Several banks offer the cash deposit service without even visiting the bank branch. This is possible via Cash Deposit Machine(CDM). The CDM is similar to the ATM of a bank and by using it, one can deposit money directly into the savings account. One can either use the debit card or even make deposit transactions without a card using the CDM. Once the transaction is complete, the receipt provided by the CDM will indicate the updated balance. CDM allows you to avoid standing in a queue at the counter to deposit money in your own account or in a third-party account.
There are two ways to deposit money into your savings account. One can deposit cash on the counter by visiting the bank at the counter or deposit money through the automatic teller machine (CDM). In CDM, up to 200 banknotes of only Rs.100, Rs.500 and Rs. 2000 denominations can be deposited in a single transaction.
The maximum limit for cash deposit: in the case of a transaction without a card, the maximum limit is Rs 49,000 per day, while for cash deposit by debit card, the maximum limit is Rs 2 lakh in one day.
If you have a PPF account or a recurring deposit or even a loan, you can use the CDM to deposit money into these accounts and investments. The CDM can also be used for cash withdrawals similar to ATM and even for other services such as change of card PIN code, balance request, mini statement.
We all use ATMs to withdraw cash from accounts. By swiping the card into the ATM and entering PIN, money will be debited from the account, and you will get the same amount of cash out of the ATM. Have you ever used the cash depositing facility of SBI?
You can't deposit cash in SBI ATM; there is a separate machine which is called as SBI Cash Deposit Machine for depositing cash. Now we can find the SBI cash deposit machine in almost all cities. You can deposit cash in SBI cash deposit machine any time of the day (24 hours). How To Check Your SBI Balance By Missed Call?
Do you know where the SBI cash deposit machine is located in your street? If you don't know the exact location of SBI Cash Deposit Machine, no need to worry. You can locate the SBI CDM online. Open the link of CDM location which is provided by official State Bank of India website. Once you open this link, click on View CDM locations, you will get some terms and conditions of use on your screen read them carefully and click on Proceed. A new window will be shown; there you can locate SBI CDM. You need to enter your city name in the space provided. Under category option select CDM. Then click on search.
Walk into the SBI CDM in your locality with your debit card, the amount of cash which you want to deposit into your account. Insert your debit card into the CDM. From the available options select banking. From the available languages select your preferred language and press the next button. How To Link Aadhaar To Your SBI Account Online?
Enter your ATM PIN number. From the screen select Deposit from the options and then click on Cash Deposit. The CDM will display some guidelines for the depositor which he or she has to follow while using the machine. The depositor can't deposit more than 200 notes at once, and the maximum amount of cash should not exceed Rs 49900. After reading the guidelines select Confirm.
Choose your account type; this can be the savings account or current account. It is important to note that only Rs 100, Rs 500 and Rs 2000 notes can be deposited which are in good condition. When you select the denominations and confirm, the shutter of the machine will open, keep your money inside the shutter. Press enter and then the shutter will close.
The CDM will now check the money. You have to wait for few seconds. After successful validation of your money, you can see the amount of money which you had kept inside the shutter on the screen. If the figures are correct, then select Confirm. Now your transaction is done, you will receive the receipt of this transaction. What Is SBI Pay? How To Send Money Using SBI Pay?
|Type of Deposit||Charges|
|P-segment Debit Card (Card Linked Account)||NIL|
|Debit Card (Third Party Account)||Rs. 22/-+GST|
|Cardless Transaction||Rs. 22/-+GST|
|SME Insta Deposit Card/Business Debit Card||Rs. 22/-+GST|
|GRC card||Rs. 22/-+GST|