State Bank of India Introduces New Feature for Cash Transactions

MUMBAI: In good news for all State Bank of India (SBI) customers, the country's largest lender has launched Automated Deposit and Withdrawal Machine (ADWM) which allows SBI customers to deposit and withdraw cash and avail other important banking facilities too. This facility helps customers avoid long queues and rush at banks to avail pertinent banking facilities.

This is aimed at enhancing customers banking experience and attract more new customers into the already-huge customer base of the public sector bank.

The SBI has launched Automated Deposit and Withdrawal Machine (ADWM) that allows the SBI customers to deposit and withdraw cash from ADWM like an ATM.

SBI's official Twitter account announced the launch of ADWM and tweeted, "Why to stand in a queue when you can avail key banking facilities on an ADWM near you?"

The Automated Deposit and Withdrawal Machine (ADWM) is an ATM-like machine from which customers can deposit cash directly into other customers' accounts using an ATM debit card. Customers can use this machine to deposit money in the account immediately and withdraw cash without visiting any branch of the bank. The use of these machines has increased considerably in present times.

To deposit cash using the Automated Deposit and Withdrawal Machine, a customer has to go to any SBI ADWM. They will have to write the details of the account in which they want to transfer the money, put the money which they want to deposit on the tray, wait for the transaction to get successful. Once the transaction is approved, a 'transaction successful' message will appear on the screen.

SBI's ADWM has quite a few top-notch features, such as Quick and convenient cash deposit and withdrawal transactions, Paperless transaction, Depositing cash in PPF, RD, and loan accounts, Cash deposit and Instant credit into self or third party SBI accounts.

The limit for every transaction is Rs 49,900 for a Cardless deposit and Rs 2 lakhs for the transaction through Debit Cards (subject to account has ceded with PAN number). The ADWM only accepts denominations of Rs 100, Rs 200, Rs 500 & Rs 2000. No charges will be applied for depositing cash in a self-account using the SBI debit card. However, a nominal fee of Rs 22 plus GST for cardless deposit and on cash deposit using SME Insta/Business debit card.

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