Can I deposit $5000 cash in ATM?
Yes, you can certainly deposit 20 lakhs into a fixed deposit (FD) account. Most Indian banks and financial institutions accept deposits of this size, and in many cases, a deposit of 20 lakhs is categorized as a "bulk deposit," which might make you eligible for slightly higher interest rates compared to retail fixed deposits. To proceed, you can either visit your bank branch and fill out the physical FD application form or use your bank’s net banking portal to open the FD instantly. If you choose to do it online, you will typically need to have the funds available in your savings account. Before finalizing the deposit, compare the interest rates offered by different banks and check the tenure options that align with your financial goals. Ensure that you have updated your PAN information with the bank, as tax deducted at source (TDS) regulations apply to interest income exceeding the prescribed limits.
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