Seeing the success of Cardless Cash Deposits, RBI has made a significant decision. Now, you will not need a debit card to deposit money in an ATM. Many banks already offer cardless deposit services, but RBI has taken it a step further by adding the option to deposit money through UPI. Let me explain how you can do it:
How will the money be deposited?
RBI has announced this, but banks have not clarified how it will work yet. Based on the information available, you will see the option of UPI/QR Code on the ATM screen. After scanning it, you will need to enter your bank details. Once you enter the UPI PIN after scanning the QR Code, your banking details will appear on the screen. You’ll be asked to confirm these details. After confirmation, you can deposit cash into the ATM machine. The rest of the process will be the same as a cardless deposit.
What are the benefits?
The date for this facility’s availability hasn’t been announced yet. However, its benefits are significant. If you use this facility, you won’t have to wait for the bank’s operating hours to deposit money. You can deposit money anytime you want. RBI recently introduced the option to withdraw money using UPI as well. You don’t need to do anything special to withdraw money using UPI; it’s a simple process.
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