Cash Deposit By UPI: Gone are the days of waiting in long lines at the bank for depositing or withdrawing money. Thanks to technology, with smartphones, the bank is in our pocket. No more hassle of long queues or frequent visits to the bank.
Cash Deposit By UPI: Now, even without a debit card, money can be deposited at the ATM.
Remember those long lines outside the bank? That era is gone now! Today, we have machines like CDM (Cash Deposit Machine). With the help of these machines, you can deposit money into your account without even going to the bank.
Earlier, it was necessary to have a debit card. But now, there are some CDMs where you can deposit money even without a debit card.
Yes, you can withdraw money from an ATM even without a debit card.
Remember those days when you needed a debit card to withdraw money from an ATM? Forget those moments. Today, with innovations like UPI, the meaning of ATMs has evolved. Until some time ago, ATMs were only associated with withdrawing money using debit cards. But now, UPI has also made its mark here. Just like at an ATM, UPI can now be used on CDMs as well. In other words, forget about the debit card!
If you have a mobile phone with UPI enabled, you can deposit money into your bank account within minutes by visiting a CDM.
Cash Deposit By UPI – How to deposit money?
As we mentioned, the facility to deposit money through UPI on CDMs has not been started yet. But it will be available soon. The Reserve Bank of India is working towards implementing this system.
This means that in the near future, you will have the option of UPI on CDM machines. However, for now, you will have to wait a bit. Although, we can speculate how this might be.
- Bring your mobile phone to the cash deposit machine.
- Select the UPI Cash Deposit option on the machine’s screen.
- Enter the recipient’s bank account number.
- Scan the QR code displayed on the machine’s screen using your UPI app.
- Deposit the cash into the CDM.
- Await confirmation of the deposit via a message on your mobile.
- Note that the UPI deposit feature on CDMs is currently undergoing system updates.
- The Reserve Bank of India (RBI) has not yet provided clarity on the procedure for depositing money via UPI on CDMs.
- The feature is not yet available, but a decision is expected soon.
- Patience may be required until further updates are announced.
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