount is the only source of her income and she is completely depending on this amount to survive.
19 March 2011
The bank is not correct. Only there may be certain TDS implications but certainly there is NO RBI intervention in the same.
Anuj
9810106211
Anuj
9810106211
Message likes :
1 times
19 March 2011
Hi Anuj, thanks for your reply
but bankers say, the bank has to send their report to RBI- of the cousmtoers whose transactions exceed Rs. 10 lakhs...in the fy.
but bankers say, the bank has to send their report to RBI- of the cousmtoers whose transactions exceed Rs. 10 lakhs...in the fy.
19 March 2011
Bankers have to send report of cash deposited in an saving account exceeding 10 lakhs in a year.
Message likes :
1 times
19 March 2011
So long as the deposit amount is legitimate and properly accountable as to its source of accumulation SHE need not be scared of any such routine reporting with reference to her PAN which she would be having by now or has to obtain for satisfying KYC norms of RBI at the Bank;
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
