Learn how to Deposit Cheques in Bank Branches and ATMs
Long before ATMs and online money transfer services were available, we conducted most banking transactions via cheques. We needed cheques to withdraw money, deposit it, and make third party payments. Even today, cheques are not rendered redundant. Granted, its usage has reduced compared to, say, two decades ago, but they continue to remain in circulation. If you are taking baby steps in the banking world and wish to know how to deposit cheque in bank, read on.
The most common way how to a deposit cheque is at a bank branch. Here are the steps.
Visit your bank and ask a bank representative to provide you with the cheque deposit slip. In most cases, the deposit slips are available in the lobby area, and you can directly take one or more slips as needed.
Fill the deposit slip by providing the necessary information asked in it. You need to enter your name as on the cheque, your bank account number, cheque amount in words and numbers, the name and branch of the bank from where the cheque is drawn and the cheque number. You need to provide the cheque details in duplicate in two separate, perforated sections of the same slip.
Review the details provided in the deposit slip, ensuring you have entered the current or savings account number properly for the funds to be deposited in your account. Banks may be unable to credit funds if the account details are incorrect.
Attach the cheque to the deposit slip, hand it over to the bank representative in charge of cheque collection and collect the cheque deposit receipt. The receipt is nothing but the second, perforated section of the deposit slip, with the bank’s stamp.
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If you cannot visit your bank branch, you can also deposit cheques at select ATM kiosks with cheque depositing facilities. Here are the steps.
The bank credits the funds into your account within the shortest time possible.
Unlike with cash withdrawal, where you can use other bank ATM, you cannot deposit cheques at other bank ATMs. Also, some ATM kiosks also have a drop box facility, to deposit cheques in an envelope akin to a deposit slip. Here, you will not get the cheque deposit receipt. As a DBS Savings Account holder, you can consult your relationship manager if you wish to know how to deposit cheques in DBS bank branches or ATMs and get the necessary information about your nearest DBS branch and ATM kiosks.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.