SBI employee forcing to say the reason for cash deposit.

219°
Deal Cadet
Raaj.ar

Guys,
SBI Bank:
I have been depositing ₹49000 monthly twice in my account and my dad’s account for the past 5 months (Not in the same day, different days of the month) . We have a local business running and the money is for that.

Today as usual I went to deposit money in both the accounts and the cashier forced me to say the reason for cash deposit as he says there is frequent transaction in my account.

I asked him, “It’s just a usual cash deposit and why you are asking the reason for it?.”

He insisted me to say the reason and I was like why should I say reason to him that too only for 2 transactions a month..!

He angrily replied that, if you don’t want to say the reason, from next time use deposit machine instead of coming here. We have the right to ask regarding the transactions. But there is no deposit machine nearby and I have to travel 6 kms to other branch for that.

I just came of without talking much as I had a important work at that time.

Doubt is, is there any rule like that! Should I say the reason to him?

If not, can I complain against him?

Suggest a good solution.

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Deal Subedar Deal Subedar
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No, you only have to provide reason in case of deposit above 10 lakh

Deal Lieutenant Deal Lieutenant
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Branch staff can ask if they suspect money laundering happening in an account. If answer is unsatisfactory then they have to report that transactions to rbi.

Like Magnet Like Magnet
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Y not just tell them about business

Analyst Analyst
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We have a local business running and the money is for that.

Why don’t you mention this reason?

Assuming you initiate a complaint, what would you say if higher ops ask for reason or flag your account for not citing reason? Do you have an answer?

Like Magnet Like Magnet
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If money deposit on your pan goes above 10lakh you will get income tax notice
And will have to justify deposits

Deal Cadet Deal Cadet
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u r depositing exactly 49000 each month… for deposits above 50k one needs to show PAN so u r creating a suspicion…

had u been depositing random figures like 40k, 45k, 42300 or any random amount cashier wudnt have said anything…

but why r u depositing cash every month? if u have business then tell them its ur business money… if u have ITR then throw it on branch manager’s face… bank has right to ask… bank would tell u to open a current account

Analyst Analyst
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aniket1587 wrote:

u r depositing exactly 49000 each month… for deposits above 50k one needs to show PAN so u r creating a suspicion…

had u been depositing random figures like 40k, 45k, 42300 or any random amount cashier wudnt have said anything…

but why r u depositing cash every month? if u have business then tell them its ur business money… if u have ITR then throw it on branch manager’s face… bank has right to ask… bank would tell u to open a current account

if u have ITR then throw it on branch manager’s face

On a lighter note, be prepared to catch the acknowledgement slip or passbook coming flying at one’s face. Pray hard for the manager/person at the counter not to throw his/her paper weight.

Deal Subedar Deal Subedar
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is it a saving or current account?
if business why not using a current account?

Deal Subedar Deal Subedar
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The cashier will flag your transactions to the bank manager for sure.

Your bank accounts are now suspected / flagged for providing a facility called “PLACEMENT”, the first stage in the money laundering process.

https://www.hg.org/legal-articles/stages-of-mon...

You have deposited close to 10Lacs in 2 accounts in the same address in the last 5 months, mostly happens when people try to place undeclared property sale proceeds / capital gains into the financial system.

Deal Cadet Deal Cadet
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andromeda wrote:

if u have ITR then throw it on branch manager’s face

On a lighter note, be prepared to catch the acknowledgement slip or passbook coming flying at one’s face. Pray hard for the manager/person at the counter not to throw his/her paper weight.

smile …i said it figuratively
Analyst Analyst
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aniket1587 wrote:
smile …i said it figuratively

yea same/similar figure of speech.

PS: I may have told the same if I’m in your shoes, just taking different sides here stuck_out_tongue

Deal Cadet Deal Cadet
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andromeda wrote:

yea same/similar figure of speech.

PS: I may have told the same if I’m in your shoes, just taking different sides here stuck_out_tongue

BTW one should open a higher variant account in a private bank to do cash transactions or high amount transactions, what do u think about it?? many people do high amount transactions but never get any notice…

Deal Subedar Deal Subedar
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For business transactions always use current accounts / no one will ask any question …. Period..!

Otherwise bank / all SBI / ICICI / AXIS have right to question cash deposites , even using CDM You will get calls and temporarily they can freeze accounts too .

Mobile Guru Mobile Guru
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6km is not that far mate
Why don’t you pick the CDM route to avoid all this? (You can even deposit more, 49900 to be precise toungueout )

Don’t remember the last time when i visited physical branch for cash deposit

Analyst Analyst
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aniket1587 wrote:

BTW one should open a higher variant account in a private bank to do cash transactions or high amount transactions, what do u think about it?? many people do high amount transactions but never get any notice…

Those dealing with cash transactions are all most likely current accounts. They are exempted, but not completely covered, still may have to explain if it comes to that. With core banking, their life is made easy, every account variant is reported as per norms.

One of my uncles who is into business did open 2-3 normal accounts, and will always boast of evading taxes etc. This is after the PAN is mandated. Banks used to do this for high profile customers (open account without PAN). From last 2-3 years or so, I didn’t see/hear him boasting, rather started cribbing politicians (you know whom I mean)

Deal Cadet Deal Cadet
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andromeda wrote:

Those dealing with cash transactions are all most likely current accounts. They are exempted, but not completely covered, still may have to explain if it comes to that. With core banking, their life is made easy, every account variant is reported as per norms.

One of my uncles who is into business did open 2-3 normal accounts, and will always boast of evading taxes etc. This is after the PAN is mandated. Banks used to do this for high profile customers (open account without PAN). From last 2-3 years or so, I didn’t see/hear him boasting, rather started cribbing politicians (you know whom I mean)

its true that department has kind of become stricter since 2014 smile

department’s faceless assessment scheme is making things more difficult

Pro Shopping Friend Pro Shopping Friend
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Even for online transfers bit high amounts, Equitas manager called and inquired about source of funds albeit politely
Only a foolish money launderer will deposit cash and these people catch them in dreams grinning
May be he will advise u to open current account, so just say reason though u do not need to say anything extra apart from cash deposit slip
But cash deposit is certainly inviting trouble – hope u r aware of it.

Deal Cadet Deal Cadet
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If bank employees get doubt about the transaction , they will file a suspicious transaction report to the income tax department , str will directly goes to the investigation department and the case will be opened there , so when bank employees ask the reason tell it properly , else you will be in trouble

Delhi Capitals Delhi Capitals
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sitapodila227 wrote:

If bank employees get doubt about the transaction , they will file a suspicious transaction report to the income tax department , str will directly goes to the investigation department and the case will be opened there , so when bank employees ask the reason tell it properly , else you will be in trouble

aisa kuch nhi hai , that ’IF ’is for anything in bank and for everyone

i myself deposited money without giving any reason

Deal Cadet Deal Cadet
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demerius2020 wrote:

aisa kuch nhi hai , that ’IF ’is for anything in bank and for everyone

i myself deposited money without giving any reason

Bro I am income tax employee and I deal with STRs

Deal Subedar Deal Subedar
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He is just doing his job.
What pleasure would he get by indulging in your personal issues?

Deal Subedar Deal Subedar
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ULYSSES wrote:

He is just doing his job.
What pleasure would he get by indulging in your personal issues?

Indians have too much entitlement issues .

Deal Cadet Deal Cadet
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one has to give pan card number for depositing above 49k, since u r depositing on regular basis he will hv some doubts(which is correct,coz u r also depositing 1k less to skip this PAN thing)

Critic Critic
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Savings accounts have restrictions in the number of deposits as well as amount of cash deposit. Are you only depositing or also withdrawing similar amounts.
If its for business, you need to open a Current account. Cash deposits to current accounts would not be questioned. You can always transfer surplus funds to savings account using NEFT/IMPS from the current account.

Deal Newbie Deal Newbie
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sitapodila227 wrote:

Brother I am income tax employee and I deal with STRs

STRs stands for Suspicious Transaction Reports, right? So the investigations are mostly/initially A.I., machine learning driven or STRs initially have manual intervention. (Unlikely to be manual, considering the severe staff shortages in the ITD).


Any yes, if this person https://desidime.com/forums/dost-and-dimes/topics/i-won-a-jackpot-worth-rupees-10lakh-from-cred-but-how-do-i-convert-it-to-real-cash is not gifting it away to some registered NPOs/ NGOs… then wouldn’t he need to declare it as ‘income from other sources’? In-fact even if gifting away/ donating… it still accrued as income.. prior to donating.

Moderator Moderator
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sitapodila227 wrote:

Bro I am income tax employee and I deal with STRs

STR (Suspicious Transaction Reports) ??

i would definitely stay 15ft from you even if covid is gone stuck_out_tongue stuck_out_tongue

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