2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Axis Bank
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Yes Bank
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HDFC Bank
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Canara Bank
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Detailed explanation-1: -50,000 and above only by debit to customers’ accounts or against cheques and not against cash (Circular DBOD. BP.
Detailed explanation-2: -India’s income tax laws prohibit cash transactions above ₹ 2 lakh for any reason.
Detailed explanation-3: -According to the new rules, PAN and Aadhaar will be required for depositing cash of Rs 20 lakh or more in a bank or post office in any one financial year. The Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (15th Amendment) Rules, 2022.
Detailed explanation-4: -As such there is no limit on how much money you can save in a savings bank account, but there is always a ‘but’. The maximum amount of money you can save in your account can only be set by your bank, but in most cases, there is no such limit set as the banks also earn a good amount with your deposited funds.