What is Cash Deposit Machine
Cash Deposit Machine – An overview and how to use it
- A Cash Deposit Machine or CDM is a self-service machine to deposit cash in your bank account.
- You can locate your nearest CDMs conveniently through the website of your bank.
- You can deposit money using your debit card or bank account number.
- An in-built automatic counter within the CDM counts the deposited cash.
- You receive instant credit in your bank account.
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.
What Is Cash Deposit Machine?
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.
How Does a Cash Deposit Machine Work?
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.
How To Deposit Cash in CDM Machine?
You can deposit cash in a CDM with or without your ATM-cum-Debit Card.
How To Deposit Cash in CDM with Card?
- Insert your ATM-cum-Debit Card in the Cash Deposit ATM and enter your PIN.
- Select the option to deposit money and enter the deposit amount.
- Place your cash carefully in the cash deposit slot and click on 'continue'.
- The machine will count the money, and your bank will credit the amount into your account.
How To Deposit Cash in CDM without Card
- Select the option 'Cash Deposit Without Card' on the CDM machine.
- Enter your online bank account number.
- Place your cash carefully in the cash deposit slot and click on continue.
- The machine will automatically count the money, and your bank will credit the amount into your account.
Reasons To Use CDM Machine
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:
- Save time spent on waiting in long queues at the bank.
- Skip the deposit slip filling process.
- Not bother with segregating the denominations.
- Receive instant credit into your bank account.
- Receive your transaction receipt as proof of cash deposit.
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.