i just got a check for 25 lakhs from a buyer of my property. i have a icici savings account.. i will pretty soon be using this 25 lakhs to payoff my other existing home loans,after keeping it in my icici savings account for a week or two.. now before i deposit this check in my icici savings account, what are the things i should know..like any TDS? taxes etc etc , ICICI reporting of this deposit to tax department etc etc please advise friends. please note am not looking for any advise on investment...since these money are to pay off my other debts.
I personally do not suggest leaving such huge amounts open in accounts..as when I was in India, I heard several bank frauds..and to top it...ICICI bank always denied such allegations.. Better to put it in short term fixed deposits...like 45 days or 60 days to start with and start rotating the FDs i.e after 60 days again renew the FD for another 60 days. that way you know the money is safe, returns are safe and nothing to worry about as no one can actually take out the money.
Hi Kalps, Go ahead and deposit the money. The bank might ask you the source of funds, to rule out money laundering and other fraudulent transactions. Since you would have the property papers, that should not be a problem. If you are unsure of the duration for keeping the funds, as suggested earlier, short term FD is a good idea. Frauds do happen, with the development in technology it can't be avoided, but please dont form an opinion based on rumours. Most of the banks in India, esp one of ICICI's stature,are well protected against frauds. Pl let me know, in case you need any further details. Regards, Shalini
