BANKING AFFAIRS

Detailed explanation-1: -Savings Account: Banks offering the facility of a Savings account do usually put a limit on the maximum number of transactions which a holder can carry out in a month. The permissible limit without attracting any charge is usually anywhere between 3 to 5 transactions per month (financial and non-financial).

Detailed explanation-2: -The cash deposit limit in savings account in India for a day is set at ₹1 lakh and is the same for all the banks in India. Depositing more than ₹1 lakh in an Indian bank’s savings account may draw the attention of the Income Tax department and shall be considered an unethical practice.

Detailed explanation-3: -The main objective of current bank account is to enable the businessmen to conduct their business transactions smoothly. There is no restriction on the number and amount of deposits.

Detailed explanation-4: -Daily Savings Account (DSA) is an investment & transactional account. The product is designed for those customers who have high day-end balances on a particular day while low on others and wish to get rewarded for their high days. The money can be deposited and withdrawn at will with or without notice.