Contents

  1. Deposit slip
  2. Withdrawal Slip
  3. Cheque
  4. FD Receipt
  5. Account statement
  6. Demand Draft

Deposit slip

A deposit slip could be a type equipped by a bank for an investor to fill out, designed to document in classes the things enclosed within the deposit group action. The classes embody a kind of item, and if it’s a cheque, wherever it’s from like a native bank or a state if the bank isn’t local.

  • A deposit slip could be a little paper type that a bank client includes once depositing funds into a checking account.
  • A deposit slip contains the date, the name of the investor, the depositor’s account variety, and also the amounts being deposited likewise as break down of whether or not the deposit is comprised of checks, cash, or if the investor needs a particular quantity of money back from a check deposit.
  • The deposit slip is proof that the bank acknowledged receiving the funds from the client.

Withdrawal Slip

A withdrawal slip could be a bank document on that someone writes the date, account variety, and quantity of cash to withdraw from a bank. It’s referred to as a withdrawal slip as a result of its accustomed build a withdrawal from a person’s account. It includes vital info that permits the bank to stay associate degree correct record of the withdrawal and supply the desired quantity. It is crucial to jot down correct and clear info on the slip to make a sure correct withdrawal. A politician withdrawal slip is obtained at the bank branch wherever the person deposited cash, and it contains a transparent print of the bank name. Once filling out a withdrawal slip, 

  • A person writes his complete name as well as a middle initial. 
  • Address as well as the code.
  • Amount to withdraw is written in words
  • A person signs it within the presence of a bank teller.

Cheque

A cheque, could be a document that orders a bank to pay a particular quantity of cash from a personality’s account to the person in whose name the cheque has been issued. The person writing the cheque, referred to as the drawer, includes a group action banking account wherever their cash is in command. The drawer writes the varied details as well as the financial quantity, date, and a recipient on the cheque, and signs it, ordering their bank, referred to as the remunerator, to pay that person or company the number of cash expressed. A cheque could be a legal instrument instructing an established financial organization to pay a particular quantity of a particular currency from such transactional account command within the drawer’s name therewith institution. Each drawer and recipient could also be natural persons or legal entities. Cheques area unit order instruments, and don’t seem to be normally due merely to the bearer as bearer instruments area unit, however should be paid to the recipient. In some countries, like the USA, the recipient could endorse the cheque, permitting them to specify a 3rd party to whom it ought to be paid.

FD Receipt

FDR or a set Deposit Receipt could be a document that is given by the bank or the corporate to the investor on booking a set deposit. A bit like a storekeeper provides bill (invoice) on shopping for one thing from the look, FDR is additionally sort of a bill during which all the vital details concerning the fastened deposit created area unit mentioned. FDR is employed in banks on varied occasions like:

  • At the time of renewal – just in case of associate degree offline FD, the investor could also be asked by the bank to surrender the FDR in order that the prevailing FD is revived for a replacement tenure and a replacement receipt be issued.
  • For premature withdrawal – just in case the investor needs to withdraw funds before the day of the month, they’re going to be needed to provide FDR because of the proof of possession.
  • To get a loan against FD – to deal with a money crunch, depositors will apply for a loan against their fastened deposit at lower interest rates than associate degree unsecured loan. To do so, they’re needed to deposit the FDR as alien to the bank for the term of the loan. Once the loan is repaid, FDR is coming back to the investor with the updated details.

Account statement

Accounting could be an amount statement summarizing account activity over a group period of your time. Account statements are thought of as an outline of the account and embody statements of services provided, fees charged, and cash owed.

  • The starting and ending balances of the account
  • Deposits within the kind of financial gain, money deposits, etc.
  • Interest earned on the account
  • Service fees and penalties charged against the account
  • Funds withdrawn from the account within the kind of money, cheques, etc.

Demand Draft

A demand draft could be a technique employed by a person to form an expenditure from one checking account to a different one. Demand drafts dissent from regular traditional checks therein they are doing not need signatures to be paid. In 2005, because of the increasing dishonest use of demand drafts, the Federal Reserve planned new rules increasing a victim’s right to assert a refund and holding banks additional in charge of cashing dishonest checks.

  • A demand draft could be thanks to initiating a bank transfer that doesn’t need a signature, as is that the case with a check.
  • A demand draft could be a paid instrument; thus, you cannot order on that within the case of fraud or mix intended recipient.
  • Because demand drafts are accustomed to rook folks, they are in unit rules currently in situ that enable victims to recover funds from the holding bank.

About the Author

BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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