Bank Accounts - INDIA

I don't see there is any limitation but yes Income tax department will be alerted about why you opening so many accounts ... So its risky

 

I think Income Tax Dept won't bother you for taxes if you have income bellow 10 Lac per aannum though the rule says you need to pay tax if your income crosses 1.6 Lac.

If Income Tax Dept needs to keep eyeing on little few lack earners then they won't be able to move their eyes towards those earn in Crores. Its may be theoritical idea for someone, but time for the investigation by Income Tax Dept on each earner is the issue here.

 

Yup! of course you can open, there are nothing any limit. But it'll be better if your going attached your pan card no...

 

PAN card is now mandatory to open a Bank account, except for Student Account. Student accounts are limited upto some amount of deposit.

 

there is no limit to open account in other banks

u can open 1 saving every bank....

 

In fact he can open more than 1 savings account in any bank. I too have 2 Savings account and 1 current account in Axis bank and in its same branch. There is no such limitations as IT Dept don't sue you.

 

Are both the savings accounts single accounts in the same name?

Why do you need two exactly similar banks accounts in the same branch?

 

Yes.

Both accounts are being used for different purpose. More to say one is normal saving account and another is prime savings account.

 

That is a perfect way of getting a new guinnes world record...
keep goin... Infact you should have crossed the bar till now..