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Answer» ATM stands for Automated Teller Machine. These machines are installed by banks at various iocations. A person can withdraw cash from these machines, know his account balance, etc. using ATM card.
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Automated Teller Machine (ATM): - ATM is a machine installed by banks at several locations. A person can use this machine to perform few types of banking transactions.
- Bank provides an ATM card to its customer which he needs to carry whenever he goes to ATM. The bank also provides him a Personal Identification Number (PIN) to use this ATM card at ATM centers.
- Using ATM card a person can withdraw money from ATM as per minimum withdrawal limit set by the bank and lesser than the amount present in his account. The bank also sets the maximum amount that a person can withdraw per transaction.
- A person having ATM card of another bank can use it in an ATM centre of any bank. However, he will be charged for using this service as decided by RBI.
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