What is the Full Form of ATM?
Everyone is aware of ATMs and their benefits. It is a convenient machine that dispenses cash when inserting our credit or debit card. The full form of ATM is Automatic Teller Machine.
An ATM, short for Automatic Teller Machine, is an electronic banking machine. You can use one to deposit or withdraw cash. Usually, the device is available in busy corners, nearby malls, or public places, and it is easy to spot. It allows you to conduct all banking transactions in the comfort of your home.
How ATMs Work?
As of date, there are different types of cash cards available issued by banks that can be used for various transactions to withdraw cash from an ATM. Some of them are ATM cum debit cards, credit cards, and open prepaid cards ( that permit cash withdrawal.)
Most ATMs require a card. When you insert it in an ATM, the card reader reads the magnetic stripe and transmits account details to the server. The information thus received from a user is used to dispense cash. The ATMs have a keypad that allows users to enter their PIN. This PIN is then encrypted and sent to the server. Once the user inputs the PIN correctly, the device will display the requested funds.
Benefits of ATM ( full form of ATM is Automatic Teller Machine )
- An ATM is a type of bank that allows customers to withdraw money from a bank account.
- It’s automated and does not require human cashiers.
- Another benefit of an ATM is that it allows you to keep track of your transactions.
- It can be used to check the bank balance instantly.
- ATM offers banking in different languages to which make it a unique station for banking.
- ATM can be used to pay your bills.
- An ATM is an electronic device that provides fast banking solutions. It consists of hardware and software that allows people to perform various bank-related tasks like balance inquiry, fund transfer, and more. Nowadays, national and private banks remain crowded, and even a simple task such as depositing cash can take hours. A cash machine can be installed anywhere, including an isolated building corner store.
- One can transfer money within their bank by using ATM. Some big banks even allow transfers between other banks.
What are the different types of ATM availbale in India?
In India, ATMs are available in different types according to their uses. As of date, there are eight different types of ATMs are available in India.
full form of ATM is Automatic Teller Machine
Those ATMs which are installed inside the bank compound are Onsite ATMs.
Those ATMs which are installed in various places except inside the bank premises are Offsite ATMs.
White Label ATM
Those ATMs which are set up and owned by Non-Banking Financial Companies are called White Label ATMs.
Yellow Label ATM
These ATMs are mainly installed to provide for E-Commerce facilities.
Brown Label ATM
Sometimes you’ll find ATMs that aren’t owned by the bank instead they are taken on lease to provide the service to the customer. Such ATMs are called Brown Label ATMs.
Orange Label ATM
The Orange Lable ATMs are used for share transactions.
Pink Label ATM
These ATM are meant only for Women.
Green Label ATM
These ATMs are installed for transaction-related to agriculture.
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