Remember the days of childhood when a trip to the bank meant enduring long queues, whether to deposit or withdraw money? Going to the bank was the only option back then. But with the advent of technology, banking has transformed drastically. Today, with a smartphone in hand, the bank is right in our pocket. No more hassle of waiting in long lines, and no need for frequent bank visits.
Convenience of Online Transactions:
The rise of online transactions has made banking activities as easy as tapping our fingers. With services like UPI (Unified Payments Interface), managing finances has become even more convenient.
Deposit Money Anywhere, Anytime with
UPI:
Gone are the days of visiting the bank solely to deposit money. Thanks to UPI, now you can deposit money directly into your account within minutes, without stepping foot into a bank branch.
Depositing Money Using Cash Deposit Machines (CDMs):
Long lines outside banks are a thing of the past! Today, we have Cash Deposit Machines (CDMs) that allow us to deposit money without visiting a bank. Previously, a debit card was a must, but now, some CDMs accept deposits even without one.
Withdrawing Money Without a Debit Card:
Remember when a debit card was essential for withdrawing money from an ATM? Forget those days! Now, with UPI, you can withdraw cash from ATMs without needing a debit card. UPI has extended its reach to CDMs as well, making the entire process card-free..
How to Deposit Money Using UPI:
While the facility to deposit money using UPI on CDMs is not yet available, it's in the pipeline. The Reserve Bank of India is actively working on implementing this system. Here's how the process may look like:
1. Visit the CDM:Take your mobile phone and head to the nearest Cash Deposit Machine.
2. Select UPI Deposit Option:On the CDM screen, choose the UPI cash deposit option.
3. Enter Bank Account Details:Enter the bank account number where you want to deposit the money.
4. Scan QR Code:After entering the account number, a QR code will appear on the screen. Open your UPI app and scan the QR code.
5. Deposit Money:Insert the cash into the CDM machine and allow the deposit process to complete.
6. Confirmation:Once the transaction is successful, you'll receive a confirmation message on your mobile phone.
While the UPI deposit feature on CDMs is still in the works, it promises to further simplify banking processes. Stay tuned for updates as we continue to embrace the convenience of digital banking.