Typically you might use an Automatic Teller Machine (ATM) for withdrawing money or checking your account balance. But do you know that an ATM can offer a host of other services? Here are some of them.
Changing your PIN – Wrote your PIN on the back of your card and think somebody saw it? You can change your PIN at the ATM for this reason or any other reason that compels you to do it. Ideally, keep your PIN number in a safe place where it won’t be visible to others. Make sure that you are the only one near the ATM kiosk when you change your PIN.
Depositing cash – There are many banks that allow the customers to use the ATM as a cash deposit machine. Most of the times the deposit is restricted to Rs 50,000 or less. There might also be restrictions as to what denominations will be accepted by the machine. Most of the times, Rs 100, Rs 500 or Rs 2,000 notes might be accepted.
Transferring funds – Just like you transfer funds using your internet banking account or your mobile banking app, you can transfer funds using your bank’s ATM. However, you should have registered the beneficiary’ name on your internet banking account. Here too, restrictions might apply. Usually amounts less than Rs 40,000 could be transferred in a single day. Usually, there are no restrictions as to the number of such transactions.
Paying bills – You can pay your utility bills such as electricity bill, gas bill or mobile bill using an ATM. For this, you need to register the biller on your internet banking account. You could also pay your credit card bills using an ATM.
Requesting a cheque book – You can use both your internet banking account as well as an ATM to request a new cheque book.
Recharging prepaid mobiles – You can recharge any mobile service using an ATM. You can even recharge your family member’s prepaid mobile service. You just need to enter the mobile number, choose the recharge amount and your recharge will be done.
Paying for insurance policies – Most insurers have tie-ups with banks where you can pay your insurance policy’s premium using an ATM. The most popular ones include LIC and SBI. You need to have your policy number for this. When you go to an ATM, choose ‘Bill Pay’, choose the insurer, give your policy number and your mobile number. Once you give these details, provide the premium amount and your insurance policy premium will be paid.
The opening of deposits – You can open a fixed deposit using an ATM. Just choose ‘open a fixed deposit’, give the amount of deposit, select the duration and give other details. Your fixed deposit will be opened without you going to a bank branch.
Linking your Aadhaar – Not finding the time to link your Aadhaar number to your bank account? You can do it the next time you visit the ATM to withdraw money. You just need to select your account, enter your Aadhaar details, verify it and your Aadhaar will get linked to your bank account.
Booking railway tickets – Many banks including SBI, allow you to book tickets using the ATMs located at railway stations. There might be restrictions on the trains for which you can book tickets.
Getting a personal loan – Now, banks offer pre-approved personal loans or rather advertise for pre-approved personal loans on ATMs. The amount offered is usually based on the average balance you maintain in your savings account and the deposits that you have with the bank. The amount is credited to your bank account once you agree to the terms and conditions of the personal loan.
So, the next time you go to the ATM, don’t just withdraw cash. Do much more than you and that can give you time to take care of other things including planning for investing your hard earned money.