AXIS BANK deploys 500 Cash Deposit Machines across country

Ludhiana, February 6, 2013:Axis Bank today announced the deployment of 500 Cash Deposit Machine Machines in various branches in over 300 cities across the country.

The Cash Deposit Machines network which is the largest for any Bank in India, enables customers unmatched convenience of depositing cash in real-time, with funds credited instantly to their accounts for all successful transactions without the hassles of filling lengthy deposit slips and waiting in the queue at the teller. The machine segregates the notes denomination wise, counts and displays it for the customer’s confirmation before crediting the account. A receipt is issued after each deposit effected, confirming the transaction. Further this facility is available 24 x 7, 365 days in select branches, bringing, for the first time in India, the ability to deposit cash after banking hours and on Sundays and holidays. In addition to convenience, the machine brings speed to the cash deposit process. As against an average of 30 minutes to deposit cash at the teller counters, this machine allows the customer to deposit cash in less than a minute.

According to R. K. Bammi, ED, Retail Banking, Axis Bank, “With the deployment of Cash Deposit Machines, manual cash deposit transactions at the branch will be diverted to the automated environment, thereby offering the customers benefits of ease of operations, time saving and error free transactions.”