Union Bank of India, Axis Bank, and other bank customers can conveniently deposit cash into ATMs (automated teller machines) using any UPI (Unified Payments Interface) app enabled by Interoperable Cash Deposit (ICD) functionality. This facility simplifies the cash deposit process by eliminating the use of physical debit cards.
The Reserve Bank of India (RBI), in partnership with the National Payments Corporation of India (NPCI), has launched the UPI-ICD amenity. This initiative is poised to transform the cash deposit experience at ATMs.
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What is UPI interoperable cash deposit?
UPI-ICD feature enables customers to deposit cash into their own or any other bank account by using the UPI. As of now, this convenient service is available at select ATMs equipped with advanced cash recycler machines, which support both cash deposits and withdrawals.
This feature eliminates the requirement for a debit card to deposit cash, offering a more convenient and cardless banking experience to customers.
To be sure, you can deposit cash into your bank account using the traditional method of filling in a pay-in slip and handing over the cash to the cashier. Alternatively, you can deposit cash in your ATM machine using your debit card.
But what if don’t carry your debit card often with you and realise you have cash and need to deposit? The UPI-ICD facility ensures that you don’t need to carry your debit card when you go to the bank to deposit cash.
Using UPI-ICD: A step-by-step guide
Step 1: Locate an ATM with a cash recycler machine that supports UPI-ICD.
Step 2: Scan the QR (quick response) code displayed on the ATM screen using your UPI-enabled app. All bank apps are UPI-enabled.
Step 3: Select the ‘cash deposit’ option on the ATM screen to begin the transaction.
Step 4: Enter your mobile number linked to UPI, UPI id or IFSC (Indian Financial System Code) details of the account to authenticate and proceed with the deposit.
Step 5: Enter the amount you wish to deposit and confirm the transaction.
Step 6. Insert the cash into the ATM’s cash deposit slot. The machine will count and verify the notes. Then, the amount will be credited to your chosen bank account in real time.
It’s important to note that your UPI app is updated and supports ICD functionality.
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Banks offering UPI-ICD facility
The UPI-ICD feature is set to be rolled out in a phased manner across various banks and ATMs across the country. Initially, select banks such as Axis Bank and Union Bank of India have begun implementing the new feature. A wider rollout is expected soon.
Benefits of UPI-ICD to customers
UPI-ICD offers a cardless solution, mitigating the risks of debit card loss, theft or related fraud.
Seamless integration with the existing UPI infrastructure ensures that this feature is easily accessible, user-friendly, and conveniently available on familiar UPI apps (platforms).
These transactions are safe because they are encrypted. The facility ensures the highest level of protection for users’ sensitive information amid a growing concern of banking frauds.
