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What are Cash Deposits & Different Ways to Deposit Cash?

It is very important for people to save money for future purposes. A bank takes care of your money in the form of cash deposits until you need to withdraw it, and some of the accounts even pay interest to help your money grow.

So, let’s dive deep into understanding what cash deposits are, how to make a cash deposit through different means, and more!

Team Digit

What Does a Cash Deposit Mean?

A cash deposit is a certain amount of money you put in your account. Even though it is called cash deposits, it does not necessarily have to be cash always; it can be cheques or money transfers.

Generally, cash can be deposited in accounts of two types:

Savings Account
Current Account

How to Make a Cash Deposit?

Cash Deposit Through a Bank

Cash Deposit Through a Bank

Step 1: After visiting the bank, get yourself a deposit slip.
Step 2: Fill up the slip with all the necessary information, such as phone number, amount, email, etc.
Step 3: Fill in the amount mentioning the proper denominations.
Step 4: Submit the deposit slip and the money you plan to deposit. The employee will give you an acknowledgement slip after your cash has been successfully deposited.
Step 5: You will receive a confirmation message for your transaction.

Cash Deposit Through ATM

Step 1: Visit the nearest ATM available.
Step 2: Put your ATM card in the machine and use the cash deposit option. Fill in the details such as the amount of cash, account type, and pin.
Step 3: Put the cash on the deposit counter.
Step 4: The ATM machine will re-confirm the amount by counting it and ask you to confirm the same.
Step 5: Once you confirm, it will provide you a slip of the transaction, and the money will be deposited into your account in the blink of an eye.
Step 6: You will instantly receive a text message on your phone addressing the transaction.

What are the Limits Associated with Cash Deposits?

If your transactions somehow exceed the value of ₹20 Lakhs, you must add the PAN or Aadhar number to your account details.
Only the PAN number is required in case the transactions exceed ₹50,000.
Section 269ST of the Income Tax states that a person cannot receive more than ₹2,00,000 in a single day or transaction.

However, there are some exceptions. The Section 269ST does not apply to:

Cash received through ECS or Account Payee Cheque.
Transaction written in Section 269SS.
People excluded by the Government.

Therefore, making cash deposits in a bank account can help your money grow. Also, your money stays very safe inside a bank's four walls, which is not guaranteed when the money stays at home.

FAQs about Cash Deposits

All

What is the limit of cash deposits without Tax Deducted at Source (TDS)?

Without TDS, you can make a cash deposit of not more than ₹10,00,000.

Is cash deposit an asset?

After you deposit cash, it certainly becomes an asset of the bank. A small portion of your deposited amount is kept at the bank, which invests the rest in various areas.