Here is what you need to know about cash or cheque deposit slip

A bank safeguards your money. Keeping funds in a bank’s Savings Account offers peace of mind as you know your money is safe and earns interest simultaneously. Banks also provide hassle-free digital services to help you deposit funds and put them to use. Today, there are two methods to deposit money in your bank account.

Online banking is the first method, wherein you can download and install a banking app on your smartphone. This banking method to deposit funds is popular. The second and the more traditional route to deposit funds is to visit the bank branch.

If you choose the latter option, you must fill in a cheque or a cash deposit slip. Read on to learn everything about cash and cheque deposit slips.

What is a cash or cheque deposit slip?
 

A cash or cheque deposit slip is a piece of paper that enables you to deposit money in your account. The deposit slip provides information about the amount you want to deposit, the account where the money will be deposited, the currency denominations and their number, etc. The bank employee depositing the funds uses the slip to transfer the funds to the appropriate account, handing you an acknowledgement slip in return.

What does a cheque or cash deposit slip contain?
 

A cheque or cash deposit slip contains the following details:

· The bank account number you are crediting the money to

· Name of the account holder if it is a savings account

· The organisation or company’s name in case it is a business account

· The issuing bank, the branch, the amount written on the cheque, the date on the cheque, and the name of the person to be paid

If you deposit cash, enter the total amount you are depositing, the denomination of notes, and the total amount in each denomination. An acknowledgement slip containing the same details is part of the slip. You will also find a place for the bank to affix its acknowledgement seal.

What are the steps involved in a cash or cheque deposit process?
 

While visiting your bank to make a cash or cheque deposit, it is imperative to follow the directions given below:

· Request a bank cash or cheque deposit slip from the bank officials and fill in the details required.

· In this slip, enter details such as the date, the account number, the type of the account, and the account holder’s name. If the deposit is in cash form, enter the denomination and the amount of the cash. If the deposit is in the cheque form, add the cheque number, the name of the bank issuing it, and the total amount and then sign the deposit slip.

· After filling in the details, submit the slip with a cheque or cash to the bank official.

· After entering the deposit, the cashier seals the acknowledgement of the deposit slip. Remember to collect the acknowledgement slip for your records.

A cheque or cash deposit slip serves as a written receipt of the amount that the bank will deposit in the account. You can make a cheque payment at IDFC FIRST Bank branches across India. Alternatively, you can use the IDFC FIRST Bank mobile app to eliminate the need to visit the bank. You can transfer and deposit money, invest in fixed deposits (FDs), and buy insurance using IDFC FIRST Bank’s digital banking app.

What are the steps involved in a cheque deposit process?
 

The steps to deposit money using a cheque are:

· Request a bank official for a cheque deposit slip. In most bank branches, customers can access cheque deposit slips directly.

· Fill the cheque deposit slip with the required details, such as your name, bank account number, the cheque amount, the name of the bank branch from where the cheque is drawn, and the cheque number.

· Collect your acknowledgement receipt from the bank official for your records.

The physical cash and cheque deposit method is a traditional way of depositing money in your bank account. If you have hard cash or a cheque, you must visit the bank branch to deposit money. To make the process convenient and queue-free banks also have installed digital kiosks where you can submit your cheque or deposit money through a cash deposit machine.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.