SBI cash deposit charges: If you are a customer of State Bank of India (SBI) then this news is useful for you. Actually, SBI has a rule under which when money is deposited in the customer’s bank account, the charge is also deducted from the customer’s account. This charge is levied when money is deposited through a cash deposit machine.
About Deposit Machine
Cash deposit machine is also known as Automated Deposit cum Withdrawal Machine (ADWM). It is an ATM like machine that allows you to deposit cash directly into your account using ATM cum Debit Card. You can use this machine to deposit cash into your account instantly without visiting the branch.
What is the deposit limit
The per transaction limit for cardless deposits is Rs 49,900/- and Rs 2 lakh can be deposited through debit card. However, it is necessary to have a PAN number registered with the bank account. You can also deposit cash in your PPF, RD and loan accounts. There is a facility to deposit up to 200 currency notes in a single transaction. This machine accepts Rs 100, 200, 500. Torn notes are not accepted in this machine. Cash should not be folded. No coin should be kept in the cash slot. Pins, tape, thread, rubber bands etc. should not be attached to the cash, otherwise the machine will not work.
Deposit method and charges
Through Debit Card (Third Party Account), the charge is Rs 22 + GST . For cardless transactions, the charge is Rs 22 plus GST. For SME Insta Deposit Card/Business Debit Card, the charge is Rs 22 + GST.
