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The full form of ATM is Automated teller machine. Using an ATM, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions such as cash withdrawals, check balances, or credit mobile phones. ATM can be used to withdraw cash in a foreign country. If the currency being withdrawn from the ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange rate.
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Automated Teller Machine. It is an electronic banking outlet which enables the customers to withdraw money from their respective bank accounts as and when required. Utilities of ATM:
a) Easy accessibility of bank account,
b) No time restriction,
c) Easy process of withdrawing money.
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ATM: Automatic teller machine.
ATM Meaning: A machine that dispenses cash and performs other banking activities when an account holder inserts a card issued by a bank into the machine. In recent days, ATM allows their bank customer to perform banking operation without a Debit card.
Utilities of ATM: It dispenses cash to the account holder whenever an account holder inserts a card. It allows the account holder to performs other banking operation like balance enquiry, Cash / Cheque deposit, Fund transfer, Bill payment Payment of EB bill, telephone, water tax. Customer can use any bank's ATM to withdraw cash. For example, customer is having a debit card issued by HDFC Bank, customer can use the debit card issued by HDFC Bank in ICICI Bank ATM for withdrawing the cash. Other banking activities are not allowed for other bank Debit card holders.
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