ATM Full-Form

ATM Full-Form and Meaning in Banking

In banking, an ATM is an Automated Teller Machine. ATMs are utilized to pull out cash from bank accounts and for other monetary exchanges.

An ATM is a machine that uses computer and mechatronics technologies to automatically deliver you money on demand. On the off chance that you believe an ATM to be a computer, it is a living showing off what a computer can perform.

Types of ATMs

There are two kinds of ATMs. One is a basic unit that allows you to withdraw cash, check your balance, change your PIN, receive mini statements, and receive account updates. The other allows for cash or check deposits, as well as a line of credit and bill payments.

ATMs may be onsite and offsite. Onsite ATMs are situated inside the bank's premises, while offsite ATMs are situated all through the country to guarantee that people have fundamental financial services and fast money withdrawals assuming they can't visit a bank office.

Based on labels ATMs can be classified as below:

ATMs with a green label are used for agricultural applications.

ATMs with a yellow label are used for e-commerce transactions.

ATMs with an orange label are used for share transactions.

Pink Label ATMs- Designed specifically for females to assist them to avoid large lines and wait times.

White Label ATMs - Developed by the TATA group, white label ATMs are not owned by a specific bank, but rather by businesses other than the bank.

Brown Label Banks- These are operated by a third party other than a bank.

There are a couple of biometric Automated Teller Machines that require fingerprints and eye scanners to work.

What are the Uses of an ATM?

Most people realize that an ATM is a machine that allows us to withdraw money from our bank accounts. Notwithstanding, you might be stunned to discover that an ATM is a multi-purpose machine that can be utilized to pull out cash as well as give a range of other monetary services.

1. Money Withdrawal

You don't have to go to the bank to pull out cash in the present advanced world. You can pull out cash from any ATM whenever you want. Bank staff must deal with fewer individuals as a result of getting money through ATMs, while the number of people withdrawing money from ATMs is increasing every day.

2. Balance Inquiry

You don't need to go to the bank to figure out how much cash you have in your account. Any ATM will permit you to check your account balance and statement. You don't need to go to the bank and spend hours updating your passbook.

3. Money Transfer

You can utilize an ATM to move cash starting with one account then onto the next. Many banks permit you to move cash from one account to another utilizing your ATM card; nonetheless, a couple of financial institutions permit you to move cash from one card to another. You can utilize this service for sending cash to any bank account in India.

However, keep in mind that both the payee's and the receiver's accounts must be in the same bank. For instance, you can utilize your ICICI Bank ATM card to move cash from your account to your companion's ICICI Bank account.

4. Bill Payments

Using an ATM card and machine, you can pay various bills such as credit card bills, power bills, mobile phone payments, and so on.

5. Cash Deposit

Today, new types of ATMs have appeared that allow you to both withdraw and deposit money. This help is very valuable to general society since it permits you to deposit cash into your bank account or the account of another person 24x7.

6. Pin Change

You never again need to visit a bank to change the PIN on your ATM card. ATMs allow you to generate and alter your ATM card's PIN.

To use this service, you should have your enrolled cell phone with you. Because when you update your PIN, your bank sends an OTP to your mobile device, which must be typed into the ATM.