How much cash can you deposit into your account in a year? Know the bank rules and their implications...

Depositing cash into a savings account is a common practice. However, if a large amount of cash is deposited, it may attract the attention of the bank and the Income Tax Department. Banks are required to report cash transactions exceeding a specified limit to the Income Tax Department. The objective is to monitor large transactions and curb activities such as the use of unaccounted money, tax evasion, or money laundering.

How much cash can be deposited in a savings account?