Can I deposit 3 lakh to a savings account without having a PAN card?

Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. But a circular issued on Tuesday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh.
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Is PAN mandatory for savings bank account?

PAN is not mandatory for opening a bank account. How would you rate the answer? You can open a bank account without PAN Card. You can use either Aadhaar Card or Form 60 for this purpose.
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Is PAN card mandatory for cash deposit?

From today, May 26, the system of withdrawing or depositing cash in India is set to change. Now onwards, it will be mandatory for people to quote their PAN card or Aadhaar card number for withdrawals or deposits of ₹ 20 lakh or above from bank accounts, including cooperative banks and post offices, in a financial year.
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Can savings account be opened without PAN card?

Without them, you cannot open a bank savings account. Documents that you need to open a savings account in a bank are - your valid photo identification proof like Aadhaar card or PAN card, passport, driving license etc. Here are the list of documents that you must have to open a bank account.
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How much money can you deposit in a bank without getting reported?

The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970. It states that banks must report any deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service.
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Cash Deposit Limit in Saving Account as per Income Tax Rules in 2021 with SBI HDFC ICICI and others



How much cash can be deposited in savings account?

The Reserve Bank of India sets limits on cash deposits in Savings Accounts. You can deposit only INR 1 lakh cash in one shot in a Savings Account. Cash deposits in a Savings Account cannot exceed INR 10 Lakhs in a financial year.
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How much cash can I legally deposit?

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.
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Is PAN card mandatory for SBI bank account?

The Bank is required to obtain Permanent Account Number (PAN) of the customer or declaration in Form No. 60 or 61 as per the I.T. Act (vide Section 39A) from the person opening the account.
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Can I open SBI account without PAN card?

On the account opening form, applicants will have to fill in both the parts. Form 1 - Name, address, signature, various other details and assets. Form 2 - Customers will have to fill in this part if they do not have a PAN card.
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Why is PAN card mandatory?

PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.
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How much cash can be deposited in bank without PAN card?

No PAN mandatory for deposit or cash transactions above Rs 50,000, you can use Aadhaar | Zee Business.
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Can I deposit 10 lakhs cash in bank?

CBDT has made it mandatory for all banks, including cooperative banks, to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of an individual.
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What do you do if you don't have a PAN card?

Step 1: Go to e-filing website of Income Tax Department www.incometaxindiaefiling.gov.in. Step 2: Now go to the 'Quick Links' section on the home page and click on 'Instant PAN through Aadhaar'. Step 3: Then click on the link to 'Get New PAN'. This will take you to the Instant PAN Request webpage.
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What happens if PAN card is not linked with bank account?

If your PAN is not linked to a bank account, you will be required to pay double TDS (Tax Deduction at Source). If your bank account is seeded with your PAN, you must pay a 10% TDS. If you link your PAN and Aadhaar after the due date, the government may levy a fine at the time of linking, according to the CBDT.
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Can I open HDFC Bank account without PAN card?

Identity Proof (driver's license, passport etc.) Address Proof (driver's license, passport etc.) Or, Form 16, which is a certificate issued by the applicant's employer, asserting that TDS has been deducted from your salary. This is required if the applicant does not have a PAN card.
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Which bank can open online without PAN card?

If you over 18 years of age and do not have a valid identity proof or PAN, the State Bank of India (SBI) still allows you to access the banking system.
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How many days will it take to get PAN card?

Normally two weeks are required to process the application & dispatch the PAN card, provided application is in order in all respects.
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What is PAN card fee?

PAN - ONLINE APPLICATION

The charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax​) for Indian communication address and Rs. 864 (Excluding Goods and Services tax) for foreign communication address. Payment of application fee can be made through credit/debit card, demand draft or net-banking.
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How do I deposit a large sum of cash?

There are various ways online banks accept cash deposits.
  1. Deposit Cash through an ATM. The lack of branch networks isn't necessarily a disadvantage for online banks. ...
  2. Deposit Cash Locally, Then Transfer the Funds. ...
  3. Using Prepaid Debit Cards as a Workaround. ...
  4. Buy Money Orders and Use Mobile Deposits.
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Do banks report cash deposits?

Banks are required to report cash into deposit accounts equal to or in excess of $10,000 within 15 days of acquiring it. The IRS requires banks to do this to prevent illegal activity, like money laundering, and to curtail funds from supporting things like terrorism and drug trafficking.
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Do banks get suspicious of cash deposits?

Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000.
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Can I deposit 3 lakh in saving account?

First of all, you cannot accept cash amount in excess of 2 lacs from anyone. It will trigger 100% penalty. Further, even if you accept cash amount below 2 lacs, your brother needs to show the sources of fund. You can alternatively take the amount via cheque.
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How much money can be deposited in a savings account in SBI?

The per transaction limit is Rs. 49,900/- for Cardless deposit and through Debit Cards Rs. 2.00 lacs (subject to account has ceded with PAN number).
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How much money can be deposited maximum in bank in a day?

A maximum limit of Rs 25,000 per day is allowed for deposits of cash at non-base branches. Similar charges are applicable for cash deposits at PNB machine. Apart from above mentioned comparison, if your cash deposit is of Rs 10 lakh, then banks will have to follow a prescribed pattern by RBI.
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Can aadhar be used instead of PAN?

The Permanent Account Number (PAN) and Aadhaar can now be used interchangeably. In this regard, the Central Board of Direct Taxes (CBDT), via a notification dated November 6, amended more than 100 forms where now an individual can quote either his Aadhaar number in lieu of PAN.
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