Notwithstanding the ease of convenience in banking thanks to the rapid advancements in digitization, some banking functions still remain a hassle for the end-users, i.e., the customers.
A classic example of this would be cash deposits and withdrawals. The main reason for this is… yes, you guessed it right – the handling of physical cash or currency.
Cash is usually deposited or withdrawn at the bank branch, which remains open to public only during specific hours on working days. While ATMs have played a huge role in easing banking transactions, namely cash withdrawal and deposit of cheques, cash deposits are still a grey area! Not all ATMs are equipped to accept cash deposits, and neither are these machines installed widely.
Even in the Tier I metro cities, the number of ATM machines that accept cash, or perform dual functions of cash withdrawal and cash deposits, are much less in number than the ATMs that only provide for cash withdrawal and issue mini balance statements. Even here, these specialised cash deposit ATMs are only found at a few selected branches in the major business districts of the city.
As such, cash deposit becomes a tedious process for the daily businessman who earns a major part of his daily income in cash earnings – for instance, taxi driver, autorickshaw driver, vegetable vendor, barber, daily wage labourer, such as porter, mason, and so on.
Over the week, these accumulated cash earnings could run into tens of thousands and he might feel it safer to deposit it in the bank rather than keep it with himself. But banks operate within specific hours of the day, which means he has to take time out of his working hours to undertake a simple task as cash deposit in his bank account.
Now, thanks to companies like iServeU, these daily businessmen can breathe a sigh of relief and safely deposit their cash into their bank accounts even in the evening, well after the regular banking hours.
So, how does it work? This works by way of a domestic money transfer (DMT) system. The depositor has to visit the iServeU outlet and deposit the money with the domestic money remittance (DMR) agent, who will then transfer it to the depositor’s (beneficiary’s) account through NEFT or IMPS.
What’s more, there is no hassle of filling deposit slips, or other formalities, either. The depositor can execute the transaction by just using his mobile number. The best part is that DMT is a 24×7 service that works all 365 days of the year!
For withdrawal through the Aadhaar ATM, you need to use your 12-digit Aadhaar number and fingerprint as proof of identity at the Aadhaar ATM counter. Micro ATMs are handheld card swipe devices which allow cash withdrawals through the use of debit cards!
Now, thanks to iServeU, you can be rest assured that you can safely deposit and withdraw your hard-earned money from your bank account even during non-banking hours, and throughout the year!