State Bank of India’s (SBI) customers can deposit upto Rs two lakh in cash deposit machines (CDM) from now onwards. SBI has hiked the cap on the cash deposit from Rs 49,900 to Rs 2 lakh. Customers using their ATM debit card or SME Insta deposit cards, can deposit amount upto Rs 2 lakh in their accounts.
SBI has also added another feature enabling customers to deposit amount in loan account, recovering deposit account and PPF account, according to a statement.
Country’s largest bank SBI has a network of over 17,000 branches and its five associates, State Bank of Bikaner and Jaipur, State Bank of Hyderabad (SBH), State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore, have a combined network of over 6,000 branches.
SB further said that there should be no reason to worry due to the amalgamation as SBI as it the bank will neither close down branches nor retrench employees. Employees’ salary too, will be protected. SBI expects to complete the amalgamation process by March-end 2017.