It's usual to use an ATM to withdraw money, but how many of you also use it to deposit money? It's safe to say that a relatively small percentage of consumers use ATMs to deposit cash. While some people are unaware that it is possible to deposit money at an ATM, most people are unaware of how to do it. Cash deposits, however, have grown more practical as Automated Teller Machines (ATMs) have become the norm.
You don't need to go to the bank any longer to deposit money into your account. Rather you can now deposit money immediately. In this post, you'll learn how to deposit your cash into an ATM or CDM.
How to Deposit Money in ATM Machine?
There are some ways how to deposit money in an ATM. We will investigate some of the major ways that can help us in understanding how we can head to an ATM, also known as CDM (Cash Deposit Machine), and submit the money directly into the account, subject to clearing.
Below mentioned are some of the major ways in which you can deposit money.
Depositing Cash in ATM With a Card
There are numerous ATMs open all hours of the day and night, on weekends, and even on holidays. Depending on the machine, the actual steps could change. However, if you are depositing cash at the ATM of your bank, you'll normally follow these instructions and understand how to deposit money in an ATM.
- Put your debit card in and your PIN.
- Choose "Deposit."
- Insert the cash after entering the desired deposit amount.
- Verify the deposit's monetary value. If you want a receipt, the ATM will ask you for one after it has received the money.
- Take your card and receipt.
Depositing Money in an ATM Without a Card
- If by chance you do not have your card, but you need to deposit some cash in the ATM, these are the steps that you would need to follow and understand how to deposit money in the ATM -
- Simply select "Cash deposit without a card."
- Enter the account number you want to deposit money into.
- The account holder's name will appear on the machine.
- Click "Enter" if the displayed name is accurate.
- Click "Continue" after placing the cash in the cash deposit slot.
- Cash will be sorted by machine, and a summary will be displayed.
- Click "Deposit" if the cash summary is correct.
- The money will be transferred, and a receipt will be produced.
Can I Deposit Cash at Any ATM?
Generally, the answer is no, you cannot make deposits at ATMs that are not connected to your bank. This differs from cash withdrawals from ATMs, where you often can do so even if you don't have an account with the bank that owns the ATM (usually for a fee). The Co-op ATM network is used by some credit unions to access shared ATMs.
ATM Deposit Limit
As per the rules set by the Reserve Bank of India, the per-transaction cap is Rs. 49,900 for cardless deposits and Rs. 2,000,000 for debit card transactions (subject to the account ceded with PAN number).
Things to Remember When Depositing Money via ATM
There are a few things that we must keep in mind when we are depositing cash in the ATM. Follow these steps to be safe while depositing your cash-
- You can withdraw money from any bank's ATM network located throughout the nation, but you can only deposit cash into the specified banks, and only at designated cash-deposit kiosks.
- You should be informed of your bank's policies regarding cash deposits, including the maximum amounts that can be deposited with or without an ATM card.
- The website of your bank has a list of ATMs that accept cash deposits.
- Make sure to use ATMs in well-lit places while depositing money.
You may easily deposit cash whenever you want now that you know how to use an ATM. Deposits made at ATMs protect you from any risks related to home money storage. Before beginning the transaction, keep in mind to check your bank's ATM cash deposit limits.
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