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The full form of ATM is “Automated Teller Machine“. It is an electronically operated device that operates in self-operating mode and provides the facility of immediate cash withdrawals of different maximum limits set by different banks.
ATMs are located worldwide, with each city itself having more than 10,000 ATMs and smaller villages and cities with around 500 and 1,000 ATMs on an average rate available 24*7. The best part about ATMs is that they can withdraw money irrespective of whether you have a running bank account in that particular branch ATM or not. It is also known as a Cash machine and helps in functions like deposit transfer, check balance, updating passbooks, etc.
Types of ATMs
In general, there are two types of ATMs prevailing in India.
One is a simple basic unit ATM by which you can withdraw cash, get account updates, update or change your PIN, check account balance and so on.
The other kind of ATM is called a complex unit that is not commonly available and is used for depositing cash or cash and making bill payments.
Although, based on labels, ATMs are often divided into the following types:
- White Label ATMs: These are special kinds of ATMs run by Non-Banking Financial Institutions and were started by TATA
- Green Label ATMs: Green labels are ATMs used specifically for transactions relating to agricultural purposes
- Yellow Label ATMs: These are ATMs set up for providing E-commerce facilities and transactions
- Pink Label ATMs: These are ATMs set only for women to avoid making them stand in long queues
- Orange Label ATMs: Orange label ATMs are used only to share transactions
- Brown Label ATMs: These are ATMs taken on lease by third parties other than the bank to provide banking services to the customers
- Onsite ATMs: Onsite ATMs are set inside the bank itself in the bank premises and can be used by customers
- Offsite ATMs: These ATMs are set in places other than the banking premises and easily do transactions
- Biometric ATMs: These special security ATMs use your eyeballs or fingerprints as a scanner with their sensor
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Availability of ATMs
ATMs have a special quality of being everywhere; there hardly might be any place where one won’t find any ATM running, be it any bank. Generally, banks do not charge for 3-4 transactions monthly at ATMs other than the original or actual bank. It charges a minimal amount after that as service charges for usage of other banks’ ATM facilities.
As per RBI reports, there are more than 2.13 lakh ATMs in India running at present of different banks and labels inside malls, stations, airports, local areas, hospitals, roads, highways, etc.
How to use ATMs
ATMs are easy to use and can be assessed by every individual if they are careful and educated enough to use them. Various banks also discuss seminars and basic information, and the RBI issues guidelines on how to use ATMs and what precautions to take.
To use an ATM, there are two kinds of cards:
- Debit Card allows you to withdraw cash and make online payments and billing
- ATM Card- It allows you to withdraw cash
To easily use ATMs, people can follow these steps:
- Go to your nearest ATM ( try to use the same bank ATM after 3-4 transactions to avoid service charges).
- Swipe or Push your ATM card or Debit Card inside the ATM allotted to you by your bank.
- Wait until the ATM reads your chip and then enter your bank’s PIN provided to you to conduct transactions.
- Conduct your financial transactions like checking balance, withdrawing cash and so on.
Related ATM devices
ATMs are so popular and important that they need updating from time to time. Some related products are available in the market, as a regular ATM.
Teller Assist Unit ( TAU): It is a kind of device which is not available for the general public but can be used by specialised trained personnel and generally has an interbank facility attached to it.
Talking ATM: It is designed for the common people who do not understand English, is not educated, cannot see and other major issues to remove the language barrier and make the service available to all.
Web ATM: A web ATM comes with a smart card read by the machine and facilitates transactions online. It does not provide a withdrawal facility and is used outside India.
Therefore, ATMs are now a basic banking facility needed for people to conduct day-to-day transactions and go cashless and eliminate the risk of theft. ATM was first used in 1966, and since then, it has been used with various updated models to make people’s lives easy. It is fully automated and has easy access to the general public, and is a safe to use device which is user-friendly with 24*7 accessibility and friendly customer support helpline and assistance available.
