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How do you deposit more than 5 lakhs in savings bank account in absence of PAN card?
Wiki User
∙ 12y ago
deposit the amount by providing form 60
Wiki User
∙ 12y ago
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Are the bank ask your identification while deposit cash in smeone account?
Mostly Yes, especially if the amount you are depositing is significantly large. For ex: If I were to deposit Rs. 5000/- into my dad's account, no one would bother much, but I were to deposit Rs. 50 lakhs, then the bank will ask me to produce some sort of ID to confirm who I am as well as to establish the relationship I have with the account holder into whose account I am trying to deposit the funds.
Maximum amount of cash in savings account?
No Limit. If you are going to deposit more than Rs. 50,000/- you need to provide your PAN card number. If you are going to deposit more than Rs. 10,00,000/- (10 lakhs) you need to provide the source of income of the money. These are done to ensure that black money is reduced and also to identify possible money laundering activities.
What are the costs of a certificate of deposit?
Usually - None. Banks typically do not charge customers for opening certificate of deposit accounts. However, there may be some costs involved (In terms of penalties charged on the interest) if you prematurely close your deposit account before the scheduled end date. Also, in most countries the income earned out of the time deposits is taxable. i.e., the interest that the bank pays you for the deposit will be considered an income and taxed accordingly. For ex: In India, let us say your annual income is Rs. 10 lakhs and you earned another Rs. 50,000/- as interest from your time deposit account, your taxable income for this year will be Rs. 10,50,000/-.
Are time deposits taxable?
Yes, in most countries the income earned out of the time deposits is taxable. i.e., the interest that the bank pays you for the deposit will be considered an income and taxed accordingly. For ex: In India, let us say your annual income is Rs. 10 lakhs and you earned another Rs. 50,000/- as interest from your time deposit account, your taxable income for this year will be Rs. 10,50,000/-.
How much are taxes in India?
Up to 2.5 lakhs - NIL 2.5 lakhs to 5 lakhs - 10% 5 lakhs to 10 lakhs - 20% above 10 lakhs - 30%
Income tax rates in India?
Up to 2.5 lakhs - NIL 2.5 lakhs to 5 lakhs - 10% 5 lakhs to 10 lakhs - 20% above 10 lakhs - 30%
Is their any limit in amount withdrawn from savings account?
Actually No. You can withdraw any amount, as long as you have that much balance in your bank account. Banks usually dont ask any questions when you withdraw cash from your own savings account. However, if you are trying to withdraw a large sum, lets say 25 lakhs, banks may require a days notice to arrange the cash. They cannot refuse the request, but they can ask you to comeback after sometime so that they can arrange for that much money. Most small bank branches dont stock-up that much money
How many zeros for 11 lakhs?
1 lakhs is 100,000 11 lakhs is 1,100,000 There are 5 zeroes in 11 lakhs.
How many lakhs are there in 1485665?
14.85665 lakhs
What is 1.8 million in lakhs?
1 million = 10 lakhs so, 1.8 million = 18 lakhs
How many lakhs make 1 billion?
10 lakhs=1 million 100 lakhs=10 million 100 lakhs=1 crore 100 million=10 crores 10000 lakhs = 1 billion
How many lakhs is 10.6 crores?
1060 lakhs.
