CURRENT AFFAIRS

Detailed explanation-1: -You can deposit only INR 1 lakh cash in one shot in a Savings Account. Cash deposits in a Savings Account cannot exceed INR 10 Lakhs in a financial year. The RBI has set similar limits for Current Accounts, Fixed Deposits, and other banking transactions.

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: -India’s income tax laws prohibit cash transactions above ₹ 2 lakh for any reason.

Detailed explanation-4: -What is the meaning of threshold limit in banking? The threshold limit in banking is the limit assigned by banks and financial institutions for your transactions. You have to stick to the defined limit by banks while making transactions.

Detailed explanation-5: -The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department. There are also certain savings account withdrawal limits that you should know.