excess deposits in savings account

Originally posted by : sateesh yangal
	Deposited cash of Rs. 10,00,000 or more in a saving bank account

Depositing 100000 (lacs) or more of CASH in savings account will be reported by bank to ITD departed in form of AIR/SFT , you will have to justify the source/nature of the cash deposited ... no explanation/justification or unsatisfactory explanation/justification regarding the source/nature of the cash will attract penal provisions ...

The best Savings Account for you is the one that not only has great returns but also beneficial offers. Utkarsh Small Finance Bank offers higher interest rate of uptp 6%* with unlimited withdrawals and Rs.1 Lakh* Personal Accidental Insurance cover & more.

if you have deposited the amount greater than 10 lakh in saving account than be ready with the source of income as there might be the possibility of your accounts would be selected for scruitiny.