Icici bank insta banking cash deposit

Today, you use the Unified Payments System (UPI) to transfer money or to make purchases. Now, there is a new addition to the use case of UPI - you can now even deposit cash in an ATM using UPI as per the RBI's recent announcement.

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Let us look at the details.

Current cash deposit system in India

At present, if you want to deposit the cash in your bank account, there are two options with you:

• At a Bank Branch: This is the traditional method that has been in practice for a long.

  You visit your bank's branch and deposit the cash with a customer representative. You are likely to need a deposit slip, which you can usually obtain at the branch.

• At an ATM: Many ATMs now accept cash deposits. You will have to look for a machine with a deposit slot.
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  Next, you need to provide your debit card and PIN details to deposit the cash.

A new announcement by the RBI

Now, you will have an additional option to deposit cash in your bank account. It is a big development for UPI and will make depositing cash even more convenient.

Soon, you will be able to deposit cash at Cash Deposit Machines (CDM

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