A new feature called UPI Interoperable Cash Deposit (UPI-ICD) is changing the way you deposit cash at ATMs. This innovative service allows you to deposit cash into your bank account using any UPI app, eliminating the need for a physical debit card. While initially available at select ATMs of banks like Axis Bank and Union Bank of India, more banks are expected to adopt this service in the near future.
UPI Interoperable Cash Deposit (UPI-ICD) allows you to deposit cash into your bank account using any UPI app, regardless of the bank operating the ATM.
How it Works:
- Locate a Participating ATM: Identify ATMs equipped with advanced cash recycler machines that support UPI-ICD.
- Use Your UPI App: Open your UPI app and scan the QR code displayed on the ATM screen.
- Enter Details: Enter the amount you wish to deposit and select the beneficiary account.
- Deposit Cash: Insert the cash into the ATM's deposit slot.
- Confirm Transaction: Verify the details and complete the transaction using your UPI PIN.
Additional Features:
- Real-time Credit: Funds are credited to the beneficiary account instantly.
- Note Verification: The ATM's cash recycler machine verifies the authenticity of the deposited notes.
- Transaction Limits: There is a limit of Rs. 50,000 per transaction.
- Paperless Transactions: The entire process is digital, eliminating the need for physical slips or paperwork.
Benefits of UPI-ICD:
- Convenience: Deposit cash anytime, anywhere without carrying your debit card.
- Efficiency: Simplify the cash deposit process and save time.
- Security: Enjoy the same level of security as other UPI transactions.
Traditional Methods:
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While UPI-ICD offers a convenient alternative, you can still deposit cash using traditional methods:
- Pay-in Slip: Fill out a pay-in slip and hand over the cash to a bank cashier.
- ATM with Debit Card: Use your debit card to deposit cash at ATMs.
- UPI-ICD provides a flexible and efficient way to deposit cash, especially for those who don't carry their debit cards regularly.