ATM
you must be familiar with the name, because nowadays everyone uses ATM to withdraw money, ATM is an important part of our life today, it makes it easy for the customer to withdraw money from his account at any time. . Here you will know what ATM is, how it works and its history.
With the use of ATM, people have less to go to their branch, because it takes less time to withdraw money from ATM and it is also convenient, the bank is not open all the time if someone suddenly needs money, ATM is the only There is only one way by which he can withdraw money from his account.
What do you know here?
- What is ATM?
- What is the full form of an ATM?
- What is the difference between Debit Card and ATM?
- History of ATM
- What are the types of ATM or Debit cards?
- Advantages and disadvantages of ATM
- how to withdraw money from atm
- What is the age required to get an ATM card?
The use of ATMs changed the way people do banking, today you can do other things besides withdrawing money from ATM-like checking mini statements, changing your registered mobile number, applying for new debit cards, applying checkbooks, electricity Paying bills, etc. can be done.
What is ATM?
ATM is an electronic machine whose full name is Automated Teller Machine, in Hindi we call it automatic calculator machine, ATM allows us to withdraw money without visiting a branch, an ATM can be used by everyone who has a debit card. Is.
An ATM provides many facilities such as withdraw money, pay bills, transfer money to another account, change registered mobile numbers, etc. To use the ATM, the bank gives the customer an ATM or debit card, this card has a magnetic stripe that contains the necessary information about the account holder's account.
ATM makes banking work easier because it is an automatic machine that does not require any bank employee to use and can work at a higher speed than a human, hence its cost is also less.
Although nowadays a chip also comes with the magnetic stripe that acts as a circuit, with this strip and chip, the ATM is able to understand which account this card is associated with and what kind of services are available in it.
Atm full form
The full name of ATM is Automated Teller Machine, we can also call it an automatic calculator machine. John Shepherd-Barron and Donald Wetzel invented the ATM, in some countries it is also known as Cash Point, Bankomat.
What is the difference between Debit Card and ATM?
Debit cards and ATM cards are both different, in which with a debit card you can withdraw money from ATM machine as well as make an online payment, same ATM card can be used only to withdraw money from ATM, ATM card Cannot be used for online transactions.
Nowadays all the banks have stopped giving ATM cards and now debit cards are given in its place, which is also helping to become digital. Debit cards are issued by any digital payment company such as MasterCard, Visa, Rupay Card in association with the bank, but ATM cards can be issued by the bank itself without any support.
History of ATM
The credit for the invention of the ATM i.e. Automatic Teller Machine is given to John Shepherd-Barron, this machine is also known as Cash Point, Bankomat apart from ATM in the world.
The ATM machine was started in 1960, although there was a lot of drawback in the ATM machine of that time and if the reason was that the customers of Citibank did not like this machine at all, then the modern era ATM machine was used on 27 June 1967 in Berkeley, London.
Till that time only a few customers had this facility, it is said that Baron was in favor of keeping the 4 digit PIN of the ATM card, but his wife advised him to keep it 4 digits, which he believed that people Will quickly forget the 6 digit PIN.
Following, the baron kept the ATM PIN as 4 digits and even today we use 4 digits ATM PIN. The first ATM facility was started in 1987, apart from the first ATM was installed by Hong Kong and Shanghai Banking Corporation (HSBC).
What are the types of ATM Debit Card?
Debit cards can be divided in many ways such as on the basis of payment platform, on the basis of usage, or on the basis of technology, here you are told the types of debit cards on the basis of payment platform, all by extension debit cards You can see this post to know the type.
Rupay debit card
Rupay debit card is the only domestic payment system in electronic payment, which was launched by NPCI in the year 2012, Rupay card is cheaper than other cards, as well as the lowest charge for online payment is on this card.
You can use Rupay Card only in which means if you ever want to buy some goods from outside or make payment somewhere, then this card will not be done, as well as outside you can not withdraw money from ATM with this card. Can.
Rupay Card can be the best option for those people who do transactions, the fee for this card is also very less and for the same reason if the card is given in the account of Payments Bank
Visa Debit Card
Visa Debit Card is an internationally accepted debit card that you can use for all types of online and electronic transactions. Visa Inc. is an American company that provides its service all over the world.
Although there are many types of Visa debit cards, the bank mainly issues Visa Classic Debit Card, Visa Gold Debit Card, Visa Platinum, and Visa Signature Debit Card, customers.
Visa Debit Card You can pay outside staying you can pay for any goods, apart from this, if you are in any other country and your debit card is activated for international transactions, then you can do any You can withdraw money in another country.
MasterCard Debit Card
MasterCard is also an international financial services company, MasterCard Debit card is also widely, its headquarter is in New York America. MasterCard is considered to be quite secure if big private banks such as HDFC and ICICI Jan give the cards of any company to their customers.
You can use a MasterCard Debit card to make online payments to withdraw money from ATMs in any other country. The annual fee of this card is almost double that of the Rupay Debit Card.
Maestro Debit Card
Maestro Debit Card is also a US company like MasterCard, which provides its service in many countries, the cards of this company are also accepted all over the world, you can make online payments, and any other You can also withdraw money from ATM in the country.
Maestro Debit Card is the first choice of many banks, although ICICI Bank does not issue this debit card, before taking any debit card, check the bank or online to see what services are being provided in that card, with some cards you Free insurance is also available but very few people are aware of this.
Benefits of ATM
- With the help of an ATM, we do not have to depend on the bank employee to withdraw money.
- Money can be withdrawn from ATMs at any time in any state, city, and even in the country.
- You do not have to depend on the branch to withdraw money, money can be withdrawn even on holidays.
- ATM saves time
- People can walk from their homes with only one debit card, they do not have to worry about money.
- Apart from withdrawing money from ATMs, other banking work can also be done like changing the registered mobile number, ordering a checkbook, applying new debit card, etc.
- It costs less to install an ATM machine than to build a branch, so it can be installed even in areas where there are fewer people.
- Due to ATM, the workload on the bank employee is reduced, because many banking tasks can be done with ATM.
- A customer of one bank can withdraw money from the ATM of another bank.
- Mistake in the transaction is negligible.
Disadvantages of ATM
- Money cannot be withdrawn more than a certain limit in a day.
- Sometimes due to some technical problem, the money is not withdrawn from the account.
- At some places, ATMs run out of money, causing inconvenience to the customer.
- Many times people fall prey to any ATM fraud.
- While withdrawing money, the bank does not know which person is withdrawing money, in this only a debit card and ATM PIN are needed to withdraw money.
How to withdraw money from ATM?
To withdraw money from ATM, you must have a current debit card of any bank, you can withdraw money from an ATM of any bank but the bank can take some money from you on withdrawing money from an ATM of another bank, so it is better. You will have to withdraw money from the ATM of the bank whose debit card you have.
To withdraw money from an ATM, you need an ATM PIN, so before going to the ATM, find out about it. Apart from this, also keep in mind that you cannot withdraw more than 10,000 rupees from any other bank's ATM simultaneously, yes you can withdraw more money by taking turns.
What is the age required to get an ATM card?
Nowadays the bank provides the facility of ATM or Debit card to all its customers, the minimum age of taking ATM card is different for all the banks, most of the banks give ATM facility at the age of 13 years.
If you are less than 18 years of age, then contact the customer care or branch of the bank where you want to open the account.
If you are less than 18 years, the bank can provide you with a debit card with your parent's account, this rule may differ from bank to bank.
you have learned about what is ATM, what is the difference between ATM and a Debit card, and some other things related to ATM, hope you got the answer to all your questions.