Depositing cash on a 24x7 mode will not be a miracle but a reality for capital city dwellers. The first-of-its-kind facility in the city with an across the country access, a Cash Deposit Machine (CDM) will start functioning at Axis Bank Ltd at Thiruvananthapuram branch in Pattom from Friday. The machine is installed at the 24-hours service lobby of the bank.
CDM is an alternative channel for banking, enabling round-the-clock business and reducing the time for deposit transactions. The machine accepts up to 200 notes at a time from denomination Rs 50 upward. Multiple deposits could be done to current and savings account of the bank. For the time being, the service will be confined to Axis Bank accounts only, but any account across the country.
At present, a CDM facility is available in a private scheduled bank at Chalai, that too inside the bank hall and during banking hours for depositing amount in the same branch only.
The facility is poised to boost retail business fraternity and also help individual customers in a big way. Cash can be deposited at any point of the day rather than parking at home. The machine would be formally inaugurated on January 4, at 11 am. The main features of the Cash Depoit Machine /Bunch Note Acceptor (BNA) are that the transaction done by the customer does not require any intervention by the branch staff. The customer does not need to fill up time-consuming cash deposit forms. The Cash Depositor has dual menu for card-based or card-less transactions thus also aiding customers who have come on behalf of someone else to deposit cash.
The Cash Depositor accepts only good notes and hence reduces the risks of capturing fake currency. All unfit and suspect notes will be rejected by the machine. The currency accepted by the Cash Depositor will be sorted and stacked in the cassettes inside the Cash Depositor, denomination-wise. All deposits happen on a real-time basis. The machine also has the facility to provide mini statement and account balance for all card-based transactions.