A person can deposit cash Amount less than 50,000 without PAN and any amount higher than that with PAN.
There is no cap on the highest amount that can be deposited in cash as long as PAN is provided.
How much cash we can deposit in bank?
Here customer should note that, deposits of up to Rs 2 lakh is free per account per month in home branches. However, cash deposit up to Rs 25,000 per day can be deposited in non-home branch, but beyond this limit there is Rs 5 per thousand charged subject to minimum Rs 150.
Can I deposit more than 50000 cash?
“The rule will apply to any kind of banking transaction, be it cash deposit or withdrawal, cheque transactions, net banking, etc. Small accounts, which can be opened without KYC and cannot have more than Rs 50,000, can now be opened only at bank branches that have a core banking solution.
Is it OK to deposit large amounts of cash?
The IRS Can Seize Tons Of Your Cash If You Deposit It The Wrong Way. All you have to do to capture the IRS’ attention is make multiple large deposits that are less than $10,000 in your account. Banks that get deposits of more than $10,000 have to report those deposits to the federal government.
How much cash can you deposit before it is reported to the IRS?
When a cash deposit of $10,000 or more is made, the bank or financial institution is required to file a form reporting this. This form reports any transaction or series of related transactions in which the total sum is $10,000 or more. So, two related cash deposits of $5,000 or more also have to be reported.