MuthootBlog

Did you know about these services that your ATM provides?

  • November 20, 2017
  • rootroot

ATMs or Automated Teller Machines are one of those inventions that have made our lives so much easier. In fact, such is the level of convenience that ATMs afford, that it’s hard to think of a life without them. ATMs provide you access to banking services from everywhere and at any time. All of us have, at some point of time, rushed to the ATM to either withdraw some cash or to check our account balance. However, did you know that these are not the only services provided by ATMs?

Applying for pre-approved personal loans

Not a lot of people know that an ATM can help them receive small ticket loans in a quick and hassle free manner. Based on your transaction details, credit score, repayment history, etc., your bank may offer you a pre-approved loan, and that you can get the amount disbursed instantly with the help of an ATM.

Select the personal loan option on the ATM, and select the amount that is shown on the screen. Then, you can accept the tenure, charges, interest rate, and confirm that you agree with the terms and conditions. The amount will then be instantly credited to your account.

Fund transfers

Much like internet banking, an ATM also provides you the option of transferring funds from your account to another account, either in the same bank or another. You can perform IMPS transfers through the ATM after entering details like the beneficiary’s account number, MMID, mobile number, and the amount to be transferred.

Utility bill payment

ATMs can help you save a lot of time, as they make paying utility bills as easy as possible. You can use your debit card to pay for your gas cylinder bill, electricity bill, etc. conveniently at an ATM.

Mobile and DTH recharge

You can provide your connection number and the amount to recharge your prepaid mobile or DTH connection through an ATM. This transaction is instant and the recharge is done immediately.

Term deposit or mutual fund investments

Some banks allow you to open FD accounts through their ATMs. You will be required to enter the amount, tenure, and interest rate to begin the investment. The FD certificate will later be delivered to your registered address. Investment in mutual funds via ATM is a service that some banks provide; however, you will have to register for the same before you can start using it.

Registering Your Aadhaar

As per government mandate, linking your Aadhaar to your bank account is necessary. This is a task that you can now easily perform at your bank’s ATM. All you need to do is select the registration option of the ATM and enter your details. You should receive a seeding confirmation within 24 hours.

Paying insurance premiums

Some insurers offer the facility to pay premiums through ATMs. The details you will need to enter include the insurance provider, policy number, your date of birth, and premium amount.

Card-less cash withdrawal

If you forget your card at home, you can still get access to your funds via this feature. You will need to enter you mobile number to initiate the transaction, after which you will receive some codes that you will have to enter in the machine to get your money.

ATMs have a lot of services to offer, apart from the standard cash withdrawal that we commonly utilize them for. So the next time you head out to an ATM, make full use of it.

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