Are you allowed to have 2 different bank accounts?

There’s no limit on the number of checking accounts you can open, whether you have them at traditional banks, credit unions or online banks. There is, however, a limit on how much of the money you keep in your checking account is FDIC insured.

Can I deposit 2.5 lakh cash in my account?

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.

How much money can you deposit in a new bank account?

If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government. The guidelines for large cash transactions for banks and financial institutions are set by the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act.

Can I deposit 6 lakhs in my account?

Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.

How much can you deposit in a bank without being reported?

Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000.

What happens if I deposit 5 lakhs in my savings account?

If the total deposit of Rs 5 Lakhs is disproportionate to your known sources of income and does not match your IT returns, then only Income Tax people will question you, otherwise nothing will happen. I had 5 lakhs in my savings account can I deposit 2.5 now in my account?

What is the limit for cash deposit without Pan?

NEW DELHI: The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction.

How much can I deposit in my bank account without audit?

If your money is white its okay to deposit how much ever you want if not consult your auditor. Hope it clarifies your question. You can deposit any amount in your bank account. The Government will keep a check on the accounts where amount greater than 2.5 lakhs is deposited.

Can I withdraw cash from two different bank accounts at once?

Infact, doing so in 2 different bank account will enable you to withdraw cash faster as limits are per bank and not per pan. Tax is ideally levied when you can’t prove the cash deposit as savings from previous tax paid income or undisclosed income (black money).