What is CDM Charge?

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Do you want to know, what is CDM charge? Let me assist you with the same. The Cash Deposit Machine, often referred to as the Automated Deposit cum Withdrawal Machine (ADWM), is a device that works similarly to an ATM and lets you deposit money into your account without having to first withdraw it. Without going to the branch, you can instantly credit your account using this machine. Your most recent account balance is also provided on the transaction receipt.

What is CDM service charge?

If you deposit cash with a debit card at the CDM, there are no fees or charges associated with the process. It is free to make a cash deposit with a debit card into your card-linked savings account from any CDM, home or away. However, there is a fee of Rs 22 + GST if the deposit is made into a third-party account. Additionally, the fee for any cardless transaction is Rs 22 plus GST.

I hope this clarifies your query about the CDM service charge meaning.

• self-service terminal that doesn't need a bank representative.

• instantaneous bank account credit.

• spend less time by skipping the line and filling out forms.

• get a receipt for your deposit right away.

• there is no need to separate your denominations.

I would like to conclude here as I believe this suffices your query about what is CDM charge.

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The Automated Deposit cum Withdrawal Machine (ADWM), sometimes referred to as the Cash Deposit Machine. It is an ATM that allows you to deposit money straight into your account. The CDM charge in bank is basically a service charge levied by banks when customers use CDMs to deposit cash into their accounts. I have shared more details I know about the CDM charge below.

What is CDM Charge in Bank?

CDMs make banking more convenient by enabling consumers to deposit money without physically visiting a bank. But after a certain amount of free transactions, banks start charging fees. Bank regulations, transaction amounts, and account types are some aspects that affect this charge.

1. Free Transactions Limit: Most banks allow 3 to 5 free cash deposit transactions per month. Beyond the limit, charges apply per transaction.

2. Deposit Amount-Based Charges: Some banks charge based on the amount deposited. Like, Rs.2.50 to 5 per Rs.1,000 deposited after a free limit.

3. Charges for Non-Account Holders: Some banks allow deposits into another person’s account but charge higher fees.

There are no fees or charges involved with using a debit card to make a cash deposit at the CDM. Using a debit card to make a cash deposit is free. I hope you found this helpful.

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What are the SBI DD Cancellation Charges 

CDM Charge means cash deposit machine service charges. If you are using the CDM’s to deposit money to your account, the Bank will charge a CDM fee. For instance, SBI charges around Rs. 25 as the CDM charge. 

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What is CDM in Banking?

SBI has been installing cash deposit machines (CDM) at its numerous branches and other places to streamline the cash deposit procedure, and shorten the long queues for deposits. The CDM is an ATM-like device that lets you deposit money right into your account using an account number or an ATM or debit card. Without going to the branch, you can instantly credit your account using this machine. 

If you are using the CDMs then the Bank will deduct a service charge for the same, which is the CDM charge in Bank.

• Instantaneous deposit of money into your own account

• Easy and quick cash deposit method

• a digital transaction

• For cardless deposits, the per-transaction cap is Rs. 49,900, and for debit card purchases, it is Rs. 2,000,000 (if the account has been granted a PAN number).

• Additionally, you may add money to your PPF, RD, and loan accounts.

• A single transaction can deposit up to 200 currency notes.

• The ADWM only accepts currency in the denominations of 100, 200, 500, and 2000 rupees.

Hope this helps you with CDM Charge means.

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