Can I give a cheque of 2 lakhs?

Indian Bank said as per RBI guidelines, it had introduced a positive pay system for cheques of ₹2 lakh and above from January 1 and this will now now be mandatory from August 15. RBI has said only cheques that are registered in the Positive Pay System will be accepted under the dispute resolution mechanism.

Can someone else deposit money into my savings account?

Generally speaking, anyone can deposit money into your savings account. Individual banks have different policies, but the vast majority will accept deposits into an account, as long as you have certain information, which may include the full account number and the full name of the account holder.

How much money we can transfer through cheque?

There is no limit if you want to transfer money from your a/c to another bank a/c, but if you want to withdraw a certain amount, there are restrictions. Through a cheque, you cannot withdraw more than Rs 50,000 from a non-home branch.

What happens if we deposit more than 2.5 lakhs?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

Can someone else deposit a check in my account?

In short, yes, you can deposit a check for somebody else. As long as the check is endorsed with the payee’s signature, or the phrase “for deposit only”, you shouldn’t have any problems. Though, in the interest of financial security, it is best for the payee of a check to make their own deposit.

Can I direct deposit my check into someone else account?

Yes, it is legal to make deposits into another person’s bank account.

How much can you deposit in savings account?

In short, there is no limit on the amount of money that you can put in a savings account. No law limits how much you can save and there’s no rule stating that a bank cannot take a deposit if you have a certain amount in your account already.