{"id":16849,"date":"2025-01-09T17:02:51","date_gmt":"2025-01-09T11:32:51","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=16849"},"modified":"2025-01-09T17:02:53","modified_gmt":"2025-01-09T11:32:53","slug":"new-rules-for-cash-withdrawal-from-bank-for-international-students","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/","title":{"rendered":"New Rules for Cash Withdrawal from Bank for International Students"},"content":{"rendered":"\n<p>Navigating financial transactions is crucial to studying abroad, especially for international students. Understanding new rules for cash withdrawal from banks is important because banks closely monitor cash withdrawals and deposits of INR 10 lakhs and above. This can help you manage your money more efficiently and avoid unexpected fees.&nbsp;<\/p>\n\n\n\n<p>Recent updates in cash withdrawal limits from ATMs and banks, effective from January 2022, aim to streamline transactions while keeping costs transparent. Let\u2019s explore the new bank rules for cash withdrawals.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-new-rules-for-cash-withdrawals-from-bank\" data-level=\"2\">New Rules for Cash Withdrawals from Bank<\/a><\/li><li><a href=\"#h-latest-cash-withdrawal-limits-from-bank\" data-level=\"2\">Latest Cash Withdrawal Limits from Bank<\/a><ul><li><a href=\"#h-atm-withdrawal-limits\" data-level=\"3\">ATM Withdrawal Limits<\/a><\/li><li><a href=\"#h-foreign-atm-transaction-fees\" data-level=\"3\">Foreign ATM Transaction Fees<\/a><\/li><\/ul><\/li><li><a href=\"#h-how-new-rules-for-cash-withdrawal-help-international-students\" data-level=\"2\">How New Rules for Cash Withdrawal Help International Students<\/a><\/li><li><a href=\"#h-faqs-on-new-rules-for-cash-withdrawals-from-banks\" data-level=\"2\">FAQs on New Rules for Cash Withdrawals from Banks<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-new-rules-for-cash-withdrawals-from-bank\"><span id=\"new-rules-for-cash-withdrawals-from-bank\">New Rules for Cash Withdrawals from Bank<\/span><\/h2>\n\n\n\n<p>The new rules for cash withdrawals from banks introduce important changes regarding reporting requirements, daily transaction limits, withdrawal limits, and TDS deductions. International students must be aware of these regulations, as all international transactions must be made within limits and as per <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/fema-full-form-objectives-features-guidelines\/\"><strong>FEMA Act, 1999<\/strong><\/a>. Failure to comply with the new rules for cash withdrawal from ATMs and banks can lead to penalties.<\/p>\n\n\n\n<p>Below are some key updates and changes that you should know to manage your transactions effectively.<\/p>\n\n\n\n<p><strong>Reporting Requirements<\/strong>&#8211; If you deposit INR 10 lakh or more in a savings account during a financial year, your bank is required to report this transaction to the income tax authorities. This rule ensures transparency and helps combat tax evasion.<\/p>\n\n\n\n<p><strong>Cash Withdrawal Limits<\/strong> Under Section 194N of the Income Tax Act, Tax Deducted at Source (TDS) applies to cash withdrawals exceeding certain thresholds:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2% TDS on amounts withdrawn over INR 1 crore if you have filed income tax returns for the past three years.<\/li>\n\n\n\n<li>2% TDS on withdrawals exceeding INR 20 lakh, and 5% TDS on amounts over INR 1 crore for those who haven\u2019t filed returns.<\/li>\n<\/ul>\n\n\n\n<p><strong>Daily Transaction Limits<\/strong>&#8211; You cannot receive more than INR 2 lakh in cash for a single transaction or linked transactions in one day. This limit aims to discourage large cash transactions and promote digital payments.<\/p>\n\n\n\n<p><strong>Importance of Documentation<\/strong>&#8211; If you deposit more than INR 50,000 in cash in a single day, you must provide your Permanent Account Number (PAN). If you don\u2019t have a PAN, you\u2019ll need to submit Form 60 or 61 as an alternative.<\/p>\n\n\n\n<p><strong>Penalties for Non-Compliance<\/strong>&#8211; Failure to establish the source of income for large cash deposits can lead to taxation at a higher rate. Additionally, penalties may apply for cash loans exceeding INR 20,000.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: This blog provides you with a list of all the banks that offer <\/strong><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-card-for-students-under-18\/\"><strong>Debit Cards for Students who are under 18<\/strong><\/a><strong>. Read to find the most suitable option!<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-latest-cash-withdrawal-limits-from-bank\"><span id=\"latest-cash-withdrawal-limits-from-bank\">Latest Cash Withdrawal Limits from Bank<\/span><\/h2>\n\n\n\n<p>Banks in India typically allow five free ATM transactions monthly, after which fees apply. Daily withdrawal limits vary by bank and card type, ranging from INR 40,000 to INR 3 lakhs. For international students accessing funds abroad, foreign ATM withdrawals come with additional flat fees and currency conversion charges. Check out the latest cash withdrawal limits below-<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-atm-withdrawal-limits\"><span id=\"atm-withdrawal-limits\">ATM Withdrawal Limits<\/span><\/h3>\n\n\n\n<p>Banks in India allow five free ATM transactions per month, including both financial and non-financial transactions. Beyond this, fees apply. Here\u2019s an overview of the daily withdrawal limits and charges for major Indian banks-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Bank<\/strong><\/td><td><strong>Debit Card Type<\/strong><\/td><td><strong>Withdrawal Limit (Daily)<\/strong><\/td><td><strong>Charges After Limit<\/strong><\/td><\/tr><tr><td>SBI<\/td><td>Classic, Maestro Cards<\/td><td>INR 40,000<\/td><td>INR 20 + GST per withdrawal<\/td><\/tr><tr><td><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/sbi-platinum-international-debit-card-features-benefits-charges\/\"><strong>SBI Platinum International Card<\/strong><\/a><\/td><td>INR 1,00,000<\/td><td><\/td><\/tr><tr><td>HDFC Bank<\/td><td>Titanium Royale Debit Card<\/td><td>INR 75,000<\/td><td>INR 21 + Taxes<\/td><\/tr><tr><td><\/td><td>JetPrivilege World Debit Card<\/td><td>INR 3,00,000<\/td><td><\/td><\/tr><tr><td>ICICI Bank<\/td><td>Coral Plus, Sapphiro Debit Cards<\/td><td>INR 1,50,000 &#8211; INR 2,50,000<\/td><td>INR 20 (financial); INR 8.50 (non-financial)<\/td><\/tr><tr><td>Axis Bank<\/td><td>Burgundy Debit Card<\/td><td>INR 3,00,000<\/td><td>INR 21<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-foreign-atm-transaction-fees\"><span id=\"foreign-atm-transaction-fees\">Foreign ATM Transaction Fees<\/span><\/h3>\n\n\n\n<p>For students studying abroad, accessing money internationally can be expensive. Banks charge a combination of flat fees and a percentage of the transaction amount for foreign withdrawals. Different banks have different <a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/debit-card-foreign-transaction-fees-bank-wise-schedule-of-charges\/\"><strong>debit card foreign transaction fees<\/strong><\/a>. Check out the fees for some of the popular banks-<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>SBI<\/strong>: INR 100 + GST + 3.5% of the transaction.<\/li>\n\n\n\n<li><strong>HDFC<\/strong>: Minimum INR 125 + taxes.<\/li>\n\n\n\n<li><strong>ICICI<\/strong>: Minimum INR 150.<\/li>\n\n\n\n<li><strong>Axis Bank<\/strong>: INR 125 + currency conversion charges.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check some of the best <\/strong><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/best-forex-cards-for-students\/\"><strong>Forex cards for students<\/strong><\/a><strong>. Know some major bank-issued forex cards and those issued by online service providers.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-new-rules-for-cash-withdrawal-help-international-students\"><span id=\"how-new-rules-for-cash-withdrawal-help-international-students\">How New Rules for Cash Withdrawal Help International Students<\/span><\/h2>\n\n\n\n<p>Understanding the latest rules for cash withdrawals and deposits is essential for international students managing their finances abroad. These guidelines ensure that you can handle tuition payments, daily expenses, and emergencies with ease while staying secure and avoiding unnecessary fees. Check out the benefits below-<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Paying Tuition Fees:<\/strong> Knowing how much money you can withdraw helps you pay for big expenses like tuition without any trouble.<\/li>\n\n\n\n<li><strong>Managing Daily Expenses:<\/strong> Following ATM withdrawal rules makes it easier to cover daily costs like food, transport, and shopping.<\/li>\n\n\n\n<li><strong>Planning for Emergencies:<\/strong> Understanding fees for using foreign ATMs helps you plan and keep money ready for unexpected situations.<\/li>\n\n\n\n<li><strong>Staying Safe:<\/strong> Following the bank&#8217;s rules keeps your money secure and prevents fraud or unauthorized withdrawals.<\/li>\n<\/ul>\n\n\n\n<p>This was all about the new rules for cash withdrawals from banks. By staying informed and proactive about these rules, you can navigate your financial journey abroad with confidence and ease.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-on-new-rules-for-cash-withdrawals-from-banks\"><span id=\"faqs-on-new-rules-for-cash-withdrawals-from-banks\">FAQs on New Rules for Cash Withdrawals from Banks<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1736421931589\"><strong class=\"schema-faq-question\">What are the new rules for cash withdrawal?<\/strong> <p class=\"schema-faq-answer\">The new rules require banks to report cash withdrawals exceeding INR 20 lakh in a financial year. TDS applies on withdrawals over specified limits, depending on tax return filings.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421933022\"><strong class=\"schema-faq-question\">What is the maximum limit of cash withdrawal from a bank?<\/strong> <p class=\"schema-faq-answer\">The maximum limit varies by bank and account type, typically allowing withdrawals up to INR 1 lakh per week from current accounts and INR 24,000 per week from savings accounts.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421933681\"><strong class=\"schema-faq-question\">Can I withdraw 10 lakhs from a bank?<\/strong> <p class=\"schema-faq-answer\">Yes, you can withdraw INR 10 lakhs, but be aware that it may trigger reporting requirements and TDS if your annual withdrawals exceed INR 20 lakh.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421934390\"><strong class=\"schema-faq-question\">Can I deposit 50 lakhs in my account?<\/strong> <p class=\"schema-faq-answer\">Yes, you can deposit INR 50 lakhs in your account; however, deposits over INR 10 lakh will be reported to income tax authorities as specified in financial transactions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421934935\"><strong class=\"schema-faq-question\">How much cash withdrawal is tax-free?<\/strong> <p class=\"schema-faq-answer\">Cash withdrawals up to INR 20 lakh in a financial year are generally tax-free for individuals who have filed their income tax returns for the last three years.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421989480\"><strong class=\"schema-faq-question\">How to avoid TDS on cash withdrawal?<\/strong> <p class=\"schema-faq-answer\">To avoid TDS, ensure your annual cash withdrawals remain below INR 20 lakh if you haven&#8217;t filed income tax returns for the previous three years.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421990251\"><strong class=\"schema-faq-question\">Do cash withdrawals get reported?<\/strong> <p class=\"schema-faq-answer\">Yes, banks report cash withdrawals exceeding INR 20 lakh in a financial year as specified financial transactions to the income tax authorities.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421990987\"><strong class=\"schema-faq-question\">What happens if I exceed the cash withdrawal limit?<\/strong> <p class=\"schema-faq-answer\">Exceeding the cash withdrawal limit may lead to TDS deductions and reporting to income tax authorities, which could result in penalties if not properly documented.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421991439\"><strong class=\"schema-faq-question\">Are there any penalties for non-compliance with cash withdrawal rules?<\/strong> <p class=\"schema-faq-answer\">Yes, failing to comply with cash withdrawal regulations can lead to penalties equivalent to the amount received in violation of the rules.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1736421992063\"><strong class=\"schema-faq-question\">How can international students manage their cash transactions effectively?<\/strong> <p class=\"schema-faq-answer\">International students should stay informed about these new rules and plan their deposits and withdrawals accordingly to avoid unnecessary fees and compliance issues.<\/p> <\/div> <\/div>\n\n\n\n<p>To learn more about <a href=\"https:\/\/fly.finance\/loans\"><strong>education loans<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>bank accounts for students<\/strong><\/a>, <a href=\"https:\/\/fly.finance\/forex\"><strong>forex,<\/strong><\/a> banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Additional Reads<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/faqs-on-forex-prepaid-cards-for-students\/\"><strong>FAQs on Forex Prepaid Cards for Students<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/forex-card-vs-international-debit-card\/\"><strong>Forex Card Vs International Debit Card<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/bank-of-baroda-international-debit-card-types-activation-stepss\/\"><strong>Bank of Baroda International Debit Card<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/sbi-platinum-international-debit-card-features-benefits-charges\/\"><strong>SBI Platinum International Debit Card<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/ubi-international-debit-cards-benefits-types-limits-charges\/\"><strong>UBI International Debit Cards<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/standard-chartered-bank-debit-cards-features-benefits\/\"><strong>Standard Chartered Bank Debit Cards<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/paypass-international-debit-cards-meaning-banks-charges-usage\/\"><strong>PayPass International Debit Cards<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/axis-bank-international-lounge-access-debit-cards\/\"><strong>Axis Bank international debit cards with lounge access<\/strong><\/a><strong>.<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/icici-debit-card-charges-for-international-transactions\/\"><strong>ICICI Debit Card Charges for International Transactions<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/debit-cards\/hdfc-millennia-debit-card-international-transaction-charges\/\"><strong>HDFC Millennia Debit Card International Transaction Charges<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 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c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook  wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/Flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Navigating financial transactions is crucial to studying abroad, especially for international students. Understanding new rules for cash withdrawal from banks is important because banks closely monitor cash withdrawals and deposits of INR 10 lakhs and above. This can help you manage your money more efficiently and avoid unexpected fees.&nbsp; Recent updates in cash withdrawal limits &#8230; <a title=\"New Rules for Cash Withdrawal from Bank for International Students\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/\" aria-label=\"Read more about New Rules for Cash Withdrawal from Bank for International Students\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":16850,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[271],"tags":[],"class_list":["post-16849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-budget"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New Rules for Cash Withdrawal from Bank for International Students<\/title>\n<meta name=\"description\" content=\"Check out the new rules for cash withdrawal from banks. Understand the reporting requirements, wthdrawal &amp; transaction limits, and TDS deductions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Rules for Cash Withdrawal from Bank for International Students\" \/>\n<meta property=\"og:description\" content=\"Check out the new rules for cash withdrawal from banks. 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I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421931589","position":1,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421931589","name":"What are the new rules for cash withdrawal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The new rules require banks to report cash withdrawals exceeding INR 20 lakh in a financial year. TDS applies on withdrawals over specified limits, depending on tax return filings.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421933022","position":2,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421933022","name":"What is the maximum limit of cash withdrawal from a bank?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The maximum limit varies by bank and account type, typically allowing withdrawals up to INR 1 lakh per week from current accounts and INR 24,000 per week from savings accounts.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421933681","position":3,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421933681","name":"Can I withdraw 10 lakhs from a bank?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, you can withdraw INR 10 lakhs, but be aware that it may trigger reporting requirements and TDS if your annual withdrawals exceed INR 20 lakh.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421934390","position":4,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421934390","name":"Can I deposit 50 lakhs in my account?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, you can deposit INR 50 lakhs in your account; however, deposits over INR 10 lakh will be reported to income tax authorities as specified in financial transactions.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421934935","position":5,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421934935","name":"How much cash withdrawal is tax-free?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Cash withdrawals up to INR 20 lakh in a financial year are generally tax-free for individuals who have filed their income tax returns for the last three years.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421989480","position":6,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421989480","name":"How to avoid TDS on cash withdrawal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"To avoid TDS, ensure your annual cash withdrawals remain below INR 20 lakh if you haven't filed income tax returns for the previous three years.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421990251","position":7,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421990251","name":"Do cash withdrawals get reported?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, banks report cash withdrawals exceeding INR 20 lakh in a financial year as specified financial transactions to the income tax authorities.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421990987","position":8,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421990987","name":"What happens if I exceed the cash withdrawal limit?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Exceeding the cash withdrawal limit may lead to TDS deductions and reporting to income tax authorities, which could result in penalties if not properly documented.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421991439","position":9,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421991439","name":"Are there any penalties for non-compliance with cash withdrawal rules?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, failing to comply with cash withdrawal regulations can lead to penalties equivalent to the amount received in violation of the rules.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421992063","position":10,"url":"https:\/\/fly.finance\/blog\/student-budget\/new-rules-for-cash-withdrawal-from-bank-for-international-students\/#faq-question-1736421992063","name":"How can international students manage their cash transactions effectively?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"International students should stay informed about these new rules and plan their deposits and withdrawals accordingly to avoid unnecessary fees and compliance 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