Depositing Cash In Bank A/c Using Cash Deposit Machine: Know Charges And Limits

Though the system of depositing cash using cash deposit machines deployed at ATM premises is quiet old, some of you might still not have accessed the facility. For those of you we will first elaborate on the process to deposit cash in machines using the novel machine.

Method of Operating CDM for cash deposits

There is only a minor difference, herein we interested of withdrawing cash are depositing it. And the process varies from kiosk to kiosk (CDM). While some of the machines, need the authentication for the transaction and for this they ask you to insert the card and enter the PIN. And then as a next step, you will be asked whether the account you wish to transact is a savings or a current account. You can now, insert the machine, after recognizing the curreny, the machine will display the denomination, if correct give your confirmation. And here in do remember to collect the receipt as it will come in handy if the amount does not reflect in you bank account for further follow up.

In the second case, you may just be asked of your bank account details, and after the CDM verifies and displays the page showing your name etc. give in your confirmation and deposit the funds in the box. And the amount value deposited with the demonization will be shown, select confirm and collect the receipt.

But, for such deposits, you will have to shell out a fee which differs across banks and also there are limits for the deposits as well which need to be kept in mind. Here we compare the charges :

SBI:

For deposits made using debit card, cardless transaction, SME or business card, a levy of Rs. 22 plus GST for every transaction is imposed while in case of debit card to card linked account cash deposits there are no charges.

ICICI Bank:

For the first deposit in a month there are no charges, but for subsequent trasatcion Rs. 5 per 1000 are charged subject to a minimum of Rs. 150.

PNB:

CDM charges are cumulative here in the sense that if the deposit is made at the base branch then up to Rs. 2 lakh per day deposit is free. For higher amount, Rs. 1 per 100 is levied. And in case it is done at some other branch in the city then up to RS. 5000 per day deposit is free and thereafter the charges are Rs. 1 per 1000 with aminimum transaction cost of Rs. 25.

In case of the outstation branch also up to Rs. 5000 per day deposit entails no cost, but for higher deposit amount Rs. 2 per 1000 subject to minimum Rs 25 per transaction will be levied.

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