Cash Deposit Machine is a self-service machine. With this machine, you can deposit cash and make payment transactions by cash. You can avoid the long queues at banks and visit the nearest ATM center and to deposit cash in your account or make payment to someone. The greatest advantage of this machine is you can deposit cash at any time at your convenience round the clock.
Not only in the ATM centers you will find Cash deposit machines in the banks as well. During the bank business hours, you can use these machines and avoid waiting time and the long queues, the teller assists in depositing your money.
How Cash Deposit Machines work?
Cash Deposit Machines (CDM) are easy to operate as just need to have Debit card or bank account number. There are different types of machines, some provide the facility of swiping your debit card for making transactions while others provide facility to manually enter your bank account number.
- Once you enter your debit card or account number the CDM will automatically prompt you to enter the PIN.
- The next step will be to deposit the currency notes. The system will prompt you to deposit money, you have to select the account to which you want to deposit money.
- Once the deposit machine prompts you to deposit money you have to deposit the currency. You have to confirm the amount that you have deposited. You will receive a confirmation slip of the transaction.
Click here for Cash flow statement
How to deposit money using a Debit Card?
There are two ways to deposit your cash into a cash deposit machine. The one way to deposit cash is through a card and another way is to deposit without a card. The process of depositing money with the card is similar to withdrawing cash from an ATM withdrawal machine using a debit card.
To deposit money with the debit card,
- You have to insert your debit card in the cash deposit machine.
- The machine will ask you to enter the PIN number.
- Once you have entered the correct PIN number it will prompt you to enter the amount that you want to deposit in account.
- A confirmation message is sent to the depositor mobile number and also confirmation slip is issued by the machine. The slip will include the details of amounts deposited by the user.
How much Cash can be deposited in CDM?
In a cash deposit machine, you can deposit fifty notes at a time and then select the add more cash option on the screen. It will allow you to deposit more cash but the maximum notes limit is 150 notes per transaction. Per day you can deposit up to AED 200,000 or per account. This limit would depend on the bank. The cash deposits can be in denominations of above AED 5. According to the card specifications and card types, the limit may vary. The bank may provide you with the exact amount of deposit limit.
Click here for All about mobile banking in the UAE
How to deposit cash without using a Debit Card?
To deposit money without a debit card, you have to select the enter key on the keypad and then select the deposit option on the screen. You have to follow the steps until the transaction is complete.
- Look for option deposits without cards on the cash deposit machine.
- Select the option on the machine and it will ask you to enter your bank account number.
- After you give your bank account number it will automatically ask you to enter currency notes you want to deposit.
- The deposit slot opens and you have to put currency notes in the slot.
- It will prompt you to confirm the amount you entered on the machine. A message will prompt on the screen with the denominations of currency you entered.
- Check and confirm the message on the screen. You will receive a confirmation slip from the machine and your transaction is completed.
Using a cash deposit machine you can also transfer money to other account holders. Follow the same steps and enter the account number of the receiver. Some banks also ask to enter phone numbers.
Advantages of Cash Deposit Machine
- You need not stand in the queue and fill forms to deposit the cash.
- A Cash Deposit machine provides a facility to deposit cash without visiting your bank.
- Get instant credit when you deposit your cash.
- 24/7 cash deposit facility.
- Cash Deposit Machine are self service machines
- With a cash deposit machine, you can pay money instantly to anyone.
- You can reduce the burden of segregating the denomination when you deposit the cash
- You can save your time using cash deposit machines.
- It does not require any bank official to operate the machine
- It provides a hassle-free deposit system
- Provides instant receipt for the deposit you make into account
- Deposit cash even on holidays
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.