How much transaction is permitted for a saving account?
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How much transaction is permitted for a savings account?
Like sometimes for PPF or FD at better interest we need to transfer money from 1 account to another.
Is there some restriction beyond 10L a year (I have heard TDS gets deducted on next payments and thing like it also shows up in ITR)? Looks like hustle, so asking for better planning.
Now a days rotating money here and there has really caused headache.
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No limit of any kind whatsoever. You can deposit 100 crores if you like. Tranfer limit is there for online transfer and it is 5 to 25 lakhs per day depending on the bank. However you can go to a brach and transfer any amount via RTGS or NEFT. I have often done transfers in several crores at branches and routinely deposit amd tranfer in 50 lakhs to a few crores from different savings accounts. So if I need to transfer say 50 lakhs, it takes me a few days. However when I need to transfer more amount immediately, like when buying property, I simply go to a branch.
Any limit for withdrawing money from Mutual Fund into Bank in a single day?
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Most saving bank acc have a limit of 10L a day for transfers, however there is no annual limit
if you do bigger amounts you may get a call from bank risk dept asking for some explanations, however that is about it
I am only taking about transfers, for cash trans better to keep below 10L a year per account, above that it is reported to IT