If you are in the market for a savings account, IDFC FIRST Bank’s savings account should be on your list. Using other means, such as cheques or internet banking, is relatively safe and helps you better maintain your financial situation. Savings account transaction limits work as a safety feature. Making larger transactions in cash can be risky as well. With the rise of multiple cash alternatives, going cashless may be the imminent future. Also, ensure that it is from a valid source. Cash transactions should be kept under this amount. Real estate transactions of high value made in cash could also attract attention, and you could receive a notice. It would be suitable to make credit card bill payments through other cashless modes, especially if it is a sizeable amount. When paying credit card bills, it is best to avoid making cash operations over this amount. You can make large FD transactions through other traceable means such as cheques or Mobile banking App.Ĭredit card bill payments also have a limit of ₹1 lakh. Cash deposits, while allowed in a fixed deposit (FD), should not exceed ₹10 lakhs. Like the savings account deposit limit, fixed deposits also have a ceiling when making cash transactions. Violation of this limit may garner the attention of the IT Department, and you may face a notice. Current accounts are mainly used for business transactions and are thus afforded a higher limit. Apart from savings account cash deposits, here are some other cash transactions that may attract the notice of the IT Department if they exceed a limit.Ĭurrent account holders have a cash deposit limit of ₹50 lakhs.
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