Transactions by issuing a cheque are one of the most trustable methods to paying a person or making a transaction in business. Every day lot of business and individual transactions are also made through cheques. State Bank of India has raised the non-home cash withdrawal limit for cheques and withdrawal forms so that more money can be taken out of the bank than before.
Customers of the SBI can deposit their cheques issued by business partners or individuals through a Cash Deposit Machine (CDM) on any nearby branch. To deposit a cheque the account holder must keep in mind their account number or ATM debit card details.
How to Deposit a Cheque in SBI Bank through CDM Machine
A Cash Deposit Machine (CDM) is also a Check Collecting machine introduced by the State Bank of India. You must input your cheque and verify your account information like a cash deposit. The following steps give you the process of Cheque Deposit in SBI CDM nearby you.
- Go the any SBI Cash Depost Machine nearby you.
- Insert your SBI ATM Debit Card at the nearest CDM, and verify with PIN.
- Select “Cheque Deposit” option instructed on the CDM screen. Orientation should be displayed on screen.
- Before inserting the Cheque, please check it has no corner or centre folds. If so, straighten it and insert the check.
- After inserting the cheque, the picture will appear on the screen. Confirm the cheque is scanned accurately and click “CONFIRM“.
- You will now receive a Printed copy of receipt of the cheque with the cheque number. Verify the info and exit the CDM.
That’s it, now you have successfully deposited the Cheque through CDM, the bank will process the transaction within three working days.
How to Deposit a Cheque in SBI Bank Branch
The facility processes the cheque just in a day. Customer of SBI who has deposited their cheques in the branch will get deposited money in their account on the same day. The below steps guide you to deposit a cheque in the SBI branch.
- Visit the SBI branch where you have your own account.
- Request for a check deposit slip, and fill with your account number, check number, issuing bank, branch name, etc.
- If the amount is above 50,000, provide your PAN Card number.
- Attach this slip to your Check and deposit it at the counter.
- If the check is valid, the funds will be credited to your account the same day.
SBI Cheque Book Charges
From July 1, SBI BSBD account customers will also get restricted free cheque leaf usage. According to the amended criteria, an SBI BSBD account user may only utilize 10 free cheques in a financial year.
The following 10 cheque book pages will cost Rs.40 plus GST, and the next 25 will cost Rs.75 plus GST, Rs.50 + GST for the first 10 leaves of the emergency cheque book. The restriction on using cheque books does not apply to senior citizens.