Can You Deposit Cash in SBI CDM for Other Bank Accounts?

Learn how to deposit cash into other bank accounts via SBI Cash Deposit Machines (CDM) using the National Financial Switch network.

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Yes, you can deposit cash into an SBI Cash Deposit Machine (CDM) for credit to accounts held in other banks that participate in the National Financial Switch. Ensure that the other bank is part of this network. It's a convenient way to deposit cash directly into the account without visiting the branch of the other bank. Always keep the transaction slip until the deposit reflects in the account.

FAQs & Answers

  1. Can I deposit cash into any bank account using SBI CDM? You can deposit cash into other bank accounts through SBI CDMs only if the other bank participates in the National Financial Switch network.
  2. What safety measures should I take when using SBI CDM for other bank deposits? Always retain your transaction slip until the amount reflects in the beneficiary account and confirm the other bank is part of the National Financial Switch network.
  3. Does depositing cash through SBI CDM credit instantly to the other bank account? Transactions typically reflect quickly, but it may take some time depending on the bank’s processing times. Retain the receipt for reference.

Watch More

For more insights on convenient banking services, check out our guides on using SBI ATMs for fund transfers and the benefits of the National Financial Switch network in simplifying interbank transactions.

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