1. If customer will deposit Rs. 50,000 and above to any account PAN to be quoted mandatory.

2. Bank will not issue a demand draft against cash money.

3. In saving accounts if total cash receipt will be Rs.10 lac or cross above 10 lac in a year then bank will reporting to concern department.

4. It is necessary for bank if income tax will demand for any account information.

5. The rate of TDS deduction on deposit accounts is subject to change from time to time.

TDS Guidelines

PAN Notice For Depositors

As per Income Tax Act 1961 a new provision relating to tax deduction at source (TDS) has become applicable w.e.f. 01/04/2019, under which it is obligatory for every person, who is liable for deduction of TDS on interest on deposit, to furnish a copy of PAN card. If the PAN card is invalid or does not belong to the deductees, TDS is required to be deducted @ 20% or at the rate which is in force, whichever is higher in all cases, whereas the TDS applicable for customers having PAN cards is currently 10% only.

Tax Deducted at Source (TDS): Newly Introduced

Sec 194 N :-TDS on Withdrawal of Cash from Bank, Post Office or Co-operative Banks