As the usage of SBI Cash Deposit Machines is on the increase, to eliminate the risk of fraudulent withdrawals, an exclusive Insta Deposit Card has been introduced. Only deposits will be allowed through this card, no withdrawals will be allowed. This is a major boon, as the card and associated transactions need not be handled by the business owners themselves.
The card will have both the Magstripe and PIN based features.
The main features of the Insta Deposit Card are as under:
Eligibility • All SME Customers of non-personal entities, including CSPs.
• Card would be mapped to their Current Account (s) / Cash Credit Accounts.
• One card can be linked to three accounts under the same CIF and will contain name of the SME Customer.
Nature of use • Card can be used for deposit of Cash (INR) to the designated account(s).
• Balance Enquiry, Mini Statement of the account, PIN Change is also permitted.
• Card can be used in cash deposit machines installed in SBI branches and also at Green Channel Counters.
• Cash can be deposited by the way of currency notes only. No coins are allowed!!
Deposit limit : Maximum amount of currency notes deposited can be upto 200 pieces with the maximum limit of Rs.49900/- per transaction.
• As regards use of cards through Green Channel Counter at the branches, there is no limit on the number of pieces of currency notes. However, the maximum amount that can be deposited is restricted to Rs.40000/- only at present.