RBI Rules Updates: People's ears perk up as soon as they hear the news of banks. Now for the last few days, news has been being heard among the people that if a person keeps more than one account in the bank (Bank account news), then he will have to pay a fine. Due to these rumors, the Press Information Bureau (PIB) has issued a new guideline and clarified these rumors.
PIB clarified-
PIB has called these rumors fake. PIB (PIB Fact Check) has stated on its official X handle that no such rule has been implemented. PIB has clearly stated that keeping a bank account is not illegal and neither will any penalty be imposed for it. PIB says that people should be cautious of such fake news (fake news alert) and not believe them without checking the facts. The only thing to note is that no such statement has been issued by RBI or any other government agency that confirms the imposition of fines on multiple bank accounts.
Saving account rules-
If you have more than one account in the bank, then there is no need to panic. According to the rules, in India, any person can open any number of bank accounts (bank account rules). However, according to the rules, only one account can be opened in a bank. Talking about the rules of savings accounts, there is no limit on keeping money in a savings account, but if more than Rs 10 lakh is deposited in a financial year, the Income Tax Department can get information about the source of the money.
Rules regarding tax-
A person can open any number of savings accounts (saving account rules updates) and any Indian can keep any amount of money in a savings account. No limit has been set in the Income Tax Act or Banking Regulations for depositing money in a savings account. If you are not aware of the rules of banks, then let us tell you that the bank account holder has to pay tax (savings account tax) on the interest earned on the amount kept in your savings account.
Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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