Cash Deposited Rules: Now you can deposit cash in your bank account through UPI too, know the step by step process | News India

Cash Deposit Rules: If you use UPI for merchant payment, money transfer or shopping, then 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. National Payments Corporation of India (NPCI) says that as soon as banks start these facilities, customers will be able to avail it. According to NPCI, this facility will be available at ATMs of banks and White Label ATM Operators (WLAO).

Customers will enjoy

UPI based cash deposit facility will provide many benefits to the 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 easily go and deposit their money at any time. The facility of withdrawing cash from ATM through UPI is already available, 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. With the addition of the new facility, the use of UPI will become even easier. Along with this, it will also promote digital transactions in India.

This is how money will be deposited

• In Cash Deposit Machines (CDMs) that support UPI transactions, the option 'UPI Cash Deposit' needs to be selected.
• Now a QR code will appear on the screen of the machine.
• Now the user needs 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 is necessary to verify whether the cash you are depositing matches or not.
• Now, from the list of accounts linked to UPI, you will have to select the bank account in which you want to deposit cash. After this, you will have to enter the UPI PIN.
• After this the cash will be deposited and a deposit receipt will be received.