Now You Can Deposit Cash at ATMs Without a Debit Card, Here's How

The Reserve Bank of India (RBI) has introduced a new feature aimed at making digital banking more convenient for customers. The newly launched UPI Interoperable Cash Deposit (UPI-ICD) feature allows customers to deposit cash at ATMs without the need for a debit card. This innovative service is designed to streamline the cash deposit process through UPI, making it quicker and more accessible.

What is UPI-ICD?

The UPI-ICD feature was unveiled by RBI's Deputy Governor, T. Rabi Shankar, at the Global Fintech Fest 2024 in Mumbai. This feature enables customers to deposit cash directly into their own or someone else’s bank account using an ATM, regardless of whether the ATM belongs to their bank or is operated by a white-label ATM provider. The key advantage of this service is that it eliminates the need for a debit card, offering a seamless cash deposit experience using just a mobile number linked to UPI or a Virtual Payment Address (VPA).

How to Use the UPI-ICD Feature?

Using the UPI-ICD feature is straightforward and involves a few simple steps:

1. Visit an ATM that supports the UPI-ICD feature.
2. Select the 'Cash Deposit' option on the ATM screen.
3. Enter your UPI-linked mobile number or Virtual Payment Address (VPA).
4. Insert the cash into the ATM’s deposit slot.
5. The ATM will process the cash and deposit it into the selected account.

Availability of the UPI-ICD Feature

Currently, the UPI-ICD feature is available only at ATMs equipped with cash recycler technology, which supports both cash deposits and withdrawals. Over time, banks will expand this feature to more ATMs, allowing a broader range of customers to benefit from it.

A Step Towards Cardless Banking

The UPI-ICD feature builds on the UPI Cardless Cash Withdrawal service introduced in 2023. While the previous service allowed customers to withdraw cash from ATMs without a debit card, this new feature extends the cardless experience to cash deposits. This initiative marks an important step towards simplifying and speeding up the banking process, making it more user-friendly and efficient.

NPCI’s Perspective

The National Payments Corporation of India (NPCI) has expressed that customers can now deposit cash into ATMs using their UPI-linked mobile number, VPA, and IFSC code. This development has not only simplified the banking process but also made it more accessible to a wider audience, enabling more people to take advantage of digital banking services.