A Bank Deposit is a sum of money that is placed into a bank for safekeeping. The funds are not available for immediate withdrawal by the depositor. The bank, in turn, gives the depositor a written receipt for the deposit, known as a deposit slip. These receipts are used as proof of deposit and are commonly used as a means to access funds when making a withdrawal from the institution.Bank deposits can be thought of as interest-bearing loans from the bank to the depositor, since the full amount of money deposited is rarely available for withdrawal immediately. The length of time between the deposit and the withdrawal of funds is known as the term. Interest is often paid on bank deposits, especially savings accounts, in order to incentivize people to store their money in the bank's coffers as opposed to keeping it as cash in their homes.The most common method of making a bank deposit is by using cash. Customers may deposit cash at any branch of the bank, or at some automatic teller machines. Some banks place restrictions on the amount that can be deposited in cash, or may charge an additional fee for doing so. Deposits can also be made via check, but this process is far slower and more expensive for both the bank and customer.
