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In today's digital world, money transactions and management have become very easy. You can transfer and receive money to anyone from your smartphone, and you can manage the account through net banking, in such a situation, if you deposit money from an ATM, then RBI has made the work easy for you, Reserve Bank of India (RBI) has launched a new facility. This facility named UPI Interoperable Cash Deposit (UPI-ICD) allows customers to deposit cash without the need for a debit card. Let's know about it-

What is a UPI-ICD facility?

UPI Interoperable Cash Deposit (UPI-ICD) service enables customers to deposit cash directly through UPI. This eliminates the need for a debit card, allowing deposits to be made using a mobile number or virtual payment address (VPA).

How to use UPI-ICD

Visit ATM: Find an ATM that supports the UPI-ICD facility.

Select Deposit option: Select the cash deposit option on the ATM screen.

Enter details: Enter your UPI-linked mobile number or VPA.

Deposit cash: Insert cash into the ATM's deposit slot.

Completion: The ATM will process the cash and deposit it to the specified account.

Availability of UPI-ICD facility

Currently, UPI-ICD is available only on ATMs equipped with cash recycler technology, which supports both cash deposits and withdrawals. Banks are expected to gradually roll out this facility across all ATMs to extend its benefits to a wider customer base.

Advancing cardless banking

The UPI-ICD facility builds on the cardless cash withdrawal capability introduced in 2023. By making cash deposits as seamless and cardless as cash withdrawals, this new facility is a significant step toward streamlining banking services.