State Bank of India has the most prominent banking customer base in the country. But, unfortunately, it means longer lines at the cash counter to deposit money, and the bank hears your complaint. To deal with these issues, SBI has installed Cash Deposit Machines(CDM) across the country. In this article, you will learn about how to find one near you? And the benefits of an SBI CDM.
The unique features of SBI CDM
- Unlike an average CMD in SBI, one customer can deposit money in CDM and use it as an ATM.
- You can link the YONO cash functionality and withdraw up to RS 20,000 completely cardless.
- You can even generate a green pin through the CDM provided by SBI.
SBI Cash Deposit Machine Near Me
Steps to find SBI Cash Deposit Machine(CDM) Near Me:
- Step 1: Visit SBI Official Website.
- Step 2: Scroll down the footer(base of the website) and click on important links.
- Step 3: Find the CDM locator on the website.
- Step 4: Select the ‘View CDM locations‘ option.
- Step 5: You will enter the SBI Finder page(Powered by MapMyIndia).
- Step 6: Check on the Cash Recycler(SBI term for CDM).
- Step 7: You can either find Cash recyclers by writing your address or clicking on the current location button located on the map.
Note- If the location functionality is not working on the desktop, try on the mobile version.
Direct link for SBI Bank CDM Locator: LINK
SBI CDM Deposit Limit
You can only deposit Rs 49,990 (Cardless) and 2,00,000(with a debit card) in a single transaction.
Note- You have to have your account connected with the PAN card to make the 2 lac deposit.
Head down to your nearest Cash Recyclers and start depositing your money today.
SBI CDM Charges
There will be no charges for the CDM if the deposit is made using the debit card linked with the bank account. CDM charges of ₹22 + GST are applicable if the customer deposits the cash in the third-party account. CDM charges ₹22 + GST are also applicable if the customer is doing the transactions without SME Insta Deposits or GRC cards.
Frequently Asked Questions
Why should I use CDM over going to my home branch?
If you deposit money into your SBI Home branch more than three times a month, you will be charged Rs 50. There is no charge in a CDM, as long as you’re using your debit card and not depositing in a third-party account.
If my PAN card is not updated in an SBI account, how much can I deposit?
49,950 is the amount that is permitted according to the latest Reserve Bank of India(RBI) guidelines.
What are the CDM chargers for SBI?
Rs. 22+ GST for both Cardless and Third-Party deposits.