Kotak Cheque Deposit Kiosk (CDK)
Automated Cheque Deposit Facility by Kotak Mahindra Bank
Cheques have been in use globally for quite some time now. Some of the first cheques were issued in the Netherlands in the 1600s.
Cheques offer a safe and secure way of transferring money from one bank account to another. They are still quite commonly used, especially for big payments, in businesses and for personal use.
Even in India, there are thousands of cheques written and deposited across the country every day. Cheques have been the backbone of the banking industry since their introduction in the late 1700s.
Cheques have also been a vital part of Kotak Mahindra’s banking services since the bank’s inception in 1985. Cheque usage and a multitude of other services have allowed Kotak Mahindra to gain recognition as the third largest private sector bank in India.
How do Cheques Work?
Cheques are a safe and easy way of transferring money. They are more convenient and safer to carry than cash. The security that comes with a cheque makes its depositing process a little lengthy and tedious. Every day, thousands of people visit their banks with the sole purpose of depositing a cheque. This whole process takes up a lot of time and energy - for customers and banks alike.
If a person holds an account in a bank, there is a good chance that they have either written or deposited a cheque at their bank at some point in time. Almost all banks have a similar procedure when it comes to depositing cheques, including Kotak Mahindra branches.
Here's how you get started:
- You fill out all the details on your cheque: Beneficiary name, date, amount to be transferred and the signature.
- Then take it to your branch.
- Fill out a Kotak cheque deposit slip. This will contain all the information required by the bank to carry out the transaction: account number, branch name, cheque number, amount and the depositor’s information.
- Review the deposit slip.
- Post that, you will have to get the cheque and the Kotak cheque deposit slip attested by a bank official. Once it is attested, the bank official will deposit your cheque and give you a receipt from the cheque deposit slip.
Once these steps are done, the cheque is accepted by the bank and processed for payment. The processing may take a few days, depending on the cheque’s origin and type. Some smaller or remote branches may take longer to process the cheque amount, while the bigger branches can process cheques faster.
The alternative to this is to drop the cheque in a drop box. The cheque will then be processed at a designated time, during banking hours. But, it leaves the depositor with no documentation as proof of having deposited the cheque. Furthermore, if there are any corrections to be made, they will have to visit the bank again and make corrections or deposit a new cheque altogether.
The tech and customer service departments at Kotak Mahindra observed this tedious process and decided to improve upon it. They came up with a streamlined, efficiency-driven solution: the Kotak Mahindra Cheque Deposit Kiosk (CDK).
What is the New Kotak Cheque Deposit Kiosk?
The Kotak Cheque Deposit Kiosk, or CDK, is an automated system used to collect customer cheques. It reduces the time and effort required to deposit a cheque via the aforementioned process. These self-service kiosks look a lot like ATMs and also function similarly.
This is a new addition to a whole range of automated services. These services include ATMs, cash deposit kiosks, and passbook updation kiosks, among others. The purpose of these kiosks and machines is to automate some of the most regularly used services of the bank. This frees up the time of the bank employees and allows customers to access these services at all times. It also minimises the chances of human errors.
In the case of the cheque deposit kiosk (CDK), customers just have to enter their account number and drop in their cheque into a slot. A computer scanner reads the information on the cheque and displays it back to the customer. Once the customer is satisfied with the information, they can submit it for processing. Compared to the previous process, this drastically reduces the time required to submit a cheque.
Since these cheque deposit kiosks (CDKs) work on non-cash transactions, they have fewer security requirements. The cheque deposit kiosks (CDKs) are also cost-effective, as they have less development and maintenance costs. This is a big benefit to the bank. It is also safe to deduce that, following acceptance of the process, the kiosks will be more widely implemented, owing to these reasons.
A number of these kiosks have already been installed throughout the country. You may find them at many Kotak Mahindra bank branches and even some larger ATM branches.
How Does the Cheque Deposit Kiosk (CDK) Work?
These self-service kiosks work a lot like cash deposit machines. They have a straightforward user interface system, dedicated slots and input methods. Depending on the make and model of the kiosk, it can either have a touch screen or a screen with physical buttons on the side.
In this section, we will dive into the functionality of the cheque deposit kiosk (CDK) and how one can deposit a cheque in a kiosk.
- To begin, visit a Kotak bank which has the Kotak Cheque Deposit Kiosk (CDK) installed.
- To start the process, click on the "Please click here to continue" button on the screen.
- Enter your or the beneficiary’s account number on the screen.
- The cheque deposit kiosk (CDK) will verify the account number and will then display the name of the account holder on the screen.
- If you have a joint account, you will have to click on the tab next to your name. This will allow you to deposit cheques in your name.
- Click on the “Insert” button to deposit the cheque.
- After clicking on “Insert”, a slot will open on the kiosk. Place your cheque carefully into the slot, as instructed on the screen.
- The cheque deposit kiosk (CDK) will then scan the cheque for details. Once the scanning is complete, the cheque deposit kiosk (CDK) will display an image of the cheque with the cheque number on the screen. The cheque number will be read electronically.
- If the details displayed on the screen are accurate, you can proceed with submitting the cheque. For this, you will have to click on the “Yes” button.
- After confirming and submitting the cheque, the kiosk will accept the cheque for processing and print a receipt for the transaction.
- The receipts will contain the date and time of depositing, the amount and a scanned image of the cheque.
Although cheques can be deposited anytime, they will not be processed outside banking hours. Cheques deposited after the cut-off time in branches will be presented in the next clearing cycle. This may extend the time required for the cheque to clear.
Once the depositing process has been completed, all cheques in the kiosk are taken for processing and clearing. This occurs at a fixed time, known as a clearance cut-off, in every bank branch.
Each cheque number is stored in the system with the associated account number. Once a bank official verifies all the details and approves them, the cheque is cleared, and money is transferred to the beneficiary’s account.
The cheque desposit kiosk (CDK) reduces all unnecessary human involvement. It also speeds up the clearance process.
Benefits of Using the Kotak Cheque Deposit Kiosk (CDK)
The Kotak Cheque Deposit Kiosk is making the whole cheque depositing process easier for customers and bank employees.
Here are some of the more salient benefits of using this cheque deposit kiosk (CDK):
Convenient Customer Journey 24/7
These automated self-service kiosks provide access to cheque depositing services around the clock. It allows customers to deposit cheques without having to go to a bank branch. It also frees the bankers’ time so that they can focus on building customer relations rather than doing menial work. The cheque deposit kiosk (CDK) also allows customers to deposit one or multiple cheques in a matter of minutes, creating a seamless customer experience.
Minimizes Queues Inside The Bank
Instead of waiting to be served by a bank official, customers can directly deposit the cheque themselves. This reduces unnecessary crowding in the bank.
The bank employees can then concentrate on the customers that require their assistance for other banking services. As crowds reduce in the bank, security risks decrease as well.
Enhances Process Performance
The cheque deposit kiosks (CDK) help speed up the cheque clearing process. Usually, this process takes a few working days to complete. Banks probably receive hundreds of Kotak cheque deposit slips every day. But, since customers can deposit their cheques after working hours and even during holidays, it results in faster clearance of cheques, reduced paper usage and enhanced efficiency.
Reduce Operating Costs
The cheque deposit kiosks (CDK), when installed in public areas, can extend a bank’s services without it expanding its staff or branches. This cost-reduction can provide a lot of benefits to the bank. It also allows bank employees to work on more important banking processes.
Cheque Deposit Kiosks: Automation in Banking Services
Kotak’s cheque deposit kiosk (CDK) works wonders for its customers and bankers. It provides a wide range of benefits for all. It also ushers in a new era of banking, one that is easier, faster and more efficient.
The functioning of the kiosk requires minimal human involvement. By reducing queues at the bank, it helps bankers focus on relationship building. As customers are no longer required to fill out the Kotak cheque deposit slip, it saves them time and effort as well. In the long run, cheque deposit kiosks (CDKs) will also be more eco-friendly.
Automation ensures that there is a reduced margin for error. The scanner inside the kiosk reads the MICR code and cheque number printed on the cheque. The customer then does not have to write that down on a Kotak cheque deposit slip, as per the previous procedure, thereby reducing human error. This streamlines and secures the whole cheque depositing process.
Kotak has installed many cheque depositing kiosks (CDK) across India. One can definitely find it in all metro cities. They are being regularly used and have made customers more self-reliant and appreciative of the bank’s services. The kiosks also reduce the customers’ travel time, as they can find a kiosk at their nearest ATM or branch.
As acceptance and usage of these kiosks increase, they will surely be implemented on a much larger scale. If a person still has difficulties using these kiosks, they can visit their nearest Kotak Mahindra bank, where bank employees will gladly guide them through the whole process.
Frequently Asked Questions (FAQs)
When will the amount be credited to my account if I deposit the cheque today?
Cheques deposited before the clearing cut-off will be processed on the same day. Once the cheque has been approved, the amount will be transferred to the beneficiary account in a day or two at most.
If a cheque has been deposited into the kiosk after the clearing cut-off, then it will be processed on the next business day. The amount will then by transferred to the beneficiary a day or two after the processing.
Similarly, if a cheque has been deposited into the kiosk on a holiday, then it will go for processing on the next business day.
Will I get an acknowledgement after I deposit the cheque at a Kotak Cheque Deposit Kiosk (CDK)?
Yes, a receipt is provided to all customers after a cheque has been successfully deposited. The kiosk generates this receipt. It has all the relevant details displayed on it: the beneficiary account number, the amount to be transferred, date and time of depositing, and a scanned image of the cheque.
This receipt acts as a validated Kotak cheque deposit slip. It can be used as proof of depositing the cheque and in case of inconsistencies or errors.
What are the documents I should carry to deposit a cheque at a Kotak Cheque Deposit Kiosk (CDK)?
You do not need to carry any documents to deposit a cheque at the Kotak Cheque Deposit Kiosk (CDK). All you need for the whole process is: the cheque, and the beneficiary account number. In case the beneficiary account is a joint account, you will need the beneficiary’s name as well.
Are cheques from other banks accepted in the Kotak Cheque Deposit Kiosk (CDK)?
Yes, cheques from all major Indian banks are accepted in the kiosk. The processing of a cheque will, however, depend on the branch of the remitter’s bank. If the remitter’s bank is in a different city, it may take some additional time for the cheque to clear.
Can I deposit a transfer cheque drawn on ‘Kotak Mahindra Bank Ltd’?
No, unfortunately, transfer cheques are not accepted at the cheque deposit kiosk (CDK).
What are the currencies accepted in this machine?
Only Indian currency cheques are accepted at the Kotak cheque deposit kiosk (CDK). To deposit a cheque for a different currency, visit your nearest Kotak Mahindra Bank.