Quick Answer: Can I Deposit 50 Lakhs In My Account?

What can I do with 50 lakhs?

Here are the 4 Investments You Should Absolutely Make in 2019:Real Estate.NSC (National saving certificate)Fixed Deposits.Recurring Deposits.Mutual funds (less risk)The Stock Market (less risk)Monthly Income Scheme.Senior Citizen Savings Scheme.More items….

Can I deposit 6 lakhs in my account?

You can deposit any amount in your bank account. The Government will keep a check on the accounts where amount greater than 2.5 lakhs is deposited. If you have deposited more than what you have withdrawn in this financial year then it will be a problem for you and you will have to pay tax penalty for it.

Can I deposit 3 lakh to a savings account without having a PAN card?

NEW DELHI: The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction.

How can I earn 50000 per month?

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Can I deposit 4 lakh cash in my account?

Under the newly introduced Section 269ST of the Income Tax Act w.e.f 1st April 2017, no person shall receive an amount of Rs 2 Lakhs or more in cash. … Hence, you need to be very careful in making cash deposits into your bank account.

Can I deposit 2 lakhs in my account?

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.

How much interest will I get for 10 lakhs?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs. 6,15910 Lakh8.50%Rs. 9,84715 Lakh8.60%Rs. 13,11220 Lakh8.70%Rs. 17,610

Can we deposit 1 crore bank?

If FD interest rate is 6%, then you get Rs 6 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 50,000. If FD interest rate is 6.5%, then you get Rs 6.5 lakh on a fixed deposit of Rs 1 crore in a year. This means you get a monthly interest of Rs 54,167.

Can I deposit 10 lakhs in my account?

If you cash deposit or cash withdraw more than Rs. 50 lakhs to / from your current bank account – Bank will report to Income Tax authority. If you cash deposit more than Rs. 10 lakhs from your savings bank account – Bank will report to Income Tax authority.

What is the monthly interest on 50 lakhs?

If FD interest rate is 6.5%, then you get Rs 3.25 lakh on a fixed deposit of Rs 50 lakh in a year. This means you get a monthly interest of Rs 27,083. If FD interest rate is 7%, then you get Rs 3.5 lakh on a fixed deposit of Rs 50 lakh in a year. This means you get a monthly interest of Rs 29,167.

What is the interest of 1 lakh?

Currently, the interest rate on savings bank deposits on balance up to Rs 1 lakh is 3.5 per cent. On balance above Rs 1 lakh, the interest rate is 3 per cent per annum, which is set at 2.75 per cent below RBI’s Repo Rate, with a minimum of 3 per cent for the entire balance.

How much interest will I get for 30 lakhs?

You should split the Rs 30 lakh between a mix of government-backed schemes, mutual funds and corporate fixed deposits. Park Rs 4.5 lakh in a Post Office Monthly Income Scheme. This will earn you a 7.6 percent interest per annum, payable monthly.

Can I deposit 7 lakhs in my account?

Yes, you can deposit any amount in your account, but the depositing more than 2.5 lakhs will be under Income Tax Radar.

How can I earn 50 lakhs in 15 years?

My suggestion to you would be to direct the money into a nifty index fund like HDFC Index Fund Nifty 50 Plan and Mirae Asset Large Cap Fund. At an expected return of 12 per cent per annum, your monthly investment of Rs 10,000 would help you to create Rs 50 lakh, not accounting for income tax, in 15 years.

Which is best monthly income plan?

Best Monthly Income Schemes for 2020Monthly Income PlansEntry Age (Minimum to Maximum)Premium Paying TermAditya Birla Sun Life Insurance Monthly Income Plan18 years to 55 years10 / 12 yearsAviva Income Suraksha18 years to 48 years10 or 12 yearsBajaj Allianz Life Income Assure0 year to 50 years5,7,10 and 12 years18 more rows