The full name of an ATM is Automatic Teller Machine.
Automatic Teller Machines (ATMs) are automated banking machines that allow users to directly access their bank accounts without the need for human interaction. Without going to a bank, people can withdraw cash and conduct other financial and non-financial transactions.
ATMs are extremely efficient because they allow clients to do self-service transactions. Account inquiries, deposits, cash withdrawals, bill payments, and account transfers are all examples of activities. It is also accessible at all hours of the day. You can use an ATM by simply inserting your card (swipes) and entering your Personal Identification Number (PIN). The cards issued in India can also be used at any bank branch inside the country. If you lose your ATM card, you should go to the issuing bank branch and request a replacement. Even if the card is used at a different bank’s ATM, this step must be completed. If your card is lost or stolen, notify your issuing bank as soon as possible to avoid fraudulent or deceptive actions.
Features of ATMs
- Money can be transferred between bank accounts that are linked.
- Receiving account balances.
- The transaction receipts are printed.
- Make a deposit and change your pin.
- Refill your prepaid phone’s battery.
- Payment of bills
- Withdrawal of funds
- In your native tongue, perform a variety of tasks.
Types of ATMs
- On-site ATMs
Customers can save time by using on-site ATMs, which are either located within the branch or close to the bank’s premises.
- Off-site ATMs
Outside of banks, off-site ATMs can be found in shopping malls, metros, railway stations, airports, and gas stations. This is on a stand-alone basis, with no physical branch present.
- Money is accessible from anywhere and at any time.
- Financial services such as withdrawals and deposits are available through ATMs.
- Cardless transactions, cash deposits, person-to-person payments, balance inquiries, and check cashing are just a few of the services provided by ATMs today.
- Installing and operating ATMs is less expensive than physical locations. Additionally, no employees are required to operate the ATMs.
- The beautiful thing about ATMs is that they continue to function even when businesses are forced to close due to unanticipated circumstances. For example, during floods, lockdowns, or other emergencies.
Restriction on Usage of ATMs
The restrictions are established by the issuing banks when they distribute ATM cards to clients. Banks have placed a restriction of Rs. 10,000 per transaction for cash withdrawals from other banks’ ATMs, and there is also a daily limit for utilizing the ATM service.
From July 1, 2011, Saving account holders will be entitled to a specific number of free transactions per month at other bank ATMs, including monetary and non-monetary transactions. If the number of transactions exceeds this threshold, banks charge a maximum of Rs. 20 per transaction.
How Does One Make A Transaction At ATMs?
The customer inserts (swipes) their card and inputs their Personal Identification Number (PIN) into the ATM.
Can I Use My Bank Card At Another Bank’s ATM?
Yes, the cards issued in India can be used at any bank branch inside the country.