Cash deposit machines, also known as CDMs, have been around for a while now. They provide a convenient way to deposit cash into your bank account without having to go inside a bank branch. Traditionally, you would need your debit card to use a CDM. However, with the Reserve Bank of India (RBI) announcing a new UPI feature, you can now deposit cash into your bank account using UPI at ATMs.
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Benefits of Depositing Cash through UPI at ATMs
महत्वपूर्ण बिन्दू
- Convenience: This new feature eliminates the need to carry around your debit card. With UPI, all you need is your UPI PIN and your smartphone.
- Security: UPI transactions are known for their security. You will need to authorize the transaction with your UPI PIN before the cash is deposited into your account.
- Time-saving: Because you don’t need your debit card, this method could potentially be quicker than using the traditional debit card method, especially if you forget your card or PIN.
How to Deposit Cash in an ATM through UPI
- Go to a Cash Deposit Machine: Locate a Cash Deposit Machine (CDM) that has a UPI option. Not all ATMs will have this feature yet, but it is becoming increasingly available.
- Select the UPI Cash Deposit Option: On the ATM screen, select the option for “UPI cardless cash deposit” or something similar.
- Enter the Amount You Want to Deposit: Carefully enter the amount of cash you want to deposit into your account. Be sure to double-check the amount before proceeding.
- Scan the QR Code: The ATM will display a QR code on the screen.
- Open Your UPI App and Scan the QR Code: On your smartphone, open your UPI app and use the scan feature to scan the QR code displayed on the ATM screen.
- Review the Transaction Details: Once you scan the QR code, your UPI app will display the transaction details, including the amount of cash you are depositing and the bank account it will be deposited into.
- Verify and Authorize the Transaction: Carefully review the transaction details to ensure they are accurate. If everything looks correct, authorize the transaction using your UPI PIN.
- Deposit Your Cash: Once you authorize the transaction, a message will appear on the ATM screen instructing you to deposit your cash into the designated slot.
- Cash Verification: The ATM will count the cash that you deposited. If the amount matches the amount you entered earlier, the cash will be deposited into your bank account.
Also Read: How to Block Your SBI ATM Card: A Guide to Blocking Your SBI ATM Card
Things to Keep in Mind
- Availability: As mentioned earlier, this feature is still relatively new and may not be available at all ATMs.
- Limits: There may be limits on the amount of cash you can deposit using UPI at ATMs. Be sure to check with your bank for their specific limits.
- Safety: Always be sure to use a well-lit and safe location when using an ATM. Avoid using ATMs in isolated areas or at night.
With UPI cash deposit at ATMs, depositing cash has become even more convenient and secure. If you are looking for a quick and easy way to deposit cash into your bank account, then using UPI at an ATM is a great option.
Also Read: How to Activate Domestic E-Commerce on Your SBI Debit Card: A Step-by-Step Guide
conclusion
In conclusion, depositing cash through UPI at ATMs offers a modern twist on an existing service. With the convenience of not needing a debit card and the security of UPI PIN authorization, this feature is a welcome addition for anyone who frequently makes cash deposits. While availability is still expanding, UPI cash deposits are poised to become a widely used method for managing your finances. If you’re looking to streamline your banking experience, be sure to check with your bank and see if UPI cash deposits are available at an ATM near you!
FAQs
Is this feature available at all ATMs?
No, this feature is still relatively new and is being rolled out gradually. Check with your bank to see if UPI cash deposit is available at ATMs in your area.
Do I need my debit card to deposit cash using UPI at ATMs?
No, you don’t need your debit card for this method. All you need is your smartphone and your UPI PIN.
Are there any limits on how much cash I can deposit using UPI at ATMs?
Yes, there may be limits on the amount you can deposit. These limits can vary depending on your bank. Be sure to check with your bank for their specific limits.
Is it safe to deposit cash using UPI at ATMs?
UPI transactions are known for their security. Since you need to authorize the transaction with your UPI PIN before the cash is deposited, UPI cash deposit is considered a safe way to deposit cash. However, it’s always recommended to use ATMs in well-lit and safe locations.
