{"id":44285,"date":"2019-09-11T16:35:02","date_gmt":"2019-09-11T11:05:02","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=44285"},"modified":"2019-09-11T16:35:02","modified_gmt":"2019-09-11T11:05:02","slug":"atm-types","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/atm-types\/","title":{"rendered":"Know about ATM Types & RBI’s Circular on Free ATM Transactions"},"content":{"rendered":"

In this article we would explore one of the important topics of Banking Awareness that is ATM Types<\/strong> and also types of ATM Transactions<\/strong>. We would also try to learn and understand<\/strong> what the RBI<\/span><\/a>\u00a0has conveyed and mandated in its circular <\/span><\/a>regarding\u00a0Usage of ATMs and Free ATM transactions<\/strong>. Banking Awareness is an important component of General Awareness section of various Banking Exams like IBPS PO<\/span><\/a>, IBPS Clerk<\/span><\/a>, IBPS RRB PO<\/span><\/a>, IBPS RRB Clerk<\/span><\/a>, SBI PO<\/span><\/a>, SBI Clerk<\/span><\/a> as well as NABARD Assistant<\/span><\/a>, NABARD Grade A\u00a0& B<\/span><\/a>, RBI Grade B<\/span><\/a> etc.\u00a0Let us begin. <\/span><\/p>\n

Take up a Free Mock Test for Bank & Govt. Exams Here<\/span><\/a><\/p>\n

What is an Automated Teller Machine (ATM)?<\/span><\/strong><\/h3>\n

An Automated Teller Machine (ATM)<\/strong> is an electronic banking outlet<\/strong> or electronic telecommunications device<\/strong> that enables users\/customers to access their Bank Accounts<\/strong> and complete their financial transactions<\/strong> like cash withdrawal<\/strong>, cash deposits, transfer funds, and or obtaining their account information. These ATM transactions are performed with the help of a magnetically encoded plastic card<\/strong> (ATM Card or Debit Card) and a code number on it.\u00a0<\/span><\/p>\n

Services Offered at an ATM<\/span><\/strong><\/h3>\n
    \n
  1. Cash Withdrawal <\/span><\/li>\n
  2. Checking Account Balance<\/span><\/li>\n
  3. Open a Fixed Deposit<\/span><\/li>\n
  4. Recharge your Mobile<\/span><\/li>\n
  5. Pay Income Tax<\/span><\/li>\n
  6. Deposit Cash<\/span><\/li>\n
  7. Pay Insurance Premium<\/span><\/li>\n
  8. Apply for Personal Loan<\/span><\/li>\n
  9. Transfer Cash<\/span><\/li>\n
  10. Pay your bills<\/span><\/li>\n
  11. Book Railway Tickets<\/span><\/li>\n<\/ol>\n

    Take up a Free Mock Test for Bank & Govt. Exams Here<\/span><\/a><\/p>\n

    Types of ATM Transactions<\/strong><\/span><\/h3>\n

    There are two types of ATM Transactions – Financial & Non-Financial Transactions.\u00a0<\/span><\/strong><\/p>\n

    Financial Transactions<\/strong> – The ATM transactions that are measurable in terms of money.\u00a0<\/span><\/p>\n

    Non-Financial Transactions<\/strong> – The ATM transactions that do not carry monetary value are non-financial transactions.\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n
    \n

    Financial Transaction <\/strong><\/span><\/h4>\n<\/td>\n

    		\n

    Non-Financial Transaction<\/strong><\/span><\/h4>\n<\/td>\n<\/tr>\n

    Cash Withdrawal<\/span><\/td>\nBalance Inquiry<\/span><\/td>\n<\/tr>\n
    Cash Deposit<\/span><\/td>\nUpdating Details<\/span><\/td>\n<\/tr>\n
    Fund Transfer from a Bank Account to other<\/span><\/td>\nChange of Pin<\/span><\/td>\n<\/tr>\n
    <\/td>\nViewing Mini Statement<\/span><\/td>\n<\/tr>\n
    <\/td>\nCheque Book Request<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Take up a Free Mock Test for Bank & Govt. Exams Here<\/span><\/a><\/p>\n

    RBI Rules for Banks with regards to Free ATM Transactions<\/span><\/strong><\/h3>\n

    Usage of ATMs \u2013 Rationalisation of Number of Free Transactions<\/span><\/strong><\/p>\n

    The number of Free Same Bank ATM Transactions & Other Bank ATM Transaction<\/span><\/strong><\/p>\n