In our daily life, ATM has become an indispensable part. We don’t prefer to carry a lot of cash as it is difficult and risky. On the other hand, by carrying a debit card you are virtually carrying all your savings as withdrawing cash has been made very simple with the advent of the ATM. Under the initiative of Digital India, physical exchange of currency has become much lesser because now you can easily transit money from one account to another by just a click. For a banking aspirant, it is very important to know that there are different types of ATM as questions do come from this topic in main examination as well as in Interview and a banking aspirant in general is expected to have the basic knowledge of the banking. So, in this article we will be discussing different types of ATM in India.
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Important Facts Related To ATM’s In India:
ATMs in the country: 2,21,703 till March 2019
Banks having the maximum no of ATM: State Bank Of India
State having highest number of ATM’s: Maharashtra with 25,651 ATM
India’s first talking ATM’s: Ahmedabad, launched by Union Bank Of India
Only country where you can NEFT form India: Nepal
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What Is ATM?
ATM is Automated teller machine which is a computerized machine which provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch.
Types Of Cards Used In ATM
The ATM cum debit cards, credit cards and open prepaid cards ( that permit cash withdrawal) issued by banks can be used at ATM for various transactions.
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Types of ATM In India
These ATMs are inside the bank compound and hence are known as Onsite ATMs.
These ATMs are located in various places except inside the bank premises and thus named as Offsite ATMs.
White Label ATM
These ATMs are set up & owned by Non-Banking Financial Companies and offer all the services are known as White Label ATMs.
Yellow Label ATM
These ATMs are mainly installed to provided for E-Commerce facility.
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Brown Label ATM
These ATMs are not owned by the bank instead they are taken on lease to provide the service to the customer.
Orange Label ATM
These ATMs are used in the share transaction.
Pink Label ATM
These ATM are meant only for Women.
Green Label ATM
These ATMs are installed for the transaction related to agriculture.