Soon, you will need a written approval to deposit cash in others’ account

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Soon, you will need a written approval to deposit cash in others’ account

G Plus News | September 12, 2018 13:40 hrs

GUWAHATI: The State Bank of India and other nationalised banks have come forward with a new rule in which cash can be deposited in an account only with a written permission of the account holder. 

One cannot just go to a branch and deposit the cash in an account like in the past. Online deposits are not affected by this rule and deposits through SBI Green Remit Card and SBI Insta Deposit Card will continue.

The rule bars even family members from depositing cash without the written approval of the other member holding the account. A form for the purpose will be issued by the banks.

This rule has been brought on the request of the IT department as during de-monetisation, a lot of cash was deposited in people's accounts. When the Income Tax department enquired the account holders they simply claimed that the money was deposited without their consent. 

Keeping this in mind all the government banks have changed rules to deposit cash in accounts. This rule is also to check the growing number of fake transactions and banking frauds in the country.

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