Account Holder Without KYC Compliant And Rs. 5000 Depositor Can Be In A Fix With Bank Inquiries!

Growing illegal activities to whitewash black money has imposed another limitation where account holder without KYC compliant including Rs. 5000 depositors will be in a fix as they have to answer a volley of questions to bank authority.

But another pang is that if the depositor with Rs 5,000  above do not have suitable answer for depositing the amount in Rs 500 and Rs 1,000 notes then it will rejected after inspection by two bank officials, according to Reserve Bank of India. This attempt by account holder can be made once within December 30^th time frame.

Interestingly one who attempt to make only Rs. 5000 deposit within this limited time frame have to encounter volley of questions from bankers if they make second attempt after few days with Rs. 1000 or more in their account. If your homework to safeguard yourself from volley of questions from bankers is not done properly then you will have take back your old notes.

Initially the explanation to the question  as to why the money could not be deposited earlier will be recorded. Before getting into audit trail at final stage by the account holder who wants to deposit above Rs 5,000.  Deadlier knock out will be for depositors without KYC (know your customer) compliant where limitation for deposit will be made till Rs 50,000.