Banks have introduced a new feature called UPI Interoperable Cash Deposit (UPI-ICD) to facilitate cash deposits at ATMs.
With UPI-ICD, you can deposit cash into any bank account using any app. Although this feature is currently available at select ATMs of banks like Axis Bank and Union Bank of India, more banks are expected to offer it soon.
How To use UPI-ICD:
- Locate ATMs with advanced cash recycler machines that support UPI-ICD.
- Open your UPI app and scan the QR code displayed on the ATM screen.
- Enter the amount you wish to deposit and select the beneficiary account.
- Put cash in the deposit slot.
- Verify the details and complete the transaction using the UPI PIN.
Benefits of UPI-ICD:
- Cash is instantly credited to the beneficiary’s account.
- The ATM cash recycler machine verifies the authenticity of deposited notes.
- You can deposit a maximum of Rs. 50,000 per transaction.
- The entire process is digital, eliminating the need for cards or physical slips.
- Like other UPI transactions, UPI-ICD transactions are secure.