Cash Deposit Machine – An overview and how to use it
While we move towards a cashless economy, we cannot eliminate cash deposits completely. After all, whether it is transferred through online or offline methods, cash is cash, and it is necessary for survival. You can deposit cash by either visiting your nearest bank branch or an ATM that allows cash deposits. This article explains Cash Deposit Machines and how you can use them to deposit cash into your bank account.
A Cash Deposit Machine (CDM) is a self-service machine that enables you to deposit money in your bank account. You can find stand-alone CDMs in an ATM vestibule or use an ATM-cum-cash deposit machine. A slot in the machine automatically counts the money, and your account gets credited instantly.
While using the CDM, you need to input your account number or insert your debit card, and the machine reads and confirms your banking data. The CDM comprises a slot for you to place your currency notes, which it automatically counts. You can check the summary of your total denominations on the CDM screen. If the amount is correct, confirm the same, and the amount will be credited to your bank account.
You can deposit cash in a CDM with or without your ATM-cum-Debit Card.
Like ATMs, you can easily locate your nearest cash deposit machines via your bank's website or through your mobile or internet banking platforms. Using a CDM to deposit cash allows you to:
A CDM, like an ATM, is a time-saving, convenient facility. It proves especially helpful when you wish to deposit large sums between bank hours and holidays. You can deposit money effortlessly using your ATM-cum-debit Card or by simply entering your bank account number. Banks credit funds into your account instantly, and you can withdraw funds as you need.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.