Today, people of every small and big income group in the country have their own personal bank account. We can easily do our financial transactions everywhere through bank account. In the category of bank accounts, there are accounts like savings account, current account and salary account. These accounts have their own utility.
Today we will tell you about the amount of savings account and how much money you can keep in it. In today's time, everyone wants to avoid income tax, due to this many people might be wondering what maximum amount of money they should keep in their savings account.
How much money should be kept in savings account?
Saving account is such an account which almost everyone has and most of the transactions in the form of debit and credit are done from this account. Often people keep such savings in their savings account that they can be withdrawn whenever they want without any loss.
Now the question arises here that how much amount can we keep in the savings account? Here for your information, let us tell you that there is no limit on the amount of savings account, that is, you can keep as much money as you want, but if the amount deposited in your account is within the ITR limit, then you will have to give this information to the Income Tax Department.
IT department gets information about cash deposits
Most people keep only that much amount in their savings account that is required for the transaction. Because keeping money more than a limit means coming on the income tax radar. However, the Income Tax Department has information about cash deposits in the accounts of account holders.
According to the instructions issued by the Central Direct Board, any bank will have to give information about cash deposits of more than ₹ 10,00000 in a financial year. This limit of ₹10,00000 is also applicable on purchases of fixed deposits, mutual funds, foreign currency like traveler's check forex card etc.
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