How do I deposit a large amount of cash without getting in trouble?
If this is the first time you have credited a large cash amount (and I mean US$/ GB£ Notes) in to your account, particularly if your transactions in the past have been small, be prepared for questions, not initially by the cashier, but later when the voucher processing stage.The bank will take the money over the counter purely for safety sake (walking around with a lot of hard cash is very dangerous) may not place it in you account, but in a special suspense account for inspection. If it is electronic funds transfer, such as a Telegraphic Transfer or CHAPS payment, which has an audit trail, there are unlikely to be questions.When my late father passed on, I received a significant (for me) legacy, I notified my bank that the money was coming in from a solicitor and it was as a result of my father’s legacy. Further that there were going to be a lot of high value out-bound transactions.:To pay off my mortgage and second Charge over my houseTo buy a carPay a series of large debts (average £10K each)That gave them notice that the unusual transactions were known about and were not suspicious, particularly given that they were going to happen within about 10 days of the money coming in to the account, to be sent out again. It indicates to the bank that there is no money laundering.The safest way of depositing a large sum is by:CHAPS/BACS/ Wired Funds Transfer (TT); with the exception of BACS “real time”.Bankers Draft, payable to you, or marked “Bearer”. That is a “cheque” drawn on the bank of issue from their reserves, so in effect a guaranteed payment. The term bearer means that whoever holds that draft is entitled to the money and can demand payment in an alternative form, whether that is Gold, Precious materials including commodities, like oil, precious stones etc. and of course currency notes. Again the last one far from safe.
Can an existing fixed deposit be transferred or gifted to another person prior to maturity in India? What taxes would the beneficiary to pay?
Three points are involved.Existing Fixed Deposit — Can be preclosed, subject to your loosing some portion of interest agreed upon till the date of maturity. Get the proceeds credited to your savings account. FD as it is cannot be transfered.Gifting to another Person - Use the proceeds credited to your account in any way your sweet will desires. It is your money, spend, gift, donate, do anything within legal framework.Taxability in the hands of beneficiary .. If it is a gift to a relative as specified in Gift Tax, the said relative has no tax burden on your gifts. http://www.incometaxindia.gov.in...)If you are gifting to a non relative it is taxable depending upon the amount. ( see the above link, which is self explanatory)
How can I withdraw cash from my bank account while I do not have a bank passbook and I lost my debit card?
If you don't have passbook or ATM there will be two scenarios1. You can make Withdrawal using cheque book at any branch2. If you don’t have a cheque book you go to your home branch ask a clerk that you lost your Atm as well as passbook and want to reissue a new passbook and atm. He will tell you few bank charges and issue you new passbook so you can now make withdrawal from your account3. Few Atm give you Cardless withdrawal facilities also you just need MMID for you Account. You can generate it using your mobile banking App.
Can someone deposit my checks on his account?
A cheque can only be cashed into the account whose name is on the cheque. Basically anyone can deposit a cheque in your name into your account but a cheque in the name of someone else could not be paid into your account. If a cheque is placed into an account of someone with the same name, the actual intended receiver of the cheque will notify the payer who will then contact their bank to enquire whether the cheque was cashed and where it was cashed. The receiving bank will then reimburse the payer, the receiving bank will then contact the person who cashed the cheque to advise them it was not theirs to cash and they will then give a notice period (usually 21 days) in order for that person to pay them back if in the instance they had spent the proceeds of the unintended cheque.