Cash Deposit Machine: Cash deposits have become much easier. While people use UPI for money transfers, they no longer need to queue up at banks to deposit cash; instead, they use Cash Deposit Machines (CDMs). This has greatly simplified cash deposits, allowing people to deposit cash without visiting a bank branch. It saves time and eliminates the need to wait for the bank to open.
However, it cannot be denied that sometimes, even after depositing cash into the machine, the money does not reflect in the account. This raises concerns about whether customers will get their money back. It is important to know the right course of action in these situations; let us understand it in detail.
Know what to do first.
If the money does not appear in your account after you deposit it in the machine, first keep the transaction receipt safe.
Even if no receipt is generated, there is no need to panic.
Note down the machine’s location, the date, the time, and the amount deposited.
You can also note down the machine number or terminal number displayed on the cash deposit machine.
Next, lodge a complaint via the bank’s customer care, branch, or grievance redressal system.
When filing the complaint, you will receive a reference number; keep it safe.
The bank will then begin recovering your funds.
According to RBI guidelines, such cases may take 5 to 7 days to resolve.
Subsequently, the bank will ensure the money is credited to your account.
What to do if the money does not appear in the bank account
If you have deposited money in the machine but it is not showing up in your bank account, there is no need to worry. Do not attempt to perform another transaction using the same machine. Instead, note down the information displayed on the receipt or the screen. Most importantly, if you receive a call or message about this, do not share details such as your ATM PIN, OTP, or CVV under any circumstances. In fact, banks never ask for this information.