CDM full form in banking is Cash Deposit Machine. It is a self-service terminal that allows customers to deposit cash directly into their bank accounts without visiting a teller at a branch. CDMs function similarly to ATMs but are specifically designed for cash deposits, making banking more convenient and efficient.
How CDM Works
A Cash Deposit Machine (CDM) enables customers to deposit money easily by following these steps:
- Insert Debit Card or Enter Account Details: Customers insert their debit card or manually enter their account number.
- Enter Deposit Amount: The machine prompts users to enter the deposit amount.
- Insert Cash: Customers place banknotes in the cash slot, where the machine verifies and counts the money.
- Confirmation & Receipt: Once verified, the machine displays the deposit amount, and a receipt is generated.
Features and Benefits of CDM
- 24/7 Availability: CDMs operate round the clock, enabling customers to deposit cash at their convenience.
- Instant Credit: Deposited money is credited to the account instantly or within a short time.
- Reduces Bank Queues: CDMs reduce the need for in-branch cash deposits, improving customer service.
- Safe and Secure: Transactions are encrypted and require authentication, ensuring security.
- Multiple Account Deposits: Some CDMs allow depositing cash into different accounts.