Term Deposit in bank - RBI Intervention - Pl help

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Soumya (Querist)
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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.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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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
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Soumya

Soumya (Querist)
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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.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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19 March 2011 Bankers have to send report of cash deposited in an saving account exceeding 10 lakhs in a year.

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Surrender

Surrender (Expert)
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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;

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