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The easiest way to safeguard your hard-earned cash is to deposit it in your bank account. Not only do banks offer security measures that keep your money safe, but you can also avail of other benefits like additional income and special offers. With modern banking making headway, you can deposit your money in banks through various methods. Find out the different ways how to deposit money in bank in this article.
Depositing cash into your bank account doesn't have to be a hassle. Whether you prefer to visit your local branch, use an CDM, or take advantage of digital tools, the process is straightforward and convenient. In this article, we'll cover the different ways to deposit cash, so you can choose what works best for you, no matter where you are or how busy your schedule gets.
The traditional way to deposit cash in a bank is to take it over to a brick-and-mortar bank physically. You can take the money to your bank branch and deposit it in your Current or Savings Account with utmost ease. Not only will you earn extra income per the applicable interest rates but making such cash deposits does not involve any costs. Plus, you can easily access the funds deposited at any time – for bill payments, everyday expenses, shopping, and more.
For cash or cheque deposits, you need to submit a deposit slip provided at the bank. You have to fill out this slip by providing your name and account number. You must also mention the amount you wish to deposit on the slip. A deposit slip helps you deposit funds in a bank through cash or cheque.
Another way how to deposit money in banks is at CDM (Cash Deposit machine) vestibules. This electronic machine allows you to deposit cash without having to rely on a teller. However, not every ATM of your bank may have a cash depositing machine, so you must check for one with this facility. You only need your ATM-cum-Debit Card and PIN to deposit cash. Simply select the bank account type and number, insert the amount in a slab in the machine and collect the proof of transaction receipt. Unlike cash withdrawals, wherein you can use other bank CDMs, you may make cash deposits only at your own bank CDMs.
You can also deposit money into a bank through various online fund transfer methods. You can opt for payments systems like RTGS, NEFT, and IMPS to deposit money into a bank account. While IMPS enables instant credits into beneficiary accounts, it takes up to 30 minutes to transfer funds via NEFT and RTGS. You need to activate net banking for online fund transfers.
These days, you can also deposit funds in your bank account using third-party payment portals like digital wallets. UPI, etc. Through these methods, fund transfers take place via mobile applications and the money is directly credited into your bank account linked to the number registered with the UPI and bank.
Depositing cash in an CDM is simple and efficient way to deposit funds to your account. Most CRMs are equipped with cash deposit functionality. To deposit cash into your bank account via CDM, all you need is your ATM-cum-debit card and your PIN.
Once you're at the right machine, simply insert the money and follow the on-screen instructions. You'll get a confirmation receipt, and your money will be deposited into your account.
Whether you’ve forgotten your card or prefer not to use it, you can still deposit cash at an CDM without a card. No worries!
Some CDMs now offer cash deposit machines that allow you to deposit money directly using just your mobile number or bank account number. Just follow the on-screen prompts, scan any verification (like an OTP), and insert your cash. The funds will be credited to your account almost immediately.
Next time you need to make a cash deposit into your bank but don’t have your ATM card, just find the nearest CDM to deposit cash without the hassle of a card.
Read About this in Detail:- How to Deposit Money in CDM
Today, banks provide internet and mobile banking services that make depositing money in your bank account easy and hassle-free. With so many methods of how to deposit money in cash, you can choose your preferred method based on the fund transfer amount.
