16+ Cash Deposit Above 10 Lakhs Letter Format – Tips, Examples

Cash Deposit Above 10 Lakhs Letter Format: If you are making a cash deposit above 10 lakhs in your bank account, it is mandatory to submit a letter to the bank providing details of the source of funds. This is a requirement under the Income Tax Act, 1961, to ensure that the deposited amount is not black money or unaccounted income. In this article, we will discuss the Cash Deposit Above 10 Lakhs Letter Format that needs to be submitted for a cash deposit above 10 lakhs.

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If you are planning to deposit cash above 10 lakhs into your bank account, you may need to submit a letter to the bank as per the guidelines issued by the Reserve Bank of India (RBI). The Cash Deposit Above 10 Lakhs Letter Format should provide details about the source of the funds and other relevant information.

Cash Deposit Above 10 Lakhs Letter Format Tips

The Cash Deposit Above 10 Lakhs Letter Format should be addressed to the branch manager of the bank where the deposit is being made. It should contain the following details:

  1. Name and address of the account holder: The Bank letter should start with the name and address of the account holder, which should match the details provided in the bank records.
  2. Bank account number: The account number where the cash is being deposited should be mentioned in the letter.
  3. Amount being deposited: The exact amount being deposited should be clearly mentioned in the letter.
  4. Source of funds: This is the most important part of the letter. The source of the funds being deposited should be clearly explained. If it is from the sale of a property, the details of the property and the sale agreement should be provided. If it is from a loan, the details of the loan agreement should be provided. If it is from salary or business income, the relevant documents like salary slips, income tax returns, etc. should be attached with the letter.
  5. Purpose of deposit: The purpose of the deposit should also be mentioned in the letter. For example, if it is for the purchase of a property, the details of the property should be provided.
  6. Declaration: The letter should end with a declaration stating that the information provided is true and correct to the best of the account holder’s knowledge and belief. The account holder should also mention that they are aware of the consequences of providing false information.

Example 1: Cash Deposit Above 10 Lakhs Letter Format – For Individuals

Here is the example about Cash Deposit Above 10 Lakhs Letter Format for individuals

Dear Sir/Madam,

I am writing to inform you that I will be making a cash deposit of Rs. 15 lakhs into my savings account at your bank on [Date]. I am an individual and the funds are the result of a recent sale of a property that I owned.

Enclosed with this letter, please find the necessary documentation, including a copy of the sale agreement and the property registration documents, to verify the source of the funds.

Please let me know if there are any additional requirements or documentation that I need to provide. I appreciate your prompt attention to this matter.

Thank you for your assistance.

Sincerely,
[Your Name]

Example 2: Example 1: Cash Deposit Above 10 Lakhs Letter Format – For Businesses

Here is the example about Cash Deposit Above 10 Lakhs Letter Format for businesses

Dear [Bank Manager’s Name],

We are writing to inform you that we will be making a cash deposit of Rs. 20 lakhs into our current account at your bank on [Date]. We are a registered business, and the funds are the result of our recent sales activities.

Enclosed with this letter, please find the necessary documentation, including a copy of our sales invoices and receipts, to verify the source of the funds. We also attached a copy of our business registration certificate for your reference.

Please let us know if there are any additional requirements or documentation that we need to provide. We appreciate your prompt attention to this matter.

Thank you for your assistance.

Sincerely,
[Your Company’s Name]

Example 3: Example 1: Cash Deposit Above 10 Lakhs Letter Format – For Joint Accounts

Here is the example about Cash Deposit Above 10 Lakhs Letter Format for joint accounts

Dear Sir/Madam,

We, [Your Name] and [Joint Account Holder’s Name], are writing to inform you that we will be making a cash deposit of Rs. 12 lakhs into our joint savings account at your bank on [Date].

Enclosed with this letter, please find the necessary documentation, including a copy of our joint account agreement and the source of funds, to verify the legitimacy of the transaction.

Please let us know if there are any additional requirements or documentation that we need to provide. We appreciate your prompt attention to this matter.

Thank you for your assistance.

Sincerely,
[Your Name] and [Joint Account Holder’s Name]

Example 4: Email Format about Cash Deposit Above 10 Lakhs Letter Format

Here is the Email Format example about Cash Deposit Above 10 Lakhs Letter Format

Subject: Cash Deposit Above 10 Lakhs – Notification Letter

Dear [Bank Manager’s Name],

I am writing to inform you that I will be making a cash deposit of Rs. [Amount] into my [Account Type] account at your bank on [Date]. The funds are [Brief Explanation of the source of funds, e.g., proceeds from the sale of a property, business income, etc.]

I understand that cash deposits above 10 lakhs require additional documentation to ensure compliance with banking regulations. Therefore, I have attached the necessary documents, including [List of Documents, e.g., sale agreement, registration documents, business invoices, etc.] to this email.

Please let me know if there are any additional requirements or documentation that I need to provide. I appreciate your prompt attention to this matter.

Thank you for your assistance.

Sincerely,
[Your Name]

When making cash deposits above 10 lakhs, it is important to notify your bank and provide them with the necessary documentation to ensure that the transaction is legitimate and in compliance with banking regulations. By following the Cash Deposit Above 10 Lakhs Letter Format outlined in this guide, you can ensure that your deposit is processed smoothly and without any delays.

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