Banks have also launched their own machine in various branches where a customer does not even need to fill a piece of paper. This is more of a digital pattern called as Cash Deposit Machine (CDM). However, for those who are not familiar with cash deposit machine,
can always choose to opt for traditional method at banks. But either be a third party person or yourself, majority of banks levy service charge on the money you put in a bank account.
can always choose to opt for traditional method at banks. But either be a third party person or yourself, majority of banks levy service charge on the money you put in a bank account.
Here’s how you can do a cash deposit using machine!
The method is similar like removing money from an Automated Teller Machine (ATM). Only difference is that in CDM you send cash and not receive. Majority of banks have launched their own CDM either in their branch or in the ATM near it. The procedure differs from bank to bank.
For example, some banks will ask you to insert your debit card and PIN number for authentication. After this, an option like savings or current account will be asked. A box will open once you confirm your account type, add the money you plan to deposit. The machine will then present details of your denomination, if correct then confirm for successful transaction. Make sure to take the receipt as a proof. Deposits can be made in denominations like Rs 100, Rs 200, Rs 500 and Rs 2,000, and in some cases also Rs 50 is allowed.
Second procedure is where you will be asked to feed in details of just your bank account. Visit your banks CDM, select the option of money deposit, you will be asked to add your bank account number. Once added, select confirm and a page displaying your name will be shown. Once confirm that, add the money in the box. After sometime, you will shown the details of denomination and amount value. Select confirm and collect your receipt. Almost immediately you receive the message of credit.
However, to do so, you should also know there are a host of charges levied on carrying CDM transaction. Let’s compare SBI vs ICICI Bank vs PNB.
State Bank of India!
For cash deposit made at machine, then Rs 22 plus GST each is levied on using debit card to third party account, cardless transactions, SME and Business debit card. There are no charges for debit card to card linked account cash deposits.
ICICI Bank!
There are no charges for the first cash deposit of a calendar month at the CDM. Thereafter, Rs 5 per thousand subject to minimum Rs 150 is levied.
Punjab National Bank!
PNBs service charge on CDMs is more cumulative. If CDM used at base branch, then up to Rs 2 lakh cash deposit per day is free. However, if above Rs 2 lakh per day, then Rs 1 per thousand is levied. Similarly, CDM used at all branches within the same city other than base branc, Rs 5,000 cash deposit per day is free of cost. But above Rs 5,000 will attract a fee of Re 1 per thousand minimum Rs 25 per transaction.
In case, CDM used at outstation non-base branches, then Rs 5,000 per day is free. While if limit exhausted, then Rs 2 per thousand subject to minimum Rs 25 per transaction will be levied. Hence, remember the above mentioned limit on your cash deposits at machine.
