Hi, my dad opened up a student account for me a few years back and I've been saving up money and depositing it in that account for many years.
What I would like to know is that if my account is a student account and my dad is my supporter (meaning I don't have my own job) so is there a restriction on how much money I can have in my account? What I mean is that is there a limit after which the bank or the government would get involved to deduct tax or ask me from where I got the money or something? Is this bank specific or same for all the banks?
Thanks in advance!
Why not CALL THE BANK?! or tell us how much money you got in which bank so we can help you better ...
Well I will call the bank but thought it would be better to get insight from you guys.
My bank is Faysal Bank, I have a student Current account, and I will reach 3 Lakh by the end of the year.
Last edited by unstopabl3; 10-06-11 at 12:34 PM.
Firstly, You whole query is incomplete. You never mentioned the bank and the account details... Current or saving,etc... then it will be better for most of us to answer
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Well I didn't want to disclose that information if it wasn't necessary. I've updated my second post.
Well its better u call them up and ask them since you don't want to disclose any information so yeah it would be better.
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Well I've already disclosed the required information, so any insight would be appreciated.
Nobody ll ask you for any thing. Income proof is a pre requisite to open an account and once its opened then the bank as an institute doesn't have to do anything with it unless yours or your dad name is sent by state bank for any kind of investigation incase of involvement in laundering, scammed money, relation to any banned out fit etc which I am pretty sure wouldn't be the case. All the taxes are subjected to the predefined clauses undersigned by you at the time of account opening. Bank is liable to compensate incase even if a penny is deducted from your account without any instrument having been signed by you. Having said this pls note that bank is permitted to deduct the service charges as per policies such as minimum balance, cheque book leaves charges, pay order, demand draft and the nastiest of all, 0.3% on the cash withdrawl if exceeded from the limit which is 25k to the best of my knowledge.
Hope it answers your query.
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why not to get a new account and transfer funds from your old account to the new account ?
Thanks for the detailed post, so in other words I can have as much money as I want in my bank account and the bank or the government won't bug me unless I'm involved in something illegal right?
Originally Posted by seensoon
How would that help me, I'll be back to square one lol
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