Is it ok to deposit Rs. 2.5 Lakhs in each bank?

Is it ok to deposit Rs. 2.5 Lakhs in each bank?

Some people have saving accounts in two different banks. Every one will have questions that, Is it ok to deposit Rs. 2.5 Lakhs in each bank?

Only announcements are made so far to exchange of currency notes declared to be invalid. There is no change in methods of paying Income Tax. Its not very important whether an individual has savings accounts in how many banks.

Important factor is amount being deposited. One can deposit amount in any bank. If the amount exceeds the Income Tax Limits, individual has to respond to the queries raised by Income Tax Department.