Is it ok to deposit Rs. 2.5 Lakhs in each bank?
Posted on: 18/Nov/2016 5:41:58 PM
Some people have savings accounts in 2 different banks. Is it ok to deposit Rs. 2.5 Lakhs in each bank?
The only announcements made so far pertain to the exchange of currency notes recently declared invalid, There is no change in the methods of paying Income Tax. So, it is not very important whether an individual has savings accounts in how many banks.
The important factor is the amount being deposited. One can deposit any amount in any bank. However, if this amount exceeds the Income Tax Limits, the individual has to respond to the queries raised by the Income Tax Department.
