Everything You Need to Know about Deposit Cash into Bank Accounts

Everything You Need to Know about Deposit Cash into Bank Accounts

Holding an extra amount of cash is always risky and attracts unwanted people towards you. When you think about depositing your money into your account balance you have to think about the easiest way of doing so. Deposit cash in the bank account is not common like withdrawing money from the bank. As for withdrawing money all you need to do is search for an ATM. The process of depositing money into an account is daunting. Many people are still following the traditional way that is going to the bank, filling the form and deposit it in your bank, which is a very time-consuming process. So, how to deposit cash into a bank account? here is the list of ways that you can choose to deposit cash in the bank account.

  1. Visit your local bank

To deposit cash in the bank, you can go to your local bank and make a deposit there. In this process, you don’t need to pay any fees and you’ll quickly earn interest if you deposit money into your savings. Your cash will be deposited immediately and you can do bill payments, debit card purchases, transfer money, or withdrawn money without any delay.

Deposit cash in bank limit

You can deposit cash in a bank account up to Rs 25,000 per day in the non-home branch, but beyond this limit, you have to pay Rs 5 per thousand to a minimum of Rs 150. Different banks have set different deposit cash in bank limit, you need to check out your bank information.

  1. ATM Deposits

First, make sure that your bank accepts the cash deposit as a different bank has different rules and policies. There are two main ways through which you can deposit cash in a bank account. The first one is by using your ATM card and the second one is by using your account number.

Steps to follow:

  • Insert your card in the ATM and enter the pin
  • Select the on-screen options
  • Select the account in which you’ll transfer fund
  • Enter the amount you want to deposit (available cash with you)
  • Insert the cash, check, or envelop into the ATM
  • Get a receipt to be sure about the deposit

When the process is over, confirm that the deposit was completed correctly and nobody can access it.

SBI has set deposit cash in bank limit up to 25000 per day and only 3 transactions are free per month after that you have to pay the same charges.

Issues with ATM deposit:

  • Errors

Several times, ATM makes mistakes and you have to be patient. Your money may be credited to the account within 1-2 days.

  • Delays

When you deposit money through ATM, you can’t expect an instant fund transfer. You have to wait for the debit card purchases or any utility bill payments. You can’t withdraw your money immediately.

  • Safety

Carrying a large amount of cash is always risky. You have to stay vigilant and check out your surroundings properly. Robbery and stealing of your confidential information can happen. Somebody can make note of your pattern of going to the ATM for a cash deposit.

  1. The Deposit Slips

The deposit slips are available at the banks. You need to fill the deposit slip where you need to write your name, account number, and amount of cash, you want to deposit. It simply informs the teller where to deposit money and how much.

The main disadvantage of this method is you can deposit cash only during working hours and you have to visit the bank.

  1. Digital-Only banks
  • Money Orders

In this process, you can purchase a money order and send it to your bank, if your bank permits deposit by mail. It’s a slow process in which you have to pay extra charges.

  • Money Deposit

You can transfer money through your bank’s mobile deposit app. Not all banks permit this option.

Several digital banks accept fund deposits at ATMs. Check out the network logos on ATMs near you to deposit your cash. The bank apps can also help you to locate the ATM nearby.

  • Prepaid Cards

Some prepaid debit cards permit cash deposits. You need to link your online bank account to make an electronic transfer of funds.

How to deposit cash into a bank account any delay or hassle?
iServeU offers you ways in which you can deposit money round the clock and within a few seconds. iServeU DMT service provide the most convenient way to deposit your cash within 15 seconds in any bank account across India through the sender’s mobile number only. For more info, visit iserveu.in or feel free to call +918338088000 for any queries.