SBI in their recent tweet stated that they have changed the cash deposit rule for the account holder of their branch. It is good news for the account holder. The change is for the cash deposit limit in the non-home branch banks. The cash deposit limit is now removed for the account holder depositing money in the non-home branch which was earlier Rs.25, 000. SBI released this news on Twitter “Good news SBI customers! Now, the upper cap for depositing cash at a non-home branch has been updated”. This cash deposit limit is only lifted for a savings account. The AGR/SME segment account remains the same i.e. Rs. 2 lakhs per day.
Cash Deposit Limit in SBI Savings Account
State bank of India provides seamless cash deposits into your account. You can use the vast network of SBI bank branches to deposit money. But, there are certain cash deposit limits in SBI savings account. You can deposit funds at non-home branches within the limit of Rs.2 Lakhs per day. Earlier, the limit of depositing the funds was Rs.25,000/- which has been increased recently. There are no deposit limits at the home branch of the State Bank of India, you can deposit as many funds as you like.
How to Deposit Cash in your Bank Savings Account?
SBI is one of the largest banks in India. It is a public sector bank and has a presence all over India and few overseas branches too. Recently, SBI launched its overseas branch in Myanmar. With such a huge platform SBI delivers their customer with many options for the transaction of money. SBI has a number of services both online and offline to fulfill huge and diversified customers. For online money transfers SBI has internet banking, mobile app banking, etc. for offline method there is ATM machines, POS machines, etc. For depositing the money there are three ways to deposit money in the Bank Account-
Branch visit
Go to the nearest branch of SBI. Fill the deposit form with all the necessary details makes sure the details are correct. Submit the form along with the cash. The cash will be deposited into your account immediately. The cash submission can be confirmed by updating the passbook.
Cash Deposit Machines (CDM)
CDM machines are a hassle-free way of depositing money. These machines are installed with the ATM Machines. There are two ways via which you can despite money in CDMs-
With ATM/Debit Card-
- Insert your ATM Card in the machine
- Select banking followed by preferred language
- Enter ATM Pin number and select deposit option and then click on cash deposit
- Few guidelines will be displayed. The customer has to follow those guidelines in order to deposit the money.
- After reading the guidelines select confirm
- Choose the account type from displayed option- Savings Account or Current Account
- Now select the denomination and confirm
- The shutter will open in which you have to insert the amount after waiting for few seconds the screen will display the amount. If correct then proceed and select confirm.
- Now you will get a receipt which confirms your transaction.
With Account Number and Mobile Number
- Go to the nearest SBI ATM CDM machine
- Select “Cardless Deposit” and select the preferred language.
- Now select the beneficiary bank
- Enter your 10 digits mobile number twice and press confirm
- Now enter 11 digits A/C number twice and press yes
- Check for the details on the screen and press confirm
- Cash deposit shutter will open, you have to insert the amount in the shutter and press enter after waiting for few seconds the screen will display the amount. If correct then proceed and select confirm.
- Now you will get a receipt which confirms your transaction.
Note- Maximum limit of depositing money using an ATM/Debit Card is Rs.49,990 per transaction.
Green Channel (GCC)
You need a debit card for this. Go to the nearest SBI branch. A PoS machine will be present at the cash counter. Swipe the card and enter the amount and hand over the cash to the assistant present at the counter. He/ she will count the amount and if correct approve your transaction and the amount will be credited to your account.
Note- Maximum limit of depositing the money is Rs.40, 000 per transaction.
FAQ
There are different types of savings bank account available and different type of account have different maximum amount limit. but, generally, most of the accounts do not have any upper limit. For the customers who are depositing their funds at the non-branch then there is a deposit amount limit of Rs. 2 Lakhs.
The customers who are depositing funds using a Debit/ATM card can deposit Rs. 2 lakhs per transaction and if the customer is not using a debit card then the maximum deposit amount limit is Rs.49,990/-
CDM stands for Cash Deposit Machine which you can find at the bank branches. If the customer is using a Debit/ATM card to deposit funds then the maximum amount that he/she can deposit is Rs.2 lakhs but, if the customer is using an A/C number to deposit funds then Rs.49,990/- per transaction can be deposited.
