What is CDM?
It was the last day to submit semester fees and the university wouldn’t accept cash. I had no balance in my account and there was no time to stand in the long queue and get the Demand Draft made. I had no option. I called my friend and he told me about these CDMs. I went to the nearest bank and found a CDM. Within 5 minutes I had deposited all the cash in my account and it was credited immediately. I made a Net transfer after that. Thanks to this new invention!
The abbreviation CDM stands for Cash Deposit Machine. A Cash Deposit Machine is an ATM like machine which allows the user to deposit money directly into his/her bank account using an ATM cum Debit card. These machines remit cash to user’s account 24*7, even when the bank’s business hours are over.
The filling up of pay-in slips and the time consuming visits over the cash counter can now be escaped. As of now, the Cash Deposit Machines are available free of any fee to all customers but some banks are now planning to levy service charges on these machines. The successful transactions are credited to the user’s account right away and the transaction slip of the confirmed transaction is issued there after.
Cash Deposit Machines are at customers’ service every minute, every hour, all around the year. Customers can deposit cash anytime any day, even on public holidays and Sundays.
Benefits of Cash Deposit Machines
Let us now look at some benefits of Cash Deposit Machines.
- Instant cash deposit and immediate credit of cash in the user’s account.
- In most banks’ Cash Deposit Machines, the transaction limit per day is Rs. 49,900/-
- A Cash Deposit Machine can deposit upto 200 currency notes at once, in a single transaction.
- Now there is no need to fill the deposit slips and to stand in long queues at the bank’s cash counter.
- The Cash Deposit Machines have inbuilt reconnaissance that can easily recognize fake notes and can sort money in to different denominations. Hence, there is no need for the customer to sort and arrange the cash beforehand.
Some other features of Cash Deposit Machines are as follows:
- A user can easily change the ATM PIN at a Cash Deposit Machine.
- A user can also check his/her account balance and the status of cash deposited.
- The facility of mini-statement is also available at the Cash Deposit Machines. A mini-statement gives the user, the information about the last transactions of the account.
How to deposit Cash in a CDM machine?
- The user needs to insert debit card and enter PIN for account validation.
- The account type is then to be selected i.e. is the account a Savings account or a Current
- The user is then required to place the money on the cash deposit slot and press “Continue”.
- Cash Deposit Machine will then sort the cash and show the denomination-wise amount to be credited to the user’s account.
- If the amount displayed is correct, the user id required to click “Deposit”.
- The amount will be deposited and will instantly be credited to the account.
- The transaction slip of the confirmed transaction is issued immediately.
Cash Deposit Machine works around the clock and accepts deposits, sorts and arranges the cash and immediately credits the amount to the account of the user. Now there is no need to stand in the never-ending queues and fill in forms. With the Cash Deposit Machines customers’ cash transactions have become a cakewalk. Haven’t you tried it yet? Then go ahead and experience the revolution in the way you deposit cash.
Happy Banking!
I saw this machine for the first time in Canara bank. The staff members were urging customers to use this machine for depositing money below a certain denomination. It is definitely time saving since the longest queue is found for depositing cash in almost every bank. Till now, these machines are only found in banks unlike ATM machines which are present in every nook and corner. If all banks starts using this machine, the work efficiency will definitely improve (which is what PSBs are currently struggling with to compete with the private banks)
That’s a great suggestion Rijal. I am grateful to you for pointing this out. for sure, The CDMs should be installed at more frequent places, with most ATMs. These machines are of great advantage and extremely efficient. I am sure, in the coming times these will be found everywhere, from malls to markets.
I never knew the cash machine deposits had so many advantages. It is a one stop shop for all your banking needs when you have no time to wait for your token number to be called out. Moreover you can deposit money in a third party’s account anywhere in the world with just a mere account number without having to scribble all their details unlike deposit slip. Better than online banking too as one doesnt need to register a payee to transfer money which takes as much time as it would take to deposit the money in the CDM as we call it.Quick solution to all your deposit related queries!! Amazing revolution in the banking sector!! Much preferred.
Thank you Nirali for such a great comment. I absolutely agree with you. CDM is an amazing invention. Banking has become so convenient with such inventions. You don’t need to manage your time according to the banking hours, now you can deposit money and do much more anytime!
Gone are those days, when one had to stand in long, never-ending queues and scribble all the details on the deposit slips to deposit cash in his own or third party’s account.All thanks to this revolutionary technology in banking sector. Really, never thought that apart from withdrawing money from ATM, one could deposit it in a machine much look alike. Again, our lives become simpler and swifter. bravo!!
CDM’s are a great innovation on the part of banks. It really makes life so easy. For example, you get some money from someone in cash which needs to be deposited in your bank. You can easily do so with the Cash Deposit Machines. With this machine we are actually spared from standing in the long queues outside the banks.
CDMs are actually a revolutionising technology. I just wish they are installed in every nook and corner. Great!
CDM is a unique machine which helps to make depositing money easier than ever. These machines help us to deposit money at any time. These machines are available 24*7 like ATM machines. These machines are very convenient and save a lot of time. Payment of fees, electric bills, EMIs, etc. can be deposited easily within no time. Cash deposit machines indeed make our lives easier.
One day I went to bank to deposit money in an account but unfortunately, Bank employees went for lunch at that time and that deposition was very necessary only on that day. Then I saw some persons were feeding cash in a machine which was just like an atm machine, I went there to see what is going on at that moment what I saw that was a machine by which we can deposit money in any account. There I stranged after seeing that and before I will get late to deposit money I stood in que and deposited money within 2 minutes. Aftrr that one friend told me that it’s a cdm. I used to deposit money by only cdm I like that and I appericiate to the inventer of this machine and also to government to implement that type of machine
I’ve seen these around and never known how people use them or why people use them. Now I know! Make a deposit when the bank isn’t open and you can’t personally see a bank teller.
it also looks like fun!
Useful and practical
All you need is a card and a pin and everyone has those these days. Like online banking, this is available all day every day. I’m so glad to have learned this, for those times I’m in a tight spot hahaha