Cheque book is an important book issued by the banker and contains a maximum of 50 cheques serially numbered. Each cheque is divided into two parts called counterfoil and cheque. Cheque is presented to bank for making payment and the counterfoil is retained so as to facilitate accounts. All sorts of payment in excess of Rs. 10,000 must be made through cheques.
Pay-in-slip is a deposit form supplied by the banker. These forms are used to make deposit in the bank. It is also divided into two parts called counterfoil and the main parts. The main portion alongwith amount is accepted by the branch over the counter and the counterfoil with stamp affixed is returned to customers for acknowledgement.