CHENNAI: Many banks are offering Cash Deposit Machine (CDM) service to deposit money without going to the bank. A CDM is similar to a bank's ATM. By using this one can directly deposit money into their bank account. This way you can avoid going to banks, standing in long queues and depositing money. SBI Bank also provides this service. In this post we will look at the service charges charged by SBI for using CDM machine.
There are two ways to deposit money into your SBI savings account. One can go to the bank and deposit money over the counter, or deposit money through (CDM). Only currency notes like Rs.100, Rs.500 and Rs.200 can be deposited in SBI CDMs.
Cash Deposit (Bank France): You can make a free cash deposit three times a month at any SBI bank branch. But for three cash deposits in a month, for each transaction beyond that, SBI charges Rs. 50 and charges GST.
Service Charges: While there is no limit to the amount of deposit you can make in the home branch where you have opened an account, the maximum limit for deposits in other branches per day is Rs. 2 lakhs is Rs. This limit can be increased as the branch manager of each branch has the power to increase the cash deposit amount.
Cash Deposit (CDM): Not all branches of SBI Bank have Cash Deposit Machines. So, are there CDM machines before leaving home to deposit money? Isn't it? Good to know. You can contact any SBI bank branch to know about this.
Service Charges: There is no charge for depositing money using a debit card in CDM. And there is no charge for the amount you deposit using Debit Card at Home Branch or other branches. But if deposit to third party Rs. 22 and GST will be charged. Likewise for cardless transaction Rs. 22 and GST is charged.
Maximum Deposit Limit: The maximum limit for cardless deposit per day is Rs. 49,000.The Maximum limit per day for deposit using debit card is Rs. 2 lakh rupees. For your investments and loan repayments, you can use CDM machines. For example, for investment schemes like PPF accounts, recurring deposits, you can make deposits through this machine. Cash withdrawal facility is also available through CDM machine.
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