Issuing a cheque is one of the most trustable methods of paying a person or conducting business. Many business and individual transactions are also made through cheques every day. State Bank of India has raised the non-home cash withdrawal limit for cheques and withdrawal forms to take more money 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) at any nearby branch. The account holder must remember their account number or ATM debit card details when depositing a cheque.
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 as if it were a cash deposit. The following steps will give you the process of cheque depositing in SBI CDM nearby.
- Go to any SBI Cash Deposit Machine nearby you.
- Insert your SBI ATM Debit Card at the nearest CDM, and verify with your PIN.
- Select the “Cheque Deposit” option instructed on the CDM screen. Orientation should be displayed on the screen.
- Before inserting the cheque, please check that it does not have 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 the 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 within a day. SBI customers who deposit their cheques in the branch will receive money in their accounts on the same day. The steps below will guide you in depositing a cheque at the SBI branch.
- Visit the SBI branch, where you have your own account.
- Request a check deposit slip and fill it out 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.
- The funds will be credited to your account on the same day if the check is valid.
SBI Chequebook 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 chequebook 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 chequebook. The restriction on using chequebooks does not apply to senior citizens.
For more details, please contact the SBI Customer Care Number for Helpdesk support or read the SBI Cheque Collection Policy page here.
