8 Useful Services Provided By ATMs

By | September 18, 2017

Automated teller machines (ATMs) allow you the flexibility to access banking services from anywhere and at any time. You may have been using an ATM only to withdraw cash and inquire about your balance, but there are a plethora of other services you can avail from these units.

In this write-up, we take a look at a few features you must make note of.

Depositing Cash

Nowadays, many ATM outlets have a cash deposit machine. You can deposit small amounts at these kiosks. All you need to do is insert your card in the ATM, follow the instructions and provide the currency details for the money you are depositing. Once the machine confirms the deposited amount, you will instantly receive a confirmation message.

Application For Pre-approved Personal Loan

Not many people are aware that ATMs can help them with small ticket loans in a hassle-free manner. Banks offer pre-approved loans based on analytics after taking into account the candidate’s transaction details, repayment history, Credit Score etc. You can get the loan amount disbursed instantly by following some simple steps.

At first, you need to select the Personal Loan option on the ATM screen and then select the amount shown on the screen. You can then accept the interest rate, charges, and tenure, and confirm the terms and conditions to finally get the amount credited to your bank account instantly.

Transferring Of Fund

You can use an ATM to transfer funds from an account to another of the same bank or a different bank. You just need to select the fund transfer option and opt for IMPS transfer and thereafter key in all details including the beneficiary’s account number, mobile number, MMID and the amount to be transferred and confirm the transaction.

Utility Bills Payment

ATMs come handy in making payments for utility bills such as electricity bill, gas cylinder refueling bill etc. Just insert your Debit Card in the ATM and enter the PIN to use the utility bill payment facility.

Recharge Of Mobile And DTH

You can even recharge your prepaid mobile and DTH connection through an ATM. You just need to provide the connection number and the recharge amount. The amount would be debited from your account balance instantly and your mobile/DTH would be recharged immediately.

Investing In Term Deposit Or Mutual Fund

Some banks allow you to open a Fixed Deposit account through ATMs. You just need to key in the amount, the tenure, and the interest rate and confirm the transaction to start with the investment. You will receive an FD certificate at your registered address following the transaction.

For investing in Mutual Fund schemes through an ATM, you need to be registered before using the service.

Registering Aadhaar Details And Paying Insurance Premium

You can register your Aadhaar details with your bank by logging in to your account through ATM and selecting the registration button on the screen. On logging in, select the account type, enter the Aadhaar number and click ok to register your details. Within 24 hours you’ll receive the seeding confirmation.

Insurers such as LIC and SBI Life offer the facility to pay insurance premium through ATMs. You can select the bill pay option and key in the insurance provider, policy number, date of birth, premium amount and confirm to complete payment.

Cardless Cash Withdrawals

You can also use ATMs to make cardless cash withdrawals. You can transfer funds to anyone who has access to an ATM and can avail cardless cash withdrawal facility. The receiver just needs to enter the codes in the prescribed order along with the amount and the mobile number to get the cash from the ATM without using any ATM/Debit Card.

There are additional features offered through ATMs by some banks. You can get in touch with your bank to know about these extra benefits.

BankBazaar is a leading online marketplace in India that helps consumers compare and apply for Credit Cards, Personal Loans, Home Loans, Car Loans and insurance.


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About Adhil Shetty

Adhil Shetty is the Founder and serves as the Chief Executive Officer of BankBazaar.com. Adhil has a Master’s degree in International Relations with a specialization in International Finance and Business from Columbia University in the City of New York, and a Bachelor’s degree in Engineering from the College of Engineering Guindy, Anna University. Adhil is an expert in Personal Finance (Car loan/Home loan and personal loan) and he majorly consults on investment and spends rationalization for the Indian loan borrowers. His guidance is number based with real time interest rate calculations and hence useful for consumer’s real time query.

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