The cash deposit limit of 10 lacs is for each bank separately.. So if the same person has one account in SBI and another in Kotak will 10 lacs be counted separately for each or will it be aggregated
Same applies to current account as well right?
Pls correct me if I'm wrong
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Sft- CA Final DT
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Summary: The ₹10 lakh cash deposit limit is an annual aggregate across all your savings bank accounts, not per bank. If your total cash deposits exceed this amount, the bank will report it to the Income Tax Department, and you should be prepared to explain the source of these funds if queried.
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