Savings Account Rules: Very few people know these 2 big rules of savings accounts, know here...

If your salary is more than a certain limit, then you have to pay tax. If you do not pay tax, the Income Tax Department can take action against you. However, the Income Tax Department is not only monitoring your income but also your transactions. The Income Tax Department also keeps an eye on how much money you are depositing in your savings account every day and every year.

RBI has put a limit on the deposit amount. You can deposit Rs 10 lakh in your savings account within a year without coming under anyone's surveillance. But as soon as you go above this amount, the bank immediately informs the Income Tax Department about it. You can get a notice from the department. You don't need to have to pay tax on this, but you will be asked for the source of this money.

What will happen if you are unable to tell the source?
If an account holder is unable to tell where he has got the money from, then the Income Tax Department can recover it from the account holder by imposing a 60 percent tax, 25 percent surcharge, and 4 percent cess on that amount. Let us tell you that the Income Tax Department has a limit not only on transactions in a year but also on transactions in a day. You cannot do a cash transaction of more than Rs 2 lakh in a day. Cash transactions do not only mean withdrawing money from the account. It includes withdrawing cash as well as transferring from account to account or making payment to someone. Therefore, the one-day cash transaction limit of any bank is kept at less than Rs 2 lakh.

Rules related to cash deposit in brief
There is no need for a PAN card to deposit up to Rs 50,000 in the bank.

You will have to provide a PAN card if you deposit more than Rs 50,000.

If you deposit Rs 2 lakh or more in your savings account in a day, then a penalty of 100 percent can be imposed under Section 269ST of the Income Tax Act.

The maximum amount you can deposit in your savings account in a year is Rs 10 lakh.