BoB launches advance cash deposit machine
The Bank of Bhutan (BoB) will launch Bhutan’s first Cash Deposit Machine (CDM) at its branch premise at City Mall, Chhubachhu, Thimphu, today.
The CDM will enable clients to make deposits directly into their accounts at their convenience. Initially, the Bank has installed two machines at the City Mall branch in Capital.
The machines have been installed in the branch premise to ease the introduction of the new service and assist clients in using the machines. Once the users are familiar with the features of the machine, the Bank plans to move them to off-site locations for the convenience of its clients, and harness the full potential of the machines.
BoB has been the leader in introducing new technology in banking, being the first to start Internet Banking, SMS Banking, Mobile Banking, among others. The introduction of the CDM will enable the bank’s clients to make cash deposits to their accounts round-the-clock.
The CDM will accept Bhutanese currency of Nu. 50.00, Nu. 100.00, Nu. 500.00 and Nu. 1,000.00, and will also intelligently detect and reject counterfeit, soiled, folded, mutilated, and torn notes, and all foreign currency notes through its multilevel security features.
The Chief Executive Of- fice, BoB said, “The launch of the CDM further confirms BoB’s commitment and continued efforts to improve customer experience by making banking transactions convenient for its clients.”
“With the cash deposit functionality of the CDM, together with other banking channels like Internet Banking and M-BoB, clients will now enjoy 24X7 banking facility in its true sense. He added.
He also explained the functions of CDM: “The CDM is a self-service terminal that lets you make cash deposits directly into your account linked to an ATM card. The machine will verify the currency notes being deposited and ask for confirmation of the amount being depos- ited.”
“Once the amount is confirmed, the deposit is immediately credited to your account, and customers will be issued a receipt slip with break-up of the denominations and total, confirming the transaction.” He mentioned.
The CDM is also capable of recycling the deposits and dispensing cash like an ATM. However, this functionality will be enabled at a later date.
CEO also mentioned the advantages of the CDM, “Your money gets instantly credited into your account, no need to fill up a cash deposit slip or wait in queue to deposit cash. However you will receive immediate receipt.”
No need to sort and arrange your cash according to denominations, you can deposit cash round the clock and throughout the year. A CDM is enabled to function 24X7, even on holidays. Thus, you don’t need to wait for the bank to open to deposit money.”
Established in 1968 through a Royal Charter, the Bank of Bhutan is the oldest and the largest bank in the country with its presence in all 20 Dzongkhags through a network of 29 branches offices and 17 extension counters.
The Bank has the largest network of 82 ATMs spread throughout the country. BoB is the only bank in the Kingdom with primary membership of Visa and MasterCard and is the only bank issuing Visa branded Credit Cards for corporate bodies and individuals.