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Cash Limit for Deposit and Withdrawal

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Chandrakant Parmar

52 Points Posted on 30 September 2021

sir , please give Cash Limit withdrawal and deposit cash in one day and one Financial year as per Latest Update and give sec 285AB.

Replies (2)

Quick Summary

This discussion clarifies the daily and yearly cash deposit and withdrawal limits applicable to individuals and senior citizens, referencing Section 285AB. It highlights that deposits above Rs. 2.5 lakh (or Rs. 5 lakh for senior citizens) may attract scrutiny. The post also details daily cash withdrawal limits via cheque for self and third parties, as well as limits for transactions at non-home branches and strategies to avoid reporting to the Financial Intelligence Unit (FIU) and Income Tax (IT).

Rama chary Rachakonda

Master in Accounts & high court Advocate

7021 Points Posted on 30 September 2021

ndividuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

Cash withdrawal limit for self using cheque is capped at ₹1 lakh while cash withdrawal limit by third party (only through cheque) is capped at ₹50,000. ... At the non-home branch – no charges will be levied for cash transactions up to ₹25,000 per day. For third party transactions, the limit has been set at ₹25,000 per day.

D K Gupta

Service

86 Points Posted on 22 October 2021

You may deposit it in your bank account by subdividing it in 49K to 1L daily but not exceeding 10 lakh in a month total to avoid its reporting to FIU, & IT.