We cannot eliminate cash deposits even as we transition to a cashless economy. Cash is still cash, whether it is exchanged online or offline, and it is essential for survival. You can deposit cash by going to the ATM or the branch of your local bank that accepts deposits of cash. To deposit money into your saving account or any other account, you can utilize the Cash Deposit Machines described on this page.
It is a simple process, so don't worry if you're thinking about how to deposit cash in CDM. You have two options for making deposits: your debit card or account number. Put your money in the Cash Deposit Money box, then adhere to the prompts that appear.
It is a simple process, so don't worry if you're thinking about how to deposit cash in CDM. You have two options for making deposits: your debit card or account number. Put your money in the Cash Deposit Money box, then adhere to the prompts that appear.
What is CDM?
You may deposit cash into your bank account using a Cash Deposit Machine (CDM), a self-service device. In an ATM vestibule, you can find standalone CDMs or utilize an ATM-cum-cash deposit machine. Your account is immediately credited when the money is automatically counted in the machine's slot.
How does CDM work?
You must enter your account number or insert your debit card while using the CDM, and the device will read and verify your financial information. You may insert your cash notes in the CDM's slot, and it will count them for you. On the CDM screen, you may get a summary of your total denominations. If you agree that the amount is accurate, your bank account will be credited with the proper amount.
- A self-service machine for depositing cash into your bank account is known as a Cash Deposit Machine, or CDM.
- Through the website of your bank, you may easily find nearest CDMs.
- Your debit card or bank account number can be used to deposit funds.
- The deposited cash is counted by an automated counter that is incorporated into the CDM.
- Your bank account is instantly credited.
Cash Deposit Machines or Automated Deposit-cum-Withdrawal Machines are ATMs that let you deposit money. You may quickly and simply deposit money into your bank accounts using these ATMs. At a few ATM kiosks that offer cash deposit services, you may deposit money at any time of the day or night and obtain instant credit to your bank account.
Both with and without an ATM card, there are two ways to deposit cash into an ATM. The procedures for each sort of transaction are listed below.
How to Deposit Cash in CDM?
- Insert your debit card, then enter your PIN to confirm.
- pick your account type (Saving or Current).
- Click "Continue" after placing the cash in the cash deposit slot.
- The machine will sort the cash and display the amount to be placed per denomination.
- Click "Deposit" if you're sure.
- The amount will be transferred.
- There will be a receipt created.
How to Deposit Cash without a Card in CDM?
- On the CDM machine, choose the "Cash Deposit Without Card" option.
- Enter the number for your online bank account.
- Carefully place your cash in the cash deposit slot, then press the next button.
- Money is automatically counted by the machine, and your bank credits the appropriate amount to your account.
Why use the CDM machine for cash deposits?
Similar to ATMs, you may simply find the closest cash deposit machines by using the website of your bank, your mobile device, or online banking. You can: Use a CDM to deposit cash;
- Save time by avoiding the bank's lengthy lines.
- Skip filling out the deposit slip.
- Don't worry about separating the denominations.
- Instantly receive credit in your bank account.
- As evidence of the cash deposit, receive your transaction receipt.
- Almost all banks in India offers a CDM facility.
How much money can be deposited into a cash deposit machine, both maximally and minimally?
Each bank has a different maximum deposit amount per transaction. However, the lowest and maximum amounts that may be deposited are each Rs. 100 and Rs. 49,900, respectively (or below Rs. 50,000).
All currency notes in multiples of Rs. 100 up to Rs. 2,000 are accepted at the cash deposit machine.
Bunch Note Acceptor (BNA) A bunch note acceptor (BNA) is a machine that accepts currency notes, verifies them, and then immediately deposits the amount to the customer's account. BNA has also been configured as an interoperable cash deposit machine, allowing cardholders from other banks that are NFS members to deposit money to the credit of their own or other accounts using our BNA terminals.
BNAs accept a maximum of 200 notes with a value of Rs. 49999 each and Rs. 100, 500, and 2000 per transaction. Additional funds up to Rs. 100000 can be placed per transaction with PAN card confirmation. Any counterfeit cash is impounded by BNA, and the depositor is not given their money back.
Single Note Acceptor i.e. SNAs insert cash into the machine one note at a time, checking each one for authenticity. The machine offers the opportunity to deposit more notes; if the user chooses to deposit the second batch of notes, the SNA once again accepts the note and checks its authenticity. At the conclusion, the SNA summarizes cash deposits by denomination.
Conclusion
You may easily deposit by typing in your bank account number or using your ATM/debit card. A CDM is a time-saving, practical facility, much like an ATM. It is especially useful if you need to deposit a lot of money outside business hours or on a holiday. Banks promptly deposit money into your account, which you may then withdraw as needed.
