How Many Transactions Are Allowed In Saving Account?

As a banking employee, I can tell you how many transaction allowed in saving account. Depending on the type of savings account you have and the particular bank or financial institution, there may be differences in the number of transactions permitted. I have a regular savings account with HDFC Bank, and I am allowed five free transactions per month. 

Let me tell you more about the transaction limit for savings & salary accounts in my bank.

If you withdraw more than the allowed transactional limit, then you have to pay Rs. 21/- and applicable taxes. Let me also inform you if you have an HDFC Savings MAX account, then you can have Unlimited Free ATM transactions on HDFC Bank ATM and 15 free ATM transactions per month at Non-HDFC Bank ATMs with the Platinum Debit Card. This is only for HDFC Bank.

If you want to know how many transactions allowed in savings account at your bank, you can check the respective bank's official website. You will get the details there, but more or less, it will be 5 or 6 monthly. I hope you found this information helpful.

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Hey there! I have two separate bank accounts. One is a current account and the other is a savings account. Once, I deposited an amount exceeding the prescribed single day limit in my savings account. As per the rules, I had to answer the IT Department regarding the same. It caused me some unnecessary trouble as I was unaware of the limit. But after the incident, I gained information on the same. So, let me guide you on the savings account transaction limit per year.

What is meant by cash deposit limit

The cash deposit limit is the highest amount allowed to be deposited by a person within a specific time period. This kind of limit is set to eliminate malpractices such as tax evasion, money laundering and any other activities leading to scams. 

Savings account limit 

Following the Indian Income Tax Act, there is a set limit when we talk about cash transactions and deposits. In case you deposit an amount of 10 lakh rupees or more into your savings account in a financial year, a notification will be sent to the tax authorities. 

However, you must note that any of the deposits aren’t marked under immediate taxation. The Income Tax Department is alerted by respected institutions such as banks if there is a breach of the set limit.

As far as how much transaction limit in saving account per day is concerned, the existing rule allows you to make a cash deposit of 1 lakh rupees. You can stretch this to 2.5 lakh rupees a day in your savings account only if it is not done frequently. 

I hope this helps you with how many transaction allowed in saving account. 

Hey Pal,

The purpose of a savings account is to allow you to deposit any extra cash and earn interest on it. Despite the fact that a savings account is rather basic, it offers a wide range of services, including internet and mobile banking as well as ATM and debit card transactions. You should be familiar with these guidelines as an account holder, including how many transactions are allowed in saving account in India by the RBI.

The maximum number of transactions that an account user can do in a month is often capped by banks that offer the option of a savings account. The typical range of 3 to 5 transactions per month is the maximum allowed without incurring any fees (financial and non-financial). Every time the cash deposit limit in your savings account surpasses INR 50,000, you must supply your PAN card information.

Banks must notify the Income Tax Department if your yearly withdrawal and cash deposit limitations in savings accounts exceed INR 10 lakhs.

The aforementioned rule also holds true for transactions involving cash deposits and withdrawals linked to your savings account for investments in stocks, mutual funds, debentures, time deposits, credit card costs, a transaction involving real estate, the purchase of foreign currency, etc.

I would like to conclude here as I believe this suffices your query about how many transactions are allowed in saving account in India. I hope this helps:)

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