How to Deposit Money into a Bank Account?

Posted on Monday, April 29th, 2024 | By IndusInd Bank

Have you ever felt unsure about the best way to deposit money into your bank account? Perhaps you are depositing a cheque or simply moving funds between accounts to manage your savings. No matter the situation, it is crucial to have a simple, secure, and convenient way to make sure your funds are efficiently processed and deposited. 

Opting for IndusInd Bank’s Indus Select Savings Account can greatly enhance this experience. With multiple options like in-branch deposits, online electronic transfers, or using the mobile app, you get various convenient ways to add money to your account.  

Now, let’s examine in detail all the different methods you can use to deposit funds into your bank account. 

At a Branch Location 

Wondering how to deposit cash in bank accounts without hassle? Simply go to your bank branch and fill out a deposit slip with your account number and the amount you are depositing. Hand the slip and your cash to the representative, who will process the transaction and provide you with a receipt for your records. 

For cheque deposits, endorse the cheque by signing on the back and filling out a deposit slip with your account details. Now, submit both documents to the representative.   

Through Online Banking (Netbanking) 

Internet banking, also known as online banking, offers a convenient way to deposit funds from one account to another. You can choose any payment system, such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), or Immediate Payment Service (IMPS). The steps are: 

• Log into your bank’s Internet banking portal.  

• Navigate to the ‘Fund Transfer’ section. 

• Enter the recipient’s account details and the amount to be transferred. You can deposit money into another savings account you own or into someone else’s account. 

• Authorise the transaction with an OTP (One Time Password).  

Let’s move further and learn how to deposit money in bank accounts through another convenient method i.e., mobile banking apps.  

Via Mobile Banking Apps 

A mobile banking app not only helps you open a bank account online but also offers a range of other valuable features. These apps help you move funds between accounts and deposit cheques electronically, anytime, anywhere. To transfer money, you can either scan a QR code or enter a Virtual Payment Address (VPA), and to submit cheques, you generally have two options:  

1. One possibility is that you enter the amount and submit the cheque details through the app.  

2. Another way is to just take pictures of your cheque (both sides) and upload them to the mobile app. 

Through Automated Teller Machines or ATMs  

Along with withdrawing cash, you can also make cash deposits at many ATMs. You just have to: 

• Insert your debit card and select the deposit option from the menu.  

• Select account type, i.e., savings account or current account. 

• Enter the amount you are depositing and the account number. 

• Insert the cash in the cash deposit slot and click “Continue.” 

• Now, the ATM will process the deposit and print a receipt as proof of your transaction.   

Remember that not all ATMs accept cash deposits. Also, unlike withdrawals, where you can use ATMs from different banks, deposits generally need to be made through ATMs that belong to your bank.  

Key Takeaways 

So, now you know how to deposit money into bank accounts in different ways. Whether you want to visit the bank, opt for the convenience of Internet banking, choose mobile apps, or use ATMs to deposit money, the decision is all yours.   

Moreover, with the advancements in technology, there is a chance that customers will have more options for depositing cash into bank accounts. In fact, the Reserve Bank of India (RBI) has also confirmed that you may soon be able to make cash deposits in banks through the Unified Payments Interface (UPI).  

If you want to access exclusive internet and mobile banking services that make depositing money in your account hassle-free, consider IndusInd Bank’s Indus Select Savings Account. Open a bank account online instantly with a 100% digital process and enjoy a customised account number, exciting rewards, competitive interest rates, and omnipresent banking. 

Apply online today! 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author 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.