Cash deposit in a day?

How much can a person deposit cash in his savings account in a day?
Replies (10)
Quick Summary
This discussion clarifies daily cash deposit limits for savings accounts, noting that these vary by bank and account type. While there isn't a universal daily limit, banks must report cash deposits of ₹50,000 or more to the Income Tax Department (ITD). For reporting purposes, the threshold is ₹10 lakh as per Section 285BA of the Income Tax Act, though RBI guidelines might impose different transaction limits. It's advised to avoid structuring deposits to circumvent reporting requirements.

As such depends upon each bank, and type of savings account/s..

But bank has to report to ITD for any cash deposited by cash for amount of Rs. 50K or more per day.

Can i deposit 5 transactions of 49,900? suppose i have declared income of 4 lakh in ITR
Restrictions on deposits of cash in a day Rs.199999/ applicacable for one account and for individual account.
Can i deposit in 2 different banks 49000*4 each?

Not in a single day............. yes, on different days....

Thank you so much

You are welcome..                

Sir Reporting of Cash Deposit of 50K or more by banks is this as per Income Tax Act?  As per As per Section 285BA of the Income Tax Act, 1961, SFT Reporting limit is 10 lakh.

No not as per IT act, but may be RBI guidelines...

Rs.199000 on a day or depending upon the transactions limit.

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