Cash Deposit Rules: Now Deposit Cash into Your Bank Account via UPI – A Step-by-Step Guide
UPI Cash Deposit – Now, customers can conveniently deposit cash into their bank accounts using UPI through ATMs and cash deposit machines.
Cash Deposit Rules: If you’re already using UPI for merchant payments, money transfers, or shopping, there’s an exciting new feature on the horizon. Soon, you’ll be able to deposit cash into ATMs via Cash Deposit Machines (CDMs) using UPI. Reserve Bank of India (RBI) Deputy Governor T. Rabi Shankar recently unveiled the UPI Interoperable Cash Deposit (ICD) facility at the Global Fintech Fest (GFF). The beauty of this innovation is that it eliminates the need for an ATM card.
Instead of using traditional ATMs, customers can now use cash recycler machines to deposit money. The National Payments Corporation of India (NPCI) has announced that as banks start rolling out these services, customers will gain access to them. This facility will be made available at bank ATMs and White Label ATM Operators (WLAO).
A New Level of Convenience for Customers
The UPI-based cash deposit facility offers several advantages to customers. Forget about visiting the bank or waiting in long queues at the cash deposit machine. Now, you can effortlessly deposit money at any time. UPI already allows you to withdraw cash from ATMs without needing a card; it’s a simple process that makes cash withdrawal straightforward. The introduction of this new feature will further simplify the use of UPI and bolster the adoption of digital transactions across India.
How to Deposit Money Using UPI
- On the cash deposit machine (CDM) that supports UPI transactions, select the ‘UPI Cash Deposit’ option.
- A QR code will appear on the machine’s screen.
- Open your UPI app on your phone and scan the displayed QR code.
- Place your currency notes into the machine’s vent for counting and validation.
- The deposit amount detected by the CDM will be shown on the UPI app. Verify that the cash matches the amount displayed.
- From the list of UPI-linked accounts, select the bank account where you want to deposit the cash and enter your UPI PIN.
- The cash will be deposited, and you’ll receive a deposit receipt.
