Cash Deposit Machines: How to Use & Benefits

People always seek effective and time-saving methods to manage their banking activities. Cash deposit machines (CDMs) are convenient methods of making instant deposits. These machines are found in most banks due to their friendly nature in assisting customers in depositing their money. Let’s explore more about a CDM machine and get insights on how to use it.

What is a Cash Deposit Machine?

A Cash Deposit Machine (CDM) is a terminal that allows you to make cash deposits directly into your account. It saves you from spending long hours in a bank queue, making your banking experiences faster and more convenient. CDMs are usually located at ATMs and are accessible round the clock. Apart from cash deposits, some CDMs enable payment transactions, providing an all-rounded banking solution. By using a CDM you can have your cash deposited into your account within seconds.

How Does a Cash Deposit Machine Work?

Using a Cash Deposit Machine is easy. You must have your debit card or bank account number with you for this purpose. Your debit card may be swiped into some of these machines, while others require you to enter your account number manually.

How to Deposit Cash in CDM with a Card?

To deposit cash in CDM with a card, follow these steps:

Insert Your Debit Card: Just like withdrawing money, insert your card into the machine
Insert Your PIN: After entering your card, enter your PIN
Enter the deposit amount: The machine will ask you to input the amount of money you wish to deposit
Verify the amount: Verify the amount on the machine
Put in the Currency Notes: Enter the currency notes you wish to deposit into the machine.
Collect confirmation slip: Once done, you will receive a confirmation receipt with details of your successful transaction

How to Deposit Cash in CDM without a Card?

To deposit cash in CDM without a card, follow these steps:

Find a cash deposit machine near me
Input your bank account number into the machine
Choose which language you prefer
Enter and confirm your mobile number
Select "Deposit Cash"
Put currency notes into the designated slot
Allow the machine to count money and process it
Check the deposit amount on the screen
Finalise with confirmation of the total amount.

Step-by-Step Guide: How to Deposit Cash at a Cash Deposit Machine

These are the steps to follow to deposit money at a CDM machine:

Locate the CDM: Find a cash deposit machine (CDM) at any of your bank’s branches or look for a CDM machine near me

Insert Your ATM Card: Insert your ATM/debit card into the card slot provided on the machine and select your desired language.

Enter Your PIN: Input your Personal Identification Number (PIN) so as to verify all information associated with this deposit securely.

Select "Deposit": From the various options provided on-screen, choose “Deposit”.

Follow On-Screen Instructions: Choose the “type of account” and enter the amount you want to deposit. Just follow the instructions on the screen.

Insert Cash: Make sure that cash bills are put in the proper slot or tray in the machine.

Confirm and Complete: Make sure to check the transaction details on display, confirm the deposit sum and, finally, finish it off by confirming.

What are the Advantages of Using an ATM to Deposit Cash?

Cash Deposit Machines (CDM) has many benefits for customers in banking:

Time-saving: CDM is time-preserving as customers don’t have to stand in queue for a long period.

Security: A cash deposit machine (CDM) ensures that people do not expose themselves to the risks involved with handling large amounts of cash while travelling to the bank branch.

Convenience: Since the CDMs are always open, customers can deposit money at their convenience.

Instant credit: When you use a cash deposit machine, the amount will be instantly credited into your bank account and funds are available immediately.

Simplified process: Unlike traditional methods, CDMs do not require deposit slips, making depositing seamless.

What is the Maximum and Minimum Amount That Can be Deposited in a Cash Deposit Machine?

The amount you can put in a cash deposit machine is determined by what your bank’s limit is. Normally, a minimum deposit of Rs. 100 per transaction can be made. While maximum transaction usually ranges around Rs. 49,900 slightly below Rs. 50,000 where extra documentation may be needed due to regulatory purposes.

Cash deposit machines only take currency notes in multiples of Rs. 100 up to Rs. 2,000 denominations, so customers should manage their deposits within the specified range.

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FAQs About Cash Deposit Machine

What is the full form of CDM?

CDM stands for Cash Deposit Machine. This is a kind of self-help terminal provided by banks where people can deposit money without going directly to bank branches.

How do you use a cash machine for the first time?

Insert your debit card into the machine, and you’ll be asked about your PIN. Type it in accurately and then choose the option “Deposit.” Then, enter the amount deposited and put the cash where the ATM allows it. Then, follow the screen’s commands to finalise the transaction.

Can we withdraw money from CDM?

Cash Deposit Machines (CDMs) are used only for depositing money into a bank account and not for withdrawal purposes. If one wants to withdraw they should either go to an Automated Teller Machine (ATM) or visit their respective branch.

Does every ATM accept cash deposits?

Not all ATMs accept cash deposits. Customers should consult their banks or look for ATMs marked as Cash Deposit Machines (CDM) before depositing any money.