An Automated Teller Machine (ATM) is an electronic banking device that allows customers to perform basic financial transactions without visiting a bank teller.
Question : The term ATM stands for which of the following?
- 1) Automated teller machine
- 2) Automated teller mechanism
- 3) Automatic teller machine
- 4) None of the above
It is an electronic device that allows bank customers to perform financial transactions such as cash withdrawal, deposits, and fund transfers without a human teller.
Benefits of ATM:
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24×7 availability (no banking hours limit)
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Reduces workload on bank staff
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Easy access to funds anywhere
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Secure and PIN-protected
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Enables digital banking awareness
Types of ATMs:
On-site ATM – Located within or near a bank branch.
Off-site ATM – Located in public areas like malls, airports, or offices.
White Label ATM – Operated by non-bank entities, approved by RBI (India).
Brown Label ATM – Owned by private companies but connected to a specific bank’s network.
Mobile ATM – Vehicle-based ATM used during events or in rural areas.