Machines where we can deposit cash are called as Cash Deposit Machines or just like Automated Teller Machines which helps to deposit cash directly into the machine without much hassle.
This is a convenient way and saves time as of now to deposit. There is also no money that is charged and it saves you the time to deposit across the cash counter in a bank. One can deposit upto Rs 49,900/ per transaction.
Most of the machines work in similar pattern. To make it more simple let us consider the example of SBI deposit machine.
Most banks these days including ICICI Bank and SBI have installed cash depositing machines at many places.
Be Careful when depositing cash at the ATM
It is extremely important to remember that you should exercise caution, when you deposit cash at the ATM machine. Here are steps that you can take:
1) Never share your password
Never share your password with anybody and never pass your ATM Card to any person. This would enable safety at the deposit machine.
2) Be sure that you do not count the cash in front of others.
3) Make sure that you keep your ATM Card safely, though you you can these days deposit money without an ATM Card.
4) Do not forget to take the ATM slip with you. This would serve as a proof that you have deposited the cash at the ATM.
Once you get used to depositing cash initially, it gets easier the next time. Also, make sure that the ATM is in correct working order and report a dispute to the bank immediately.
How to deposit Cash in SBI ATM?
1. Swipe your same SBI card in the machine
2. Select the language
3. Enter the PIN
4. Select Deposit and cash deposit
5. Click on confirm
6. Select type of Account (savings or current)
7. Place the cash in the machine
8. Click Enter
9. The machine may take time to validate the cash
10. Displays the denomination
11. In case if you want to deposit more cash one can choose " Add more option"
12. Place the cash
13. Click on Confirm
One is using the machine to deposit cash, he must change the PIN frequently. One can also check the current available balance in your account.
Keep track of the transactions in your account by availing this service. Mini-statement gives you an insight into the last 10 transactions in your account.
The deposit machine is capable of identifying the fake notes. It also differentiate the rupee denomination. The machine may reject if the notes are crumpled, soiled, defaced, folded or faded.
Why You Should Opt For Depositing Cash Through An ATM?
There are several reasons to deposit money into an ATM. One of the obvious reasons is that you save on time, especially at some of the bank branches in the city, which can be very crowded.
The other reason is that you get an instant message on the amount deposited, which shows the credit to your account.
It's also relatively safe and as good as depositing money through a cashier, because you confirm the deposit only after reading your name on the machine.