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  • Category: Banking

    Cheque deposit from a bank account to another of different bank


    Planning to deposit money form one bank to another in your own account? Wondering how to do so? On this ask Expert page you can check out the advice provided for your queries.

    Can I deposit a cheque of my own savings account to another account belonging to different bank?
    If I am have a savings account in SBI, can I write a cheque and deposit it to someone's account of UBI?
    What will be the charges for fifty thousand rupees deposit?
  • #149272
    As far as know from one bank to another bank you can transact through cheques. If you have an account in SBI and AB. You can transfer the money from SBI to your account in AB through cheque. If it is in the same place it will be cleared within one working day. If it is out of the station it may take three days.
    Similarly, you can deposit a cheque received by of AB can be deposited in your SBI account. There will not be any problem. But the clearance will be done in one day if it is in the same city or 3 days if it is outstation cheque.
    As far as my experience goes there are no charges for depositing cheque of another bank to your account in another bank.

    drrao
    always confident

  • #149276
    There is no problem in moving funds from your account in one bank to your account in another bank as well as from your account to another person's account.

    Nowadays due to computerization and other gadgets, it is easier to clear the cheques or similar instruments from one bank branch to another and such transfers are now quicker as compared to earlier times.

    Generally, banks do not charge any fee on such transactions up to a certain limit.

    Some banks charge Rs 20-30 on transfer of funds from 1 lakh to 5 lakh and charge Rs 50 for transfer of funds more than 5 lakh.

    Knowledge is power.

  • #149278
    1.Can I deposit a cheque of my own savings account to another account belonging to different bank?

    Yes, you can.

    2.If I am have a savings account in SBI, can I write a cheque and deposit it to someone's account of UBI?

    Yes, you can, you need to inform the 'someone' about the transfer and have a reason why you are transferring the money to someone.

    3. What will be the charges for fifty thousand rupees deposit?
    The charge is around 25-50 rupees and it depends on amount, local, out-station, inward and outward factors.

    Now we have the NEFT transfer wherein you can transfer upto 10 lakhs and the charges are Rs 25 + GST. You need just go to the SBI branch where the savings account is held, fill out a NEFT/RTGS transfer form. Have a cheque leaf with you. The name, account number, and the IFSC code of the destination bank.

    You can do it online too, if you have the access. If you are transferring this money as a one off event either to you or someone else, please bear in mind that your CA/auditor will ask you the reason for this transfer while the IT return is being filed for this year.

  • #149287
    You can deposit a cheque (even of your own account) in any bank to any other account(even to your own account) in any other bank.
    What you have to take care is the cheque can be deposited only to the account of the payee, whose name is written on the cheque(Pay to.....or bearer).

    For multi city cheques payable at that centre there, in clearing, there is no charge.
    However nowadays you can better transfer the same by NEFT/IMPS. If you have online banking transaction facility in your account, you can do it by yourself. That will save time.Also you can do it any time at your convenience, avoiding going to the bank. On an average the NEFT charge may be Rs 5 for the amount.

  • #149289
    For depositing a cheque of your own account to the account of other you have to use RTGS or NEFT. This is very simple procedure. For doing RTGS, follow the following method:
    1. Take a for RTGS from the bank (SBI)
    2. Fill the form with your name, a/c number, amount, a/c number of beneficial, the name of beneficial, IFSC code of UBI bank, etc.
    3. Provide a cheque for yourselves to SBI.
    4. After 2-3 hours your amount will be deposited into the beneficial account.
    For this method, you have to pay a nominal fee which is only 6.25 INR. Include this charge into the amount of cheque.
    5. If you use a digital method like SBI mobile, net banking or other cash wallets, you can directly transfer these amount to accounts in other banks.
    Hope this will help you.

    Honesty is the best policy.

  • #149294
    One can deposit money by cheque in other own account either in the same bank or different bank. There is absolutely no problem in that.

    Generally banks do not charge for these transactions for small amounts. However above Rs 50000 they start charging from Rs 20 - 50 having a cap at Rs 50.

    Nowadays many people are transferring funds online and cheque usage are decreasing.

    Thoughts exchanged is knowledge gained.

  • #149295
    The answers are as under:-
    (a) You can submit a cheque signed by you from your own Saving Account from a Bank to any other Saving Account maintained in any other Bank.
    (b) Yes, you can write a cheque in favour of any other person. The purpose of the cheque is precisely this-to facilitate the cashless transaction.
    (c) You don't have to pay for a single cheque issued to anybody including yourself. However, an Account-holder has to pay an annual charge for the issue of cheque-books by the bank. The rate varies from bank to bank.

    Beware! I question everything and everybody.

  • #149299
    If you are having saving - bank accounts of two different banks and is interested to clear a cheque to be credited in the bank - account of yours of the different bank, the same can be done. If it is not a out of station - cheque, it will be effected in the same day but the same being out station one, it may take 48 to 72 hours in clearance of the cheque depending upon place.
    The cheque must be crossed at the top of the cheque indicating a/c payee only between the crossed line for the safety purpose.
    You can also write a cheque in favour of an account holder having accounts in a different bank. Clearance - procedure is same as written above.
    Apart from that most of the banks operate NEFT facilities to expedite the money - transfer and it hardly takes a couple of hours to transfer the money from one account to the other with a minor charge depending upon bank to bank.


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