OFFICE AUTOMATION – I OFFICE OPERATIONS 4. PAY-IN SLIPS AND DRAFTS (INDIAN AND FOREIGN CURRENCY) A critical part of operating a banking account and doing financial transactions is to deposit money into a bank account. You would be required to deposit money into your own account or into the bank account of other people. Depositing money requires the use of ‘pay-in slips’ at banks. Carrying out financial transactions also requires sending ‘demand drafts’ or ‘bankers cheques’ as a means of payment for many transactions. These financial instruments are a means of guaranteed payment with the added benefit of being more secure than cash payments.
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Objectives After going through this lesson you will know how to identify a pay-in slip and deposit cash or cheques into a bank account using the pay-in slip. You will learn about the various sections of a cheque and of the pay-in slip and the details to fill in these sections. You will also learn how to get a demand draft prepared at a bank by filling in the required form for demand draft. You will know the difference between a Rupee demand draft and a foreign currency demand draft.
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Introduction You would have learnt that the purpose of existence of banks is to enable and financial transactions for personal or business purposes. You would also have learnt that there are different types of accounts that can be opened in a bank, viz. savings and current accounts. The very first or basic transaction that takes place in these accounts is to deposit money into the account. Money can be deposited into the account in the form of currency or cheques. When you deposit the money, the bank must know to which account the money has to be credited to. It also needs to keep a record of the transactions of money deposited for audit and reconciliation purposes.
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