India's largest lender State Bank of India (SBI), has deployed 600 cash deposit ATMs in association with ATM manufacturer and service provider NCR Corporation.
With the adoption of NCR SelfServ intelligent deposit ATMs, SBI will provide its customers with the flexibility to execute everyday cash deposit transactions beyond banking hours.
As per an NCR's internal study, migrating high volume deposit transactions from the branch to the ATM reduces cost significantly for banks. A single cash withdrawal or deposit transaction at the branch can be reduced by up to 75 per cent. A normal withdrawal typically costs a bank between Rs 40 to Rs 45 per transaction, while the same transaction will cost about Rs 10 to Rs 15 at the ATM.
Mr. Jaivinder Gill, Managing Director of NCR India said, "As consumers do more through the ATM channel, it becomes imperative for financial institutions to ensure their ATM network is secure and constantly up and running. The NCR SelfServ 32 with its large cash holding capacity ensures higher availability, while its innovative security feature validates genuine and counterfeit notes before accepting or crediting, and further facilitates tracing every note to the depositor to counter frauds."
SBI will be offering services such as bill payments, funds transfer and remittance via traditional card-based or card-less approach, mobile phone top-up, and couponing.