Banking as an industry has gone through many transformations since its inception. One can withdraw cash at any moment with complete ease using an ATM. Automated teller machines are a popular banking service enjoyed by a wide range of customers.
However, when it comes to depositing cash, many people still rely on the old-fashioned bank visit. Long queues, cumbersome paperwork, and restrictive timing can make the whole thing quite uncomfortable. However, there is a better way to deposit money which makes life easier for the customer; it’s called a Cash Deposit Machine.
The article will go over how to operate a CDM machine. Rules and regulations around CDM? How to best utilize CDM?
What is Cash Deposit Machine?
Cash Deposit Machine or CDM is an automated machine (similar to an ATM) that helps users make cash deposits into a bank account. With relative ease and convenience, one can use a CDM to deposit into your account or a third party.
Features of Cash Deposit Machine
- You can make a deposit 24×7, 365 days of a year.
- It is a self-service facility which means complete independence and freedom.
- Automated deposit slips, which means one doesn’t have to fill one manually.
- Instant credit with little to no latency or delay.
- No need for you to figure out the denominations and fill them in.
- No worry about bank holidays.
How To Deposit Cash In Cash Deposit Machine?
Depositing cash in a CDM is quite simple and convenient. Here’s a step-by-step guide through the process to help you get started.
Step 1: Locate the nearest CDM machine in your vicinity.
Step 2: Insert your Debit Card into the machine and enter your four-digit PIN code to gain access. (Similar to any ATM machine). You can even make a cardless cash deposit by inputting your account number.
Step 3: Select the Deposit cash option from the menu and choose your Account type- Saving/Current. You can also use the CDM functionality for your public provident fund (PPF), recurring security deposits (RD), and loan accounts.
Step 5: Place your money deposit slot and ensure your money touches the backside of the machine to avoid any issues. Press continues to start the process.
Step 6: The machine counts your deposit and gives you the final figure with the denominations entered.
Step 7: Ensure the figures are correct; hit the confirm button to process the transaction. You should get a notification on your registered mobile number that the money is credited to your account.
Step 8: The machine will print a deposit slip with all the information about your transaction.
Congratulations on making your first Cash Deposit in a CDM! The process is fairly similar across the board, with some minor variations depending on the bank.
Cash Deposit Machine Charges
Cash Deposit Machine has no transaction fees across the board. There is no cost, and the transaction is free if you deposit cash using a debit card at the CDM. However, if the deposit is made into a third-party account there is Rs 22 plus + GST fee that is applied.
Cash Deposit Machine Limit Per Day
According to the latest Reserve Bank of India guidelines, there are strict limits on CDM deposits in a single day. One can deposit Rs 49,900 without the use of a Debit card. For making deposits with a card, you can put up to Rs 2 lakh in an account.
Important Note: Ensure that your account has PAN card verification; otherwise, you wouldn’t be able to use the facility. You cannot put more than 200 banknotes in the machine for a single transaction.
Also Read: Difference Between Interbank and Intra Bank
Cash Deposit Machine Complaint
Issues in a Cash Deposit Machine can be quite troubling, but there’s nothing to worry about. There are easy ways one can go about dealing with the issues.
- Write an official letter to your bank’s branch manager asking for assistance. Not sure how to write one? You can follow the prototype letter in case your deposit gets stuck. One can also use the format for other grievances just by changing up the format.
The Branch Manager, Place:
Sub: Money Stuck in CDM Complaint
On ______________(date) between the time of 5:00-5:30 pm, I was depositing __________ Rs in the nearest cash deposit machine and it got stuck due to a technical problem in CDM machine. The CDM is located at __________(area).
As a result of this impediment, I’m requesting that my deposit be credited immediately into my account. Here are my bank details:
2. You can contact the bank immediately through official helpline numbers or write an email to their official support ID.
In general, CDM machines are extremely reliable, and the chances of them failing are slim to none.
Find Cash Deposit Machine Near Me
There are two ways you can find a CDM location-
1)You can search for CDM’s in Google maps by typing “Cash Deposit Machines near me”.
2)Search for CDM’s on your official bank website.
Here are some links for you to Banks CDM locators:
SBI Cash Deposit Machine Near Me Locator – Link
ICICI Bank Cash Deposit Machine Near Me Locator – Link
HDFC Bank Cash Deposit Machine Near Me Locator – Link
Federal Bank Cash Deposit Machine Near Me Locator – Link
Axis Bank Cash Deposit Machine Near Me Locator – Link
Canara Bank Cash Deposit Machine Near Me Locator – Link
Punjab National Bank Cash Deposit Machine Near Me Locator – Link
Kotak Mahindra Bank Cash Deposit Machine Near Me Locator – Link
South Indian Bank Cash Deposit Machine Near Me Locator – Link
IndusInd Bank Cash Deposit Machine Near Me Locator – Link
Indian Bank Cash Deposit Machine Near Me Locator – Link
A Cash Deposit Machine makes life easier and convenient for you, the customer. For Small business owners and self-employed individuals, that are heavily cash-based CDM is especially beneficial.
They provide you with the flexibility to make deposits wherever and whenever you desire. CDM’s can prove to be the safest route to deposit money without putting yourself at risk of the Covid-19.