- Introduction of UPI Cash Deposit Facility by RBI
New Delhi: Advancements in technology continue to shape daily banking experiences. Recently, the Reserve Bank of India (RBI) introduced a new facility enabling customers to deposit cash through ATMs using the Unified Payments Interface (UPI). This service, known as UPI Interpol Cash Deposit (UPI-ICD), was unveiled by RBI Deputy Governor T. Ravi Shankar. With this development, banks have also adjusted their deposit limits.
Deposit Limits Based on PAN Card Linkage
If your PAN card is linked to your bank account, higher deposit limits apply. However, without PAN linkage, these limits differ, ensuring varied transaction capacities based on compliance.
Automated Deposit Cum Withdrawal Machine (ADWM)
The ADWM, a type of ATM, allows customers to deposit and withdraw money seamlessly. Instead of visiting the bank, customers can deposit cash at their branch’s ADWM in minutes.
Bank-Specific Deposit Limits
Punjab National Bank (PNB) Deposit Limits
Punjab National Bank customers can deposit a maximum of ₹1,00,000 or up to 200 notes per day through the ADWM. If the PAN number is linked to the account, the ₹1 lakh limit applies. Without a PAN link, customers can only deposit up to ₹49,900.
Union Bank of India Deposit Limits
Union Bank customers can deposit up to 200 notes daily via ADWM. The maximum deposit amount is ₹1,00,000 with PAN linkage, while ₹49,999 applies without PAN linkage.
State Bank of India (SBI) Deposit Limits
State Bank of India offers customers the facility to deposit up to ₹49,900 per day using the ADWM. Additionally, customers can deposit up to ₹2 lakh via debit card. This facility also extends to deposits into Public Provident Fund (PPF), Recurring Deposits (RD), and loan accounts.
Restrictions on Denominations for Deposits at SBI ADWM
State Bank customers can deposit up to 200 notes per day through ADWM. The machine accepts denominations of ₹100, ₹200, ₹500, and ₹2,000 but does not accept ₹10, ₹20, and ₹50 notes.
This facility simplifies cash deposits, allowing for quicker, more convenient banking experiences while adapting to the latest technological innovations.
