Why do I have more money in my account?

You may be missing money or you may discover that you have extra money. This could happen for many reasons. The bank may have made a deposit to the wrong account. You may also find that you have withdrawals that have not been authorized, or perhaps the bank has made an error.

How much money can I have in my bank 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.

Can I deposit large amounts of cash?

If you deposit more than $10,000 cash in your bank account, your bank has to report the deposit to the government. The guidelines for large cash transactions for banks and financial institutions are set by the Bank Secrecy Act, also known as the Currency and Foreign Transactions Reporting Act.

Is it mandatory to report cash deposits of 10 lakhs?

It made it mandatory for a banking company or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.

Where to deposit old 500 rupee notes after demonetisation?

After demonetisation of old 500 and 1,000 rupee notes, the government had allowed the junked currency to be deposited in bank accounts during a 50-day window ending December 30, 2016.

How do banks report cash deposits to the income tax authorities?

Income tax authorities have set up an e-platform through which banks and other institutions can report the transactions to them. 1) Banks have to report cash deposits aggregating to ₹ 10 lakh or more in a financial year, in one or more accounts (other than a current account and fixed deposit) of a person.

What are the requirements for reporting deposits in banks?

1) Banks have to report cash deposits aggregating to ₹ 10 lakh or more in a financial year, in one or more accounts (other than a current account and fixed deposit) of a person. 2) Fixed deposits other than renewals of a person aggregating to ₹ 10 lakh or more of a person in a financial year have to be also reported.