Can We Deposit Money in ICICI Account Using SBI Cash Deposit Machine?

Customers often ask about the versatility of SBI cash deposit machines, particularly in depositing money into an ICICI Bank account. This article aims to demystify the process and clarify the conditions under which such transactions can be made.

Understanding the Current Scenario

As of now, SBI cash deposit machines primarily support cash deposits into accounts within the same bank. This means that you can only use an SBI CDM (Cash Deposit Machine) to deposit cash into an SBI account, regardless of the branch.

Inter-Bank Transactions

For inter-bank transactions, where you want to deposit money into an ICICI account, a different approach is necessary. While SBI CDMs themselves do not directly handle inter-bank transactions, there are alternative methods available:

NEFT (National Electronic Funds Transfer): This is a popular method for transferring funds between different banks in India. Banks typically charge a nominal fee for this service. RTGS (Real Time Gross Settlement): For larger transactions, RTGS is an option. It is faster but comes with a higher transaction fee. IMPS (Immediate Payment Service): This method allows for quick transfers within seconds and is suitable for smaller amounts.

Clarifying Misconceptions

There are several misconceptions surrounding the use of SBI cash deposit machines for inter-bank transactions:

Misconception 1: SBI CDM Supports Inter-Bank Deposits

While it is possible to deposit cash into an ICICI account, it does not happen via the SBI CDM. The machine is designed to handle intra-bank transactions only. For inter-bank deposits, you must use alternative electronic banking methods.

Misconception 2: Account Requirement with SBI

To utilize SBI CDMs, you do not need to have an account with SBI. However, you do require an account with the bank where you wish to deposit cash, or an account with a bank linked to SBI for certain transactions. For ICICI inter-bank deposits, having an ICICI account is mandatory.

Conclusion

While SBI cash deposit machines are a convenient way to deposit cash into your SBI account, they are not designed for inter-bank transactions. If you need to deposit money into an ICICI account, consider using electronic banking options like NEFT, RTGS, or IMPS. For more information, you can follow Sawailal Jangid on Quora, who provides detailed answers and insights.