Are you only able to bank 10 time perk

if you make 1,000,000 skill point it will only give you 10 perk points…iz that um correct?

Maximum is 10 points at 500k
Any more is Just wasting time

Yes - after 500.000 (which gives you 10 perks) there´s a cap. So 2 times 500.000 gives you 20 perks, whereas 1.000.000 gives you 10 perks.