Hi everyone, Have an FD maturing next week and was wondering if i could withdraw it in cash or how much can I withdraw in cash? The FD maturity is approximately for 10L. Thanks a lot for the help! Ayush
You can withdraw it in cash there is no tax liability on same as you would have already paid tax on same but i would not recommend that as it may lead to reporting to Income tax department by bank and unnecessary questions.
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Thank you.
No it's not advisable to withdraw in cash. You can get it transferred in bank account and then withdraw cash
Hi Ayush
Although you may withdraw the amount in cash, however it is not advisable. Handling 10 lacs of cash could be an issue. You may get it transferred to your bank and withdraw funds in cash when required.
If you are withdrawing in cash, kindly ensure that you keep record of all the transactions made in cash.
No maturing FD cannot be withdrawn in cash. It will be credited to your account or cheque will be issued to you.
- Bank will not give you FD amount in cash. It will be transferred to your account only.
Hi
Firstly It will be transferred to your bank account after that you can withdraw the amount
Hello,
The maturity amount would be transferred to your bank account, you can withdraw from the bank account.
Regards,
CA Hunny Badlani
First it will be credited to your saving bank a/c then you can withdraw cash from bank.
Dear Ayush,
Hope you are doing well !!
The maturity proceeds after the due date will then be transferred to your savings account.
After that, you can withdraw the cash from bank account.
Hi, I understand I will transfer it to my savings before withdrawing. My main question is whether I can withdraw say 5L out of the 10L in cash from the account in one-go? Will there be any issues with that? Thanks
No, there won't be any issue. But the reason must be genuine.
Yes, you can withdraw. There is no issue. However, please do take caution before doing any larger cash transactions. Many of the large cash transactions are prohibited.
Hi
Yes you can do so. There is no issue with that.but in income tax act some cash payment are restricted
You can withdraw whole amount in cash in single transaction there is no any issue with that.
Yes, you can withdraw. No issue with that.
Yes, you can withdraw after it has been credited to your account.
-Yes, you can withdraw. There is no issue with that.
As such there won't be any issue prima facie.