A general question: how much cash can i deposit in my wife's account who is not earning anything. Once in a while, i transfer around 1 lakh to her account from my salary, just to keep similar amounts in both of our accounts and hence divide the risk of having so much cash in one acc.

So, the question is: Is it ok to deposit around 10 lakhs every financial year to my wife's account considering the fact that I transfer approx 1 lakh from my salary acc?

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Normally, a savings Bank a/c pays just 4% interest, on the higher side, nowadays! Amounts above ₹1 L in any saving bank account, even that of a millennial, should be pushed to saving instruments! The ₹1 L saving a/c average balance may give you access to preferred banking, or they may also have an FD condition!

Also, transferring your earnings to your legal spouse, does not save you any income tax legally in India! Common instruments for your savings/transfer amounts include FD, PPF, Participatory life insurance money back endowment policies, favouring your wife or son, government savings schemes like the girl child scheme for a daughter, or mahila samman scheme for your spouse. FDs upto ₹5L in a scheduled commercial bank are guaranteed by virtually, the government. So, more than that, keep in 2 banks, for risk diversification. As, if a bank goes bust, even the guarantee money may take time to come, and you may need the money for household expenses or just to reduce tension!

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