The private sector lender, Axis Bank has rolled out around 500 cash deposit machines at its branches across 300 cities.
The cash deposit machines will allow customers to deposit cash where the funds with instantly get credited to their accounts. The transactions would be done without filling deposit slips. The machine will also provide mini statement and account balance for all the card based transactions.
The cash deposit machine will segregate the notes according to the denomination. It will count and display the deposited amount to the customers and ask for customer's confirmation before crediting the amount in the account.
This will reduce the customers' time to mere one minute to deposit cash in the account, the bank said in a statement.