In 2025, Banks are required by the Reserve Bank of India (RBI) to notify their controlling offices of any cash deposits and withdrawals totalling at least Rs 10 lakh. The Income Tax Department (ITD) OF INDIA is also notified when a deposit exceeds Rs 10 lakh in a single or combined fiscal year. Even if the deposit is split across several accounts, banks must report such transactions to the Central Board of Direct Taxes (CBDT).
The tax authorities have the ability to examine each deposit made into any bank account in order to determine its origin. PAN must be cited while performing specific prescribed operations, such as opening a bank account and making cash deposits with banks, in accordance with the Income Tax Act and related Income Tax Rules.
The Income Tax Act of 1961 does not specify a cash deposit limit in a savings account, but any cash placed beyond a particular amount may be scrutinised by the Income Tax Authorities under various parts of the Act.
These prohibitions in saving Account are intended to prevent tax evasion, money laundering, corruption, and other unlawful financial activity. Individuals from various backgrounds, particularly those with fixed salaries, are advised to have at least one savings account to meet their banking needs.
Many people have many accounts for different purposes, and those with stable income usually open a savings bank account since it provides a safe place for their money while also allowing them to receive interest on their contributions.
Cash deposits do not entail immediate taxation, but those that cannot be corroborated with a genuine disclosed/taxed source expose taxpayers to rigours of anti-abuse provisions involving added income tax exposures penal consequences.
In Indian RBI Kanoon, Section 269ST prohibits any person from receiving an amount of Rs 2 lakh and above in cash, in aggregate from a person in a day, in a single transaction, or in relation to transactions relating to one event or occasion.
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