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How do I set up direct deposit with a retail bank?

Curious about Retail or consumer banking

How do I set up direct deposit with a retail bank?

To set up direct deposit with a retail bank in India, follow these steps:

1. Obtain Your Employer's Direct Deposit Form: Contact your employer's human resources or payroll department to obtain the direct deposit form. This form will typically require your bank account details, such as the bank's name, branch address, account number, and the Indian Financial System Code (IFSC) of the branch.

2. Provide Your Bank Account Information: Fill out the direct deposit form with accurate and complete information. Ensure that you provide the correct bank account details, including the account holder's name, account number, branch details, and IFSC code. Doublecheck the information for accuracy.

3. Submit the Direct Deposit Form: Return the completed direct deposit form to your employer's human resources or payroll department. They will process the form and initiate the direct deposit setup with your bank.

4. Verify Direct Deposit Setup: Once your employer sets up the direct deposit, they will typically conduct a test transaction to ensure that the funds are being deposited correctly into your bank account. You should receive a deposit notification or check your account statement to confirm that the direct deposit is functioning properly.

It's important to note that the specific process for setting up direct deposit may vary depending on your employer and the retail bank you have an account with. Some employers may have their own online portals or systems for direct deposit setup. In such cases, they may require you to provide your bank account details through their system rather than using a physical form. It's best to consult with your employer's payroll department or your retail bank for specific instructions and any additional requirements related to setting up direct deposit.

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