What Is The Full Form Of CDM In Banking?
CDM full form in banking is Cash Deposit Machine. A CDM is a self-service banking kiosk that allows customers to deposit cash into their accounts without the need for a bank teller or a personal visit to the bank branch. CDMs are typically found at bank branches, and they may also be located in other locations such as shopping malls, airports, and convenience stores. To use a CDM, customers typically need to have their debit card or account information handy. They can then insert their card into the machine and follow the prompts on the screen to complete the deposit. Some CDMs may also require customers to enter a personal identification number (PIN) for added security.
What Else Should You Know About CDM?
Some CDMs may have additional features such as the ability to print account statements or accept coin deposits. CDMs are typically operated by the bank or financial institution that owns them, and they are usually connected to the bank’s computer systems in order to update account balances and perform other transactions. CDMs may also be connected to networks that allow customers to access their accounts from other locations, such as ATMs or through online banking services.