New RBI Rule 2024: Digital banking has increased a lot in India these days, ever since the introduction of UPI, people are depositing their savings account money in the bank. About 80% of people in India are involved in baking. People have a lot of faith in the bank that their money is safe, and all these facilities are provided by the government. This has made people’s lives easier.
If you open a bank account, not only your money is safe, but you also get interest from that bank. Many times people put their millions in a savings account, so you need to know how much you can keep in a savings account. Let’s know what RBI rules say?
If you have a savings account, then a question must have crossed your mind that how much money can we keep in our savings account. So let us tell you that there is no limit to keep the amount in the savings account. You can keep the money as per your wish.
But one thing to keep in mind is that the amount deposited in the account may also come under the ambit of income tax, so you have to give its official information to the income tax department. Also the source of income has to be mentioned.
If you are paying EMI of any loan, there is a good news for you.
RBI has implemented new rules regarding penalty interest and penalty charges on loan accounts. In which these rules are to be applied to banks and finance companies. This rule prevents borrowers from being charged extra for breaching the terms of the loan or other terms.
It will also prevent additional charges and penalties levied by banks. However, a central bank review found that banks and finance companies impose penalties and charges to increase their revenue, leading to customer complaints and disputes.
If you deposit more than 10 lakh rupees in a bank account in a financial year, the information has to be given to the Central Withholding Tax Board. Also, this limit will be applicable on cash deposits in FDs, bonds, mutual funds and investments in stocks.
As per new RBI rule 2024, If you have deposited more than Rs 10 lakh in your account, the Income Tax Department will ask you for a full report of the same. If he is satisfied with your answer, he can also check. If you get caught in the investigation, you will have to pay a heavy fine. The Income Tax department may levy around 60% tax, 25% surcharge and 4% plus sales tax on the amount deposited.
Is it worth keeping money in savings account or not? As Per New RBI Rule 2024
Know complete information below. If you have a savings account, there is no point in keeping a large amount.
You can also invest this money in stock market or mutual fund.Here you will get good returns. Also if you don’t want to take risk, it would be better to keep the money in the bank. You can also make a fixed deposit through a savings account. Your money will be safe in it and you will also get good return on that money.
Conclusion
In this age of digital banking, people use bank accounts to keep their money safe. According to new RBI rule 2024 , there is no limit for keeping money in savings account, but if you have a transaction of 10 lakh rupees, you have to pay income tax.
