SBI Cash Deposit Machine: Charges, limits, cardless transactions that you can do on CDM – The Financial Express
If you have a PPF account, a recurring deposit or an SBI loan, you can use the cash deposit machine to deposit cash into those accounts and investments.
Several banks are offering the service of depositing cash without even visiting the bank branch. This is possible through Cash Deposit Machine or the CDM. The CDM is similar to the ATM and by using it, one can deposit cash directly into the savings account. One may either use the debit card or even make cardless deposit transactions using the CDM. Once the transaction is completed, the receipt provided by the CDM will show the updated balance. CDM helps one avoid standing in a queue over the teller counter to deposit cash into one’s own or any third party account.
For depositing cash into your SBI savings account, there are two ways. One may deposit cash into the account across the teller counter or else deposit cash through the cash deposit machine (CDM). In the SBI CDMs, up to 200 currency notes of only Rs.100, Rs.500 and Rs. 2,000 denominations can be deposited in a single transaction.
CASH DEPOSIT – BANK BRANCH
Charges: In a bank branch, SBI allows 3 cash deposit transactions in a month free of cost. Beyond 3 transactions in a month, SBI charges Rs 50 plus GST for every such transaction.
Maximum cash deposit limit: While there is no limit on the amount of cash deposit made in a home branch, the maximum limit for cash deposit at a non home branch is Rs 2 lakh per day. The limit, however, can be enhanced as the branch manager of non-home branch is vested with the powers to accept more cash. A home branch is the one where the account has been opened initially and where it stands on the date of the transaction.
CASH DEPOSIT – CDM
Not all branches may have the cash deposit machines and hence its better to know before you leave home to deposit cash in a CDM. You may either call your bank branch or click on the link here to find the SBI cash deposit machine near home. ( app.mapmyindia.com/sbifinder/)
Charges: There is no cost and the transaction is free if you deposit cash using debit card at the CDM. No matter whether it is a home or a non-home branch, it is free to deposit cash using debit card to your card linked savings account from any CDM. However, if the deposit is made into a third-party account, there is a fee of Rs 22 plus GST. Also, for any cardless transaction, the charge is Rs 22 plus GST.
Maximum cash deposit limit : In case of a cardless transaction, the maximum limit is Rs 49,000 in a day, while for cash deposit using debit card, the maximum limit is Rs 2 lakh in a day.
If you have a PPF account or a RD or even a loan, you can use the CDM to deposit cash into those accounts and investments. The CDM may also be used for Cash Withdrawal similar to ATM and even for other services such as PIN change, Balance Enquiry, Mini Statement of Account.
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Source: Financial Express