ATMs have made life so much easier. Though many people think ATM stands for Any Time Money, it’s actually an acronym for Automated Teller Machine. And while ATMs are quite the saviours when one needs to withdraw cash, we must tell you that there’s more to ATMs than just withdrawing cash. No kidding!
But what if we told you that you can use the ATM for things like opening a Fixed Deposit, recharging your mobile phone, and even paying income tax? We aren’t making things up. In fact, the ATM that you use so often is a machine that you still don’t know quite well. So, let’s get better acquainted with the ATM, shall we? We’ll tell you about nine other services apart from withdrawing cash that you can use an ATM for. So, the next time you use an ATM, make sure you explore a little and check for these additional features. Let’s begin!
Opening a Fixed Deposit account
Yes, you can open a Fixed Deposit account using an ATM machine! How, you ask? Well, when you insert and remove your card from the machine, you will see several options on the menu. Most likely you will only notice the cash withdrawal or balance enquiry options, ignoring the others. In this menu, also lies the option to open a Fixed Deposit. All you need to do is select the option ‘Open Fixed Deposit.’ Once you do this, you will need to enter the amount that you wish to invest and the duration for which you wish to lock this amount. You will be notified about the rate of interest as a part of the process. If you are happy with the interest rate, you can confirm opening a Fixed Deposit. If not, you can always back out.
In this menu, also lies the option to open a Fixed Deposit. All you need to do is select the option ‘Open Fixed Deposit.’ Once you do this, you will need to enter the amount that you wish to invest and the duration for which you wish to lock this amount. You will be notified about the rate of interest as a part of the process. If you are happy with the interest rate, you can confirm opening a Fixed Deposit. If not, you can always back out.
Withdrawing a Fixed Deposit
Now that you have learnt how you can open a Fixed Deposit using an ATM machine, we have to tell you that you can even close a Fixed Deposit and withdraw the money from it using an ATM machine! So, next time you urgently need cash and plan to break your FD, you don’t need to visit a bank. You can withdraw the Fixed Deposit amount at your convenience using an ATM. Pretty simple, right? It will not only save you lots of time but will also help you access your Fixed Deposit as per your convenience with ease. ATMs do make life simpler, don’t you agree?
Pretty simple, right? It will not only save you lots of time but will also help you access your Fixed Deposit as per your convenience with ease. ATMs do make life simpler, don’t you agree?
Additional Reading: Everything You Need To Know About Fixed Deposits
Mobile recharge
The worst drawback of having a prepaid connection on your mobile phone is recharging the balance. Being stranded without a balance is the worst thing that can happen to anyone, especially on a busy day. Imagine you are outdoors, without an internet connection either. While we agree that you can recharge your mobile number using the internet, one can do nothing if there’s no internet connection available. Well, that’s a misconception. One can certainly do something about it.
Imagine you are outdoors and without an internet connection. While we agree that you can recharge your mobile number using the internet, one can do nothing if there’s no internet connection available. Well, that’s a misconception. One can certainly do something about it.
One can certainly do something about it. How, you ask? You can visit the nearest ATM and use the mobile recharge facility. You have to follow the same steps as you do while withdrawing cash, but instead of clicking on cash withdrawal, you have to select ‘mobile recharge.’ Follow the instructions that the machine gives and you will no longer be stranded without the internet and the ability to make calls. Pretty cool, eh?
Paying Income Tax
While you may be a regular with paying your bills and other things, a lot of people miss out on paying income tax. But what if we told you that you no longer have to fret over paying income tax and ATMs have made it easier? Though all banks don’t offer this facility, some banks allow customers to pay income tax using ATMs. You can pay advance tax, self-assessment tax as well as tax due after regular assessment using this facility. In order to use this facility, you need to register on the bank’s website or one of its branches first. Once you pay using the ATM, the machine will give you a unique number. After you get this unique number, you can visit the bank any time after 24 hours to print the challan using the unique number.
You can pay advance tax, self-assessment tax as well as tax due after regular assessment using this facility. In order to use this facility, you need to register on the bank’s website or one of its branches first. Once you pay using the ATM, the machine will give you a unique number. After you get this unique number, you can visit the bank any time after 24 hours to print the challan using the unique number.
Additional Reading: How To Calculate Your Income Tax
Personal Loan application
Emergencies always come unannounced. You could be out of the station when an emergency strikes your door and knocks you down. It’s not always possible to go to your bank, especially in the middle of the night to avail a Personal Loan. But you can always step out to an ATM and apply for a Personal Loan irrespective of what time it is.
Yes, it’s indeed possible. How does this work, you ask? Some private sector banks offer pre-approved Personal Loans for customers, which can be availed using an ATM. The pre-approved loan offer is made based on some criteria like the customer’s transaction details, account balance, Credit Card repayment history, and salary credits. So, if you are eligible for a pre-approved Personal Loan, you can avail it via an ATM.
Additional Reading: Pre-approved Personal Loans – The Basics
Paying Insurance premium
While a lot of banks offer the facility of automatic deduction of your insurance premium, there are some people who prefer to pay the premium themselves, instead of relying on this. If you are one of those, your life has been made much better, thanks to ATMs.
Insurance companies like HDFC Life, SBI Life and LIC have tied up with banks in order to accept Insurance premium payments via an ATM. Make sure you keep the policy number handy at the ATM kiosk. You then need to go to the ‘Bill Pay’ section. Under this section, select insurer, enter the policy number and your date of birth or mobile number. After entering all the details, enter the premium amount and click on confirm. Well, you have successfully paid your Insurance premium. Everything is only a few clicks away. Sounds simple and easily doable, right?
Check This: Life Insurance Premium Calculator
Cash Transfer
If your Netbanking is not working or you don’t have access to it, but urgently need to transfer cash to someone in need, what will you do? Obviously, we mean what will you do apart from feeling helpless? Well, you certainly don’t need to feel helpless. Why, you ask? Because you can transfer money from your account to another account using an ATM. However, this is
However, this is doable only if you have added the account as a beneficiary. This can either be done online or at the bank’s branch. There’s no limit to the number of transactions between two bank accounts, but there’s an upper limit to the amount that can be transferred via an ATM. This amount differs from bank to bank.
Paying Bills
Nobody enjoys paying bills. It’s not just the fact that one has to shell out money from their pocket in order to pay bills but also the long queues and the inconvenient modes of payment. Gone are the days when people used to stand in long queues to pay bills as the internet has made life easier.
Apart from the internet, however, you can also use, you guessed it, your ATM. So, when we tell you that you can pay bills like your telephone bill, gas bill, electricity bill through ATMs, you have every reason to be thrilled. All you need to do before paying any of the utility bills using an ATM is, registering the biller on the bank’s website. Once that is done, you can easily pay all your utility bills at your convenience at an ATM. It’s goodbye to visiting numerous websites or outlets to pay numerous bills.
Additional Reading: Start Paying your Bills on Time!
Book railway tickets
You’d be surprised to find out that some banks like SBI and Punjab National Bank offer the facility of booking a railway ticket using an ATM on the railway premises. Yup, we aren’t bluffing. This facility is available only at some railway stations and can be used to buy only long-distance, reserved tickets. While there’s limited availability, we must add that this facility does make things simpler for those who travel by train on a particular route quite often. Don’t you agree?
Well, so now you know how you can use an ATM for so many more things than just withdrawing money! While we agree that some of these things can be more conveniently done via Netbanking, if ever that option is down, you certainly have a backup now. And it’s always good to have a backup plan, don’t you agree? While ATMs make life simpler, mobile banking and Netbanking too have made things easily accessible.
So, if you are looking for some loans or options to invest, you can take a look at some offers right away. Go ahead and check our website to get exclusive and customised offers! What’re you waiting for?
Worried what to do in case the ATM didn’t dispense cash and your account got debited? Watch the video below: