What Is The Limit Of Saving Account?

What is the maximum amount in a First Bank student account?

Only 1 passport photograph required.

Maximum cash deposit is N50, 000 per transaction.

Maximum cumulative balance on the account at any point in time is N300,000..

What is difference between savings account and current account?

Know the difference between a Current Account and Savings Account. A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.

Can I deposit 30 lakhs in my account?

Yes. The Income tax Department receives information through its AIR network , ie Annual Information Return. Hence , when Rs 30 Lakhs will be deposited…

Will the bank ask where you got money?

Yes they are legally entitled to ask how you got it in case you are evading tax. It is also part of the EC Money Laundering Laws. It is a requirement that banks ask. Not their fault contact the EC.

What is the maximum amount for savings account in Nigeria?

FeaturesINSTANT SAVINGS 1INSTANT SAVINGS 2Maximum single deposit-N50,000Maximum single deposit-N100,000Maximum cumulative balance-N300,000Maximum cumulative balance-N500,000Transactions are limited to NigeriaTransactions are limited to Nigeria4 more rows

Can I deposit 2 lakhs in my account?

Since there is a system of Annual Information Return being filed by banks, your cash deposit exceeding Rs. 10 Lakhs in a Savings account / exceeding Rs. … 2 lakhs is not allowed as per Section 269ST of the Income tax, which will land you in a penaly of Rs. 10 Lakhs.

Can I convert my savings account to current account?

It is not possible to convert your savings account to a current account as both the accounts are different in nature and also have distinct features and benefits. While a saving account is meant for personal use and thus can be opened with basic documents for KYC.

Can I deposit 50 lakhs in my account?

50 lakhs to / from your current bank account – Bank will report to Income Tax authority. If you cash deposit more than Rs. 10 lakhs from your savings bank account – Bank will report to Income Tax authority.

What is the limit of savings bank account?

A savings bank account may be opened in the single name of a minor and may be operated upon by minor, if he/she has completed the age of-10-years and is able to read and write. Maximum balance to the credit of such account should not exceed at any time Rs. 1,00,000/-.

What is the limit of SBI saving account?

An SBI account holder maintaining average monthly balance (AMB) up to ₹25,000 will be allowed two free cash withdrawals at bank branches. An SBI account holder with average monthly balance above ₹25,000 and up to ₹50,000 will get 10 free cash withdrawals.

What are the 3 types of savings accounts?

While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit.