Savings account deposit limit: The cash deposit limit

The cash deposit limit in a savings account refers to the maximum amount of cash you can deposit into your savings account within a specified timeframe - without triggering additional reporting or scrutiny. The cash deposit limit in savings accounts refers to the maximum amount of cash that an individual can deposit within a specified period without attracting the attention of tax authorities. As per the Income Tax Act, deposits exceeding Rs. 10 lakh annually in a savings account must be reported to the Income Tax Department. This regulation ensures that all high-value transactions are accounted for and aligned with the depositor’s declared income. Banking Made Easy, Simple & Rewarding. Start Your Kotak 811 Bank A/c Application Today. Start Your Journey With Kotak 811 Bank A/c Today With Few Simple Steps. Apply Today.