Different types of bank accounts and their limits.

   Limit on the amount that can be withdrawn from different types of bank accounts and deposits.?

   So that you do not get any notice from the Income Tax Department.

   Yes, friends, if you cross this limit, then you may get a notice from the Income Tax Department and your account will be frozen.

   So it is very important to know about all these things.

   Let us first know how many types of bank accounts are there?

   Friends, mainly if seen, there are only three types of bank accounts.. 

•    1. Savings Account

•    2. Current Account

•    3. Deposit Account

   Let us know about the deposit and withdrawa

l limits of all these accounts.

   1. Savings Account

   Friends, almost all of you must have a savings bank account.  And I have too.  And here limited transaction facility is given.

Saving account transactions limits. 

   Friends, you cannot deposit and withdraw more than Rs 10 lakh annually in this type of savings account.  And this is the limit of one million.  Whether it is a single transaction or multiple, it should not cross 10 lakhs in any case.  I

   And the single transaction should not exceed 2 lakhs, otherwise the chances of getting a notice from the IT department increases.

   If you do such a transaction, be prepared to respond to the notice as well.  And to be able to justify properly, you need to explain the reason for such transactions to the IT department.

   If it happens that you cross the 10 lakh limit, then in such a situation, your chances of getting a notice from the Income Tax Department increase significantly.

  

   What to do if notice comes from Income Tax Department?

   Friends, you do not need to worry.  In this situation you have a proper source of income, that is, all you have to do is specify the source of this income.  Where did this money come from?  Sufficient

   If you have sold the land, then you will have to give this information to the IT department or the bank.

   * Friends, you must keep this information here that the limit of depositing cash by selling land in the bank is only up to 30 lakhs.

   You will have to deposit more than this amount online or in the form of cheque.  Otherwise in this case also you automatically get this information from the bank to the Income Tax Department.  And you may face notice.

   2. Current Account

   Friends Bank provides the facility of such accounts to its customers who are mainly businessmen.  In other words it is also called business account.

Current account and there limits. 

   There is no limit to make transactions in this, but the limit of cash transactions is fixed, which should not exceed 50 lakhs.

   And the single transaction should not exceed 10 lakhs.

   If it doesn't, then even in this situation you are more likely to get a notice from the IT department.

   3. Deposit Account

   Friends, you must have heard about FD i.e. Fixed Deposit.  Here people can invest money in the bank for 6 months, 1 year or 5 years or more.  Interest is paid more than Savings and Current Accounts.  by bank

Deposit account transactions limits. 

   Let us know what is the limit of deposits in such accounts.  So let me tell you that you cannot get an FD of more than 10 lakhs in a financial year.

   You guys are wondering what is the source of what I am writing?

   So let us tell you that the source of this information which I am giving above is taken from the website of Income Tax Department of Government of India.