UPI-ICD expands to more banks: Cash deposits easier, no debit card need | Personal Finance

How it Works:

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  Locate a Participating ATM: Identify ATMs equipped with advanced cash recycler machines that support UPI-ICD.
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  Use Your UPI App: Open your UPI app and scan the QR code displayed on the ATM screen.
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  Enter Details: Enter the amount you wish to deposit and select the beneficiary account.
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  Deposit Cash: Insert the cash into the ATM’s deposit slot.
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  Confirm Transaction: Verify the details and complete the transaction using your UPI PIN.

Additional Features:

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  Real-time Credit: Funds are credited to the beneficiary account instantly.
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  Note Verification: The ATM’s cash recycler machine verifies the authenticity of the deposited notes.
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  Transaction Limits: There is a limit of Rs. 50,000 per transaction.
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  Paperless Transactions: The entire process is digital, eliminating the need for physical slips or paperwork.

Benefits of UPI-ICD:

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  Convenience: Deposit cash anytime, anywhere without carrying your debit card.
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  Efficiency: Simplify the cash deposit process and save time.
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  Security: Enjoy the same level of security as other UPI transactions.

Traditional Methods:

While UPI-ICD offers a convenient alternative, you can still deposit cash using traditional methods:

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  Pay-in Slip: Fill out a pay-in slip and hand over the cash to a bank cashier.
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  ATM with Debit Card: Use your debit card to deposit cash at ATMs.
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  UPI-ICD provides a flexible and efficient way to deposit cash, especially for those who don’t carry their debit cards regularly.

First Published: Sep 16 2024 | 1:55 PM IST