Special services provided by an ATM

Know about the special services provided by an ATM for bill payment and loan application.

Created On: Jan 8, 2018 16:54 IST
Special services provided by an ATM
Special services provided by an ATM

The right blend of knowledge and proper information about technology can make your life way easier. Take for instance the case of ATM Machines, which you use specifically to withdraw money, however, that machine is meant for other purposes as well. Whether you want to open an account, recharge your mobile or pay your insurance premiums, an ATM Machine can help you in doing N number of things that you wouldn’t have imagined at any point of time.

Next time, you visit an ATM to withdraw money; do make sure to check for other service options that may fulfill your requirement there and then, saving your time and effort. Here are some of the special service options other than withdrawing money that an ATM provides:

Open a Fixed Deposit

Now, you don’t need to run to your branch to open a Fixed Deposit account. You just need to get out of your home and go to the ATM, select the ‘Open Fixed Deposit Account’ from the ATM menu, select the time duration, enter the respective amount and click on other important details. There you go! You have successfully opened a Fixed Deposit Account without bearing the hassle of visiting your nearest branch.

Pay income tax

You can even pay your income tax through the ATM Machine. How cool is that? Not all, but some banks offer this facility to customers to pay their income tax using ATMs. Self-assessment tax, advance tax and tax due after regular assessment can be paid through ATMs. Nevertheless, you will first need to register for this facility through net banking or by visiting the branch. Once the respective amount is deducted from your account, the ATM will generate a unique number called CIN. Subsequently, you can visit the bank website after 1 day of payment and print the challan using the CIN.

Deposit cash through ATMs

If you urgently need to deposit cash to your or anyone’s account, and you don’t have the time to visit the branch, then you can directly deposit the cash through cash deposits machines installed in ATMs. You can deposit a maximum of Rs. 49,000 per transaction, and the denominations of Rs. 1,000, Rs 500 and Rs 100 are accepted.

Insurance premium payment facility

To make your life easier, many insurers such as SBI Life, HDFC Life and LIC have joined hands with banks to provide the option of paying insurance premiums through ATMs. However, make sure to keep the policy number handy. In the ATM search and navigate to ‘Bill Pay’ section, enter policy number and your mobile number, and then enter premium amount and press the confirm button to complete the process.

Personal loan application

If you are looking to avail small valued personal loans, you don’t need to bother going to banks or speaking to bank executives as some banks offer pre-approved personal loans for customers using ATMs. The loan amount is automatically decided by your transaction details, account balance and credit score.

Cash transfer through ATMs

If you do not have the time to go to the branch or you don’t have the access to net banking, still you can transfer money to someone’s account through ATM. You just need to register the beneficiary account online or by visiting the branch. After that, you can transfer up to Rs. 40,000 in the beneficiary account in a day through ATM.

Domestic bill payment

Even better, you can also pay your electricity bill, phone bill and gas bill through ATMs. But, before doing any such payment, you need to register the biller on the bank’s website. Start paying your bills on the go! Cool!

Hope from now onwards you will the use the ATM not only for withdrawing money but also to complete the aforementioned tasks in an easy way. If you want to have your say, please feel free to write down your comment in the below mentioned box. you can also share this article across your circle to let your friends know about the various services offered by ATM other than withdrawing money.

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