Depositing cash is a common banking task, but the convenience of using an ATM for this purpose raises questions about flexibility and accessibility. Many people wonder, can we deposit cash in any bank ATM?
This blog will give you the answer of “can we deposit cash in any bank ATM” with the possibilities, processes, and limitations of depositing cash at ATMs, providing a clear guide to help you manage your finances efficiently. Let’s get started!
This Blog Includes:
What is ATM Cash Deposit?
ATMs have transformed banking by offering 24/7 access to essential services, including cash deposits. However, not all ATMs are equipped to accept cash, and the ability to deposit cash in any bank ATM depends on specific factors.
Let’s understand how ATM cash deposits work and whether you can use any ATM for this purpose.
What Are Cash Deposit ATMs?
Cash deposit ATMs, often called Cash Deposit Machines (CDMs) or Automated Deposit-cum-Withdrawal Machines (ADWMs), allow users to deposit cash directly into their bank accounts. These machines are designed to accept cash, validate it, and credit the account instantly or within a short period.
- Functionality: Accepts cash, counts it, and credits the account.
- Availability: Found at bank branches, shopping centers, or standalone kiosks.
- Denominations: Typically accepts INR 100, INR 200, INR 500, and INR 2000 notes.
- Transaction Limits: Varies by bank, often up to INR 49,900 for cardless deposits and INR 2,00,000 for debit card transactions with PAN validation.
Also Read: How to Deposit Cheque in Bank: Bank & ATM and Online Deposit Process
Can We Deposit Cash in Any Bank ATM?
The question can we deposit cash in any bank ATM has a nuanced answer. Traditionally, cash deposits are restricted to ATMs operated by your own bank. However, recent advancements, such as the UPI-Interoperable Cash Deposit (UPI-ICD) service, have introduced new possibilities.
- Own Bank ATMs: Most banks allow cash deposits only at their own ATMs or CDMs.
- Interoperable Cash Deposits: UPI-ICD enables deposits at any UPI-ICD-enabled ATM using a UPI app, regardless of the bank.
- Limitations: Interoperable deposits are limited to participating banks and have a per-transaction cap of INR 50,000.
- Availability: As of 2024, 14 banks support UPI-ICD, with plans to expand to 30,000 ATMs nationwide.
How to Deposit Cash at an ATM
Depositing cash at an ATM is a straightforward process, but it requires careful steps to ensure a secure and successful transaction. This section outlines the standard procedure and highlights variations for interoperable deposits.
Step-by-Step Process for Depositing Cash
Whether using your bank’s ATM or a UPI-ICD-enabled machine, the process involves specific steps. Below is a general guide to depositing cash at an ATM.
| Step | Action |
| 1. Locate the ATM | Find a cash deposit-enabled ATM using your bank’s website or app. For interoperable deposits, look for UPI-ICD-enabled machines. |
| 2. Prepare Cash | Organize cash neatly, ensuring notes are undamaged. Most ATMs accept up to 200 notes per transaction. |
| 3. Initiate Transaction | Insert your debit card and enter your PIN, or select “UPI Cash Deposit” for cardless interoperable deposits. |
| 4. Select Account | Choose the account (savings, current, or other) for the deposit. For UPI-ICD, scan the QR code and select the beneficiary account. |
| 5. Insert Cash | Place cash in the designated slot. Some ATMs require an envelope, while others accept cash directly. |
| 6. Verify Amount | Confirm the amount displayed on the screen after the machine counts the cash. |
| 7. Complete Transaction | Approve the deposit and collect the receipt. For UPI-ICD, authorize the transaction with your UPI PIN. |
Key Considerations for Safe Deposits
Safety and accuracy are critical when depositing cash at an ATM. Follow these tips to avoid issues.
- Check ATM Condition: Ensure the deposit slot is free of obstructions.
- Use Well-Lit ATMs: Choose ATMs in secure, well-lit areas to reduce risks.
- Protect Your PIN: Shield the keypad when entering your PIN.
- Retain Receipts: Keep the transaction receipt until the deposit is credited.
Bank-Specific Cash Deposit Limits
Different banks in India have varying policies for ATM cash deposits, including transaction and daily limits. Below is a table summarizing the limits for key banks.
| Bank | Per Transaction Limit | Daily Limit | Notes |
| State Bank of India (SBI) | INR 49,900 (cardless), INR 2,00,000 (with PAN) | INR 2,00,000 | Accepts INR 100, INR 200, INR 500, INR 2000; max 200 notes. |
| HDFC Bank | INR 25,000 (savings), INR 1,00,000 (card-based) | INR 2,00,000 | Only for HDFC accounts; max 200 notes. |
| Punjab National Bank (PNB) | INR 49,900 (no PAN), INR 1,00,000 (with PAN) | Not specified | For PNB accounts only; max 200 notes. |
| Union Bank of India | INR 49,999 (no PAN), INR 1,00,000 (with PAN) | INR 2,00,000 | Accepts INR 50, INR 100, INR 500, INR 2000. |
| Bank of Baroda | INR 49,900 (cardless), INR 2,00,000 (with PAN) | INR 2,00,000 | Available at cash recycler machines. |
Income Tax Regulations for Cash Deposits
Large cash deposits may attract scrutiny from the Income Tax Department. Be aware of these regulations to ensure compliance.
- Reporting Threshold: Deposits exceeding INR 10,00,000 in a financial year are reported to the Income Tax Department.
- PAN Requirement: Deposits above INR 50,000 require PAN details.
- Section 269ST: Receiving INR 2,00,000 or more in cash per transaction or year may incur penalties.
Also Read: What is Endorsement in Banking: Types, Process & Importance
Advantages of ATM Cash Deposits
ATM cash deposits provide several benefits, making them a popular choice for quick transactions. Here are some:
- 24/7 Accessibility: Deposit cash anytime, even outside banking hours.
- Instant Credit: Funds are often credited immediately or within one business day.
- No Branch Visits: Avoid long queues and save time.
- UPI-ICD Flexibility: Deposit cash into any bank account using UPI-enabled ATMs.
Challenges with ATM Cash Deposits
Despite the convenience, there are limitations and risks associated with ATM cash deposits. Here are the key challenges with ATM cash deposits:
- Limited ATM Availability: Not all ATMs support cash deposits, and UPI-ICD is not yet widespread.
- Transaction Limits: Caps on per-transaction and daily deposits may restrict large deposits.
- Security Risks: Using ATMs in poorly lit or remote areas can pose safety concerns.
- Technical Issues: Machine errors or counterfeit note detection may disrupt transactions.
The question can we deposit cash in any bank ATM is increasingly relevant as banking technology advances. While traditional cash deposits are limited to your bank’s ATMs, the UPI-ICD service allows deposits at any UPI-enabled ATM, offering greater flexibility.
By understanding the process, bank-specific limits, and safety measures, you can make secure and efficient cash deposits.
FAQs on Depositing Cash in Any Bank ATM
You can deposit cash in your own bank’s ATMs or Cash Deposit Machines (CDMs). Additionally, UPI-Interoperable Cash Deposit (UPI-ICD) allows deposits at any UPI-ICD-enabled ATM using a UPI app, regardless of the bank.
A UPI-ICD ATM is an ATM that supports interoperable cash deposits, allowing users to deposit cash into any bank account using a UPI app, provided the ATM is enabled for this service.
Limits vary by bank. For example, SBI allows up to INR 49,900 for cardless deposits and INR 2,00,000 with PAN validation per transaction. UPI-ICD deposits are capped at INR 50,000 per transaction.
No, only specific ATMs, such as Cash Deposit Machines (CDMs) or Automated Deposit-cum-Withdrawal Machines (ADWMs), are equipped to accept cash deposits.
Most ATMs accept INR 100, INR 200, INR 500, and INR 2000 notes. Some banks, like Union Bank, also accept INR 50 notes. Check your bank’s policy for details.
Yes, if you use a trusted, well-lit ATM and protect your PIN. Always retain the transaction receipt until the deposit is credited to your account.
Not always. Cardless deposits are possible at some bank ATMs (up to INR 49,900) or through UPI-ICD-enabled ATMs using a UPI app.
Deposits exceeding INR 10,00,000 in a financial year are reported to the Income Tax Department. Deposits above INR 50,000 require PAN details to comply with regulations.
Most deposits are credited instantly or within one business day, depending on the bank and ATM type.
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