The Cash Deposit Machine (CDM), also widely known as the Automated Deposit cum Withdrawal Machine (ADWM), is an ATM that gives you an option to deposit cash directly into your account. My father has done it several times, so I know how it works. The SBI CDM charge has been issued since October 1st, 2015, which means the bank will demand some service charges when you deposit money from CDM.
What is CDM Charge in SBI Bank?
You can look at the table below to get an idea about the CDM charge.
Method of Deposit |
Proposed Charges |
Debit Card (Third Party Account) |
Rs. 22/- + GST |
Cardless Transaction |
Rs. 22/- + GST |
SME Insta Deposit Card/Business Debit Card |
Rs. 22/- + GST |
GRC card |
Rs. 22/- + GST |
My father also mentioned to me some of the salient features of CDM, which I have shared below.
A quick and convenient way to deposit cash without visiting the bank.
A seamless and paperless transaction.
The per transaction limit is Rs. 49,900/- for cardless deposit. Through Debit cards,
The per transaction limit is Rs.49,900/- for Cardless deposit and through Debit Cards, it is Rs. 2,00,000
You can also deposit cash in your PPF, RD and loan accounts
You can deposit up to 200 currency notes in a single transaction
The CDM only accepts denominations of Rs.100, Rs.200, Rs.500, and Rs.2000.
Please note that if your machine displays 'Transaction Declined’, you should refrain from using it again.
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What is CDM Charge in SBI?
Tashmin
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1
8 months
2024-10-24T09:51:16+00:00 2024-10-30T16:13:48+00:00Comment
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