What is Automated Teller Machine?, Use of ATM Machine?
An automated teller machine (ATM) is a specialized computerized machine that allows bank customers to gain access to their accounts with a magnetically encoded plastic card and a code number (PIN). Through ATM, customer can process a variety of banking transactions like cash withdrawal, cash deposit, change of mobile number, getting transaction summery of his account, pay bills, etc. Bank offers atm service to their customers.
It a safe and convenient way to manage one's money. There are thousands of ATMs which remain open 24 hours a day and all 7 days a week.
In addition to cash dispensing ATMs may have many services / facilities such as:
- Cash Deposit
- Account information
- Regular bills payment
- Mini Statement
- Change of personal details like change of mobile number
- Loan account enquiry etc.
The ATM services offered vary from bank to bank and can also depend on the ATM's capacity to offer these options.
Banks usually set limit for withdrawal of cash from ATM by customers which is set by the issuing bank at the time of issuance of the card. For cash withdrawals at other bank ATMs, banks have decided to maintain a limit of Rs 10,000/- per transaction. Bank atm charges in India: banks can also restrict the number of free transactions like cash withdrawal from different banks' cards to a maximum of 5 per month and can charge maximum of Rs 20/- per transaction for transactions beyond this number.