With an objective to extend relief to consumers and itself, to simplify the procedure of cash deposits and to lower the long queues, the commercial bank of India– SBI installed and started the cash deposit machines (CDM) function at its several branches and other locations in April 2015.

The largest public sector bank of India – the State Bank of India has a customer base of around 49 crores in 2020 and its branches manage an extensive number of consumers, who reach them to deposit cash every day.

The cash deposit machine (CDM) seems similar to an automated teller machine (ATM) that enables you to deposit the cash directly into your bank account with the help of your debit card or your account number.

You can utilize the machine to deposit your money into your bank account instantly without making a visit in the branch.

Since the term itself, cash deposit machine states that a machine which is made for cash deposit purpose, don’t begin searching the term like SBI CDM near me over the internet because there is more that you need to know and those are definitely beneficial for you. Let’s walkout ahead in the post!

Features of SBI cash deposit machine (CDM)

Following are the features that you can enjoy on using the SBI cash deposit machine (CDM):

• Instant credit into the account

The objective and the feature of the SBI cash deposit machine is to help the users to deposit the cash instantly and extend relief to them from facing the hassles such as taking out time from the schedule, visiting the branch and standing in the long queues. You can perform the cash deposit process by your own by visiting the nearest SBI cash deposit machine to you and the money will get credited instantly in the respective account.

• Fast and comfy method to deposit cash

You will not have to stand in long queues to deposit your money and the process is quite simple that you can easily perform by your own on the machine since the machine will guide you step by step.

• Paperless transaction

When you go to the bank, you are required to fill in the cash deposit slip properly and then submit it to get the credit into the account but you do not require to perform any paper process with cash deposit machine and there are very few details that are demanded by the machine to perform the process of your cash deposit.

• Deposit limit

When you are making the cash deposit with the account number (yes, you can deposit the cash just with an account number in CDM), you can deposit the cash up to Rs. 49,900 per transaction and if you deposit the cash through debit card, you can deposit up to Rs. 2.00 lacs but your PAN should be linked with your bank account.

• Deposit cash in your PPF, RD and loan accounts

Besides your saving or current account, you can also deposit cash in your public provident fund (PPF), recurring deposit (RD) account and loan account.

• Up to 200 currency notes acceptable per transaction

The State Bank of India cash deposit machine accepts up to 200 currency notes per transaction.

• Only denominations of Rs. 100, Rs. 500 and Rs. 2000 are accepted

Before you find the term SBI cash deposit machine near me on the internet, make sure the denominations that you are taking along with you to deposit in your account via cash deposit machine are only of Rs. 100, Rs. 500 and Rs. 2000; other denominations are neglected by the CDM.

Other services of SBI CDM besides cash deposit

Besides depositing the cash via the SBI cash deposit machine, there are also certain other services that you can take from it. Take a look below:

• Cash withdrawal

In addition to the cash deposit, you can also take out cash from your bank account with the help of an SBI CDM.

• PIN change

If you wish to change the ATM PIN, you do not have to visit the bank branch from now onwards, use the SBI cash deposit machine to change your password at constant intervals.

• Balance enquiry

If you wish to know the current balance in your bank account, no need to visit the branch again, visit an SBI CDM near you, swipe your card and you can find the option on the CDM screen to know your balance.

• Check mini bank account statement

You can also know the last 10 transactions performed into your bank account with the help of the SBI cash deposit machine (CDM).

Charges on cash deposit through SBI CDM

Before you go to the near SBI cash deposit machine, you should know the charges that you will be levied on depositing the cash through it:

The bottom line

You can perform the cash deposit via SBI mobile banking, online SBI corporate banking or SBI personal banking but in case, if you do not have these services or don’t know how to do it online or due to any other reason, you are not able to make a cash deposit then with the help of the SBI cash deposit machine you can do so alongside you can also be free from visiting the bank branch and standing in the long queues every time you need to deposit the cash.