UPI Cash Deposit – Customers will be able to deposit cash in their bank accounts using UPI through ATMs and cash deposit machines.
Cash Deposited Rules: If you use UPI for merchant payment, money transfer or shopping, then now a new facility is going to come for you. Soon it will also be possible to deposit cash in ATM through Cash Deposit Machine (CDM) using UPI. Reserve Bank of India (RBI) Deputy Governor T. Rabi Shankar has launched the UPI Interoperable Cash Deposit (ICD) facility at the Global Fintech Fest (GFF). The specialty of this new facility is that customers will not need an ATM card for this.
Instead of ATMs, customers will be able to deposit cash using cash recycler machines. The National Payments Corporation of India (NPCI) says that as banks start these facilities, customers will be able to take advantage of it. According to NPCI, this facility will be available at ATMs of banks and White Label ATM Operators (WLAO).
Customers will have fun
UPI-based cash deposit facility will give many benefits to customers. They will not need to go to the bank to deposit money or stand in long queues at the cash deposit machine. Customers will be able to go and deposit their money easily at any time. The facility of withdrawing cash from ATM is already available through UPI, for which ATM card is not required. By following a simple process, customers can withdraw cash from ATM without card with the help of UPI. The addition of the new facility will make the use of UPI even easier. Along with this, it will also promote digital transactions in India.
This is how money will be deposited
- In the cash deposit machine (CDM) that supports UPI transactions, the option of ‘UPI Cash Deposit’ has to be selected.
- Now a QR code will appear on the screen of the machine.
- Now the user has to open the UPI app on his phone and scan the QR code that appears on the cash deposit machine.
- To deposit money, currency notes have to be placed inside the vent for counting and acceptance in the machine.
- The deposit amount detected by the CDM will be visible on the UPI app. It has to be verified whether the cash you are depositing matches or not.
- Now from the list of UPI-linked accounts, the bank account in which you want to deposit the cash has to be selected. After this, the UPI PIN has to be entered.
- After this the cash will be deposited and the deposit receipt will be received.
