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.
When it comes to depositing cash, however, many people still prefer to go to the bank. Long lines, complicated paperwork, and stringent time constraints can make the experience unpleasant. A Cash Deposit Machine, on the other hand, is a superior technique to deposit money that makes life easy for the customer.
The purpose of this article is to explain how to use a CDM machine. What are the CDM rules and regulations? How may CDM be used most effectively?
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 deposit 24 hours a day, 365 days a year.
- It’s a self-service facility, which means you have unlimited control and independence.
- Automatic deposit slips eliminate the need to manually fill one out.
- With little to no latency or delay, you’ll get instant credit.
- There’s no need for you to figure out and fill in the denominations.
- Bank holidays are not a problem.
How To Deposit Cash In Cash Deposit Machine?
Cash deposits in a CDM are straightforward and convenient. Here’s a step-by-step guide on getting started with the procedure.
Step 1: Find the closest CDM machine in your area.
Step 2: To gain access, insert your Debit Card into the machine and enter your four-digit PIN code. (This is similar to an ATM machine.) You can even make a cash deposit without a card by entering your account number.
Step 3: From the menu, select Deposit cash and then your Account type (Savings/Current). For your public provident fund (PPF), recurring security deposits (RD), and loan accounts, you can use the CDM functionality.
Step 5: Insert your money into the deposit slot and make sure it hits the machine’s rear to avoid any problems. The procedure is still being started by the press.
Step 6: The machine counts your money and provides you the total amount once you enter the denominations.
Step 7: Double-check the statistics before pressing the confirm button to complete the transaction. The money should be credited to your account and you should receive a notice on your registered cellphone number.
Step 8: The machine will print a deposit slip with all of your transaction’s details.
Thank you for making your first Cash Deposit in a CDM! The procedure is generally the same across the board, with slight differences 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
There are strict limits on CDM deposits in a single day, according to the latest Reserve Bank of India guidelines. It is possible to deposit Rs 49,900 without using a debit card. You can put up to Rs 2 lakh in an account to make card deposits.
Important Note: If your account does not have PAN card verification, you will not be able to utilize the service. For a single transaction, you cannot put more than 200 bills in the machine.
Cash Deposit Machine Complaint
Cash Deposit Machine problems can be frustrating, but there’s nothing to be concerned about. There are simple approaches of coping with the problems.
- Request assistance from your bank’s branch manager in an official letter. Don’t know where to begin? If your deposit becomes stuck, you can refer to the sample letter. By simply changing the format, the format can be used for other grievances.
Branch Manager, Location:
Money Is Locked in a CDM Complaint
I was putting __________ Rupees in the nearest cash deposit machine on ______________(date) between 5:00 and 5:30 pm when it became stopped due to a technical problem with the CDM machine. __________(area) is where the CDM is located.
As a result of this stumbling block, I’d need my money credited to my account right now. These are my banking information:
2. You can contact the bank right away by calling their toll-free lines or sending an email to their official support address.
In general, CDM machines are exceedingly dependable, with very little probability of failure.
Find Cash Deposit Machine Near Me
You can find a CDM location in one of two ways:-
1)Type Cash Deposit Machines near me into Google Maps to locate CDMs.
2) Look for CDMs on your bank’s official website.
These are some links to CDM locators for Banks:
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
For you, the customer, a Cash Deposit Machine makes life easier and more convenient. CDM is especially advantageous to small business owners and self-employed individuals who rely largely on cash.
They give you the freedom to deposit money wherever you want, whenever you want. CDMs can be the most secure way to deposit money without exposing yourself to the Covid-19.