My Experience With SBI Cash Deposit Machine

By Chandrakant Mishra | Published On January 23, 2020

Welcome you with the new information about the Cash Deposit Machine. In this post, I am sharing you my experience with SBI Cash Deposit Machine (CDM) without using the ATM cum Debit card.

Most of you know that you can deposit money through the Cash Deposit Machine using debit card. But there is one more option i.e. deposit without using the debit card.

What is Cardless Deposit

Basically, cardless deposit is for money deposit in others’ accounts. Just get the account number and mobile number of the beneficiary. And you can deposit cash directly in his bank account without using your Debit card.

But I thought I should try to deposit in my account without using the card. So a few days ago I tried it. Now see what happened.

Requirements of the Cardless SBI CDM

Though I have my SBI debit card, but I wanted to deposit cash in my account without using the card. So I visited the SBI CDM at my nearest location. It was a common machine with ATM facility as well. Thus there was also the card slot to do transactions through the ATM cum debit card.

Just I select the Deposit option a message appears on the screen.
It requires the beneficiary mobile number. I enter my mobile number because here I am the beneficiary.
Then it asks the beneficiary account type. I select the savings account option.
Now it says to enter the beneficiary account number. So I enter my SBI account number.

Hence to cardless deposit through SBI CDM, you must have two requirements with you-

The beneficiary’s SBI account number and
His mobile number registered with that account number

Suggested – Best saving Account For Kids in 2020

Receipt before Transaction

As I enter my account number and press on the confirm button, it generates the Pre Transaction Receipt. On the receipt, there are some details like transaction number, my mobile number and last four digits of my account number.

Also, the details display on the screen with my name, account number and mobile number. In addition, it displays the transaction charge detail of ₹25 and Deposit per Transaction Limit of ₹49,900 as well.

Useful Post – How To Find CDM Near Me?

Transaction Charges

This is the main fact, I want to tell you. If you want to use the cardless SBI CDM, you have to pay ₹25 per transaction charge. This charge will be deducted from the amount deposited. For example, if you deposit ₹10,000 the beneficiary will get ₹9,975.

Moreover, you can deposit a maximum of ₹49,900 in a single transaction.

Deposit Process

Now as I verify it, the cash deposit window opens. A message displays on the screen stating that you can deposit the money in denominations of ₹100, ₹500 and ₹2000. It means you can deposit a minimum of ₹100 in a single transaction. Also, you can deposit up to 200 notes at a time.

As I wanted to try only, so I put ₹100. The CDM accepted it and generated the Transaction Receipt. Then a message displays on the screen about a successful transaction. Moreover, I get an SMS of the successful transaction in my mobile.

How To Deposit Money Through SBI CDM

Costly Transaction

As I told you there is a ₹25 per transaction charge. So I get only ₹75 in my account. But firstly, I get ₹100 credited. Then ₹25 get debited from my account. Hence, it is like 25% transaction charge for me. Hahaha… So for the small amount deposit, it is very costly.

But if you have to deposit a big amount then it is not a heavy charge.

Suggestions to You

You can enjoy the cardless cash deposit process through the SBI CDM. As it is very easy to operate, just like to pay someone money in cash form. Hence if you can ignore the transaction charge, you can use this facility whenever you have required. But you must be aware of some facts-

Currency should not be folded or mutilated.
You can not use this facility for the deposit in your account with other banks. SBI CDM is for the SBI account holders only.
Through the CDM, You may deposit in other’s SBI Account if you have not an SBI account.
You should avoid depositing in your account in this way as much as possible.
You must deposit in your account through the Debit card. Because there is a high deposit limit of ₹2 lakh through the card. And no charges of transaction.
If you have not the card at the time of deposit and transaction is necessary, then only try to deposit a big amount.

About Chandrakant Mishra

Chandrakant Mishra is the Founder-Editor of the upipayments.co.in and PlanMoneyTax.Com. He has written more than 600 articles on payments, tax, investment, insurance and saving. He has been associated with the CNBC Aawaz Business Channel as Assistant Editor.

UPI Pay Later in ICICI Bank and HDFC Bank: Activation and Charges

In the past 7 years, UPI has seamlessly integrated into our daily lives, transforming the landscape of payments in India. It's not just about payments; UPI keeps evolving with new features. One of the … [Read More...] about UPI Pay Later in ICICI Bank and HDFC Bank: Activation and Charges

Account Payee Cheque: How to Issue and Encash?

In today's digital age, most individuals possess a bank account equipped with chequebook facilities. However, the use of physical cheques has dwindled resulting in a general lack of familiarity with … [Read More...] about Account Payee Cheque: How to Issue and Encash?

UPI Transaction Limit of Google Pay, SBI, ICICI, HDFC, and 40 other Banks

UPI transactions are quite convenient. But they come with limitations. These limits might become an issue when you need to make a payment urgently. UPI transactions have two types of limits: one … [Read More...] about UPI Transaction Limit of Google Pay, SBI, ICICI, HDFC, and 40 other Banks

Comment Policy:Your words are your own, so be nice and helpful if you can. Please, only use your real name and limit the amount of links submitted in your comment. We accept clean XHTML in comments, but don't overdo it please.

How To Activate Airtel Payment Bank’s Dormant Account

Opening multiple accounts is simple, but maintaining them can be challenging. The same applies to an Airtel Payment bank account that you might have opened a while ago. However, over time, this account may have become dormant or blocked, even though it might still hold some funds. Are you now eager to reactivate or unblock […]

Solution: You have exceeded the maximum transaction limit set by your bank!!

It is not frequent, but sometimes you can encounter the message “You have exceeded the maximum transaction limit set by your bank”. You can also see the message “You have reached the UPI payment limit set by your bank”. It applies a sudden brake on your otherwise smooth UPI Payments. This can happen whether you […]

Phonepe Transaction Limit Per Day: UPI Limit for 93 Banks (Updated 2023)

Do you want to know about the limits of the Phonepe Payments app? You’re in luck! This guide breaks down those limits into simple pieces. Let’s explore PhonePe’s daily transaction limits, understanding what you can and can’t do. Get ready to dive in. Types of Limits on Phonepe There can be various types of limits […]

HDFC Bank: How to Open PPF Account Online

Hey there, curious about how to make your money work for you? Do you want to build some long-term wealth through the HDFC Bank? Well, you’re in luck because there’s this fantastic thing called a PPF or Public Provident Fund that’s perfect for small investors like you. You might be wondering, what’s so great about […]

What is UTR Number? How to Find UTR and Check Status

The full form of the UTR number is the Unique Transaction Reference number. When you send money between banks, each transaction gets a unique UTR number.

Updated Interest Rates for Small Saving Schemes in India: July 2023

Small Saving Schemes in India are instrumental in encouraging savings and offering secure investment avenues to individuals across the country. As we step into the second quarter of the financial year 2023-24, the government has announced revised interest rates for these schemes. In this blog post, we provide a detailed overview of the revised interest […]