Additional questions by RBI?
Additional questions by RBI?
What is an Automated Teller Machine (ATM)?
An Automated Teller Machine is a computerised machine that offers bank customers the ability to access their accounts to withdraw cash and carry out other financial transactions without visiting a bank branch
What type of cards can I use at an ATM?
You can use any ATM, Debit, Credit or Prepaid Card that permits cash withdrawals at an ATM. You can also use these cards for various other transactions
What are the facilities offered by at ATMs?
ATMs don’t only help to dispense cash. You can avail of various other services:
- Get account information
- Pay bills
- Mobile Top up
- Get mini-statements
- Enquire about loans
The services may vary from ATM to ATM or may depend on the capacity of the machine to provide such services.
How can you use an ATM?
You have to first insert your card in the slot provided and then enter your ATM PIN. After that you can select the respective options to perform whatever transactions you want
Can these cards be used at any bank ATM in the country?
Yes, the cards issued by banks in India can be used at any bank ATM within India.
What is a Personal Identification Number (PIN)?
A Personal Identification Number (PIN) is a unique numeric password you need to use an ATM. Your PIN is either mailed to your address or handed over to you by the bank when you are issued your card. You should reset your PIN at the ATM once you receive it. For security reasons, most banks force you to change your PIN when you first use your card
Remember never to write your PI N on your card, card holder or anywhere that makes it easy for someone to read it. If someone knows your PIN your card can easily be misused if it is lost or stolen.
What should I do if I forget my PIN or my card gets stuck in an ATM machine?
If this happens you should contact your card issuing bank branch immediately and apply for its retrieval or for a new card.
What should I do if I lose my card?
You should contact your card issuing bank immediately to block your card
Is there any minimum and maximum cash withdrawal limit per day?
Yes, each bank sets a limit for cash withdrawals. The cash withdrawal limit for use at the ATM of the issuing bank is set by the bank when the card is issued. The maximum withdrawal limit is displayed at the respective ATM locations.
For cash withdrawals at other bank’s ATMs, a maximum limit of Rs 10,000 per transaction has been decided upon. This information is displayed at the ATM location itself.
- Accounts with vintage of 6 months & below will have ATM cash withdrawal limit of INR 50,000 per day.
- Accounts with vintage of more than 6 months will have a ATM cash withdrawal limit of INR 2 Lakh per day
- Monthly limit of INR 10 Lakhs would be applicable for all accounts irrespective of vintage
Do banks levy any service charge for use of other bank’s ATMs?
As advised by the RBI circular (Usage of ATMs - Rationalisation of number of free transactions) dated 14th August 2014, the banks can charge customers beyond three transactions on Other Bank ATMs at Metro locations & beyond five transactions on Other Bank ATMs at Non Metro locations. The cap on service charge that can be levied by banks is Rs 21 plus applicable taxes per transaction.
What should I do if during the cash withdrawal process, I don’t receive cash from the ATM but my account is still debited for the amount?
You can lodge a complaint with the card issuing bank. This is applicable even if the transaction was carried out at another bank’s ATM.
What is the maximum number of days that a bank will require to re-credit the account for wrong debits?
As per RBI instructions, a bank may re-credit wrongly debited amounts within a maximum period of 5 calendar days from the transaction date.
AM I eligible for compensation for delay beyond 5 working days?
Yes. Effective from Oct 15, 2019, a bank will have to pay you Rs 100/- per day for any delay beyond 5 Calendar days from the date of the transaction. This will have to be credited to your account without any claim being made by you.
In case the compensation is not credited as mandated, what recourse do I have?
In such a case you may lodge a complaint with the local Banking Ombudsman, if the bank does not respond.
FAQs
The full form of ATM is Automated Teller Machine. It's a self-service banking kiosk that allows you to access your bank account and conduct various transactions without needing a bank teller. This includes withdrawing cash, depositing checks or cash, transferring funds, and checking account balances.
What did Martin Lewis say about ATMs? ›
Martin also warned about “scare tactics” used by some banks abroad to try and get more money out of you. He said: “They'll push and try to scare you to let them convert for you, with an 'are you sure? ', or 'are you really sure? ' if you select the option they don't want (as they make less money).
What ATMs do 5 notes? ›
These include the Bank of Ireland ATMs at Post Office locations, Barclays, Nationwide Building Society, The Co-operative Bank, HSBC, Lloyds Banking Group, Royal Bank of Scotland (including ATMs operated on behalf of Tesco Bank), Sainsbury's Bank, Santander and Yorkshire Bank.
What if the ATM doesn't have enough money? ›
If an ATM does not have enough money, what happens? While this is not the same as an ATM failing to dispense, there may be times when the ATM doesn't have enough cash left to fulfill your request. In that case, the ATM will let you know that it has insufficient funds and will deny the transaction.
What is ATM answers? ›
ATMS, or automated teller machines, are banking outlets where you can withdraw cash without going into a branch of their bank. Some ATMs only dispense cash, while others allow transactions such as check deposits or balance transfers. The first ATMs appeared in 1960s and now number more than 2 million worldwide.
What is ATM stand for slang? ›
ATM stands for “at the moment.” It's used to let someone else know what they're currently doing or feeling, or to tell others about their current availability for a conversation.
What is an amazing fact about ATMs? ›
An ATM isn't just for cash!
If you thought ATMs only dispensed cash, you're wrong! The first gold-plated machine was placed in the lobby of the Emirates Palace hotel in Abu Dhabi and dispenses 320 items made of gold. Currently there are twenty gold vending machines installed across three continents.
What job did ATMs replace? ›
Bank tellers
The introduction of the ATM (automated teller machine) in the 1960s was the first instance of bank teller jobs being lost to technology.
Do banks own their ATMs? ›
Did you know that there are over 451,500 ATMs in the US as of 2023, and fewer than half of them are owned by banks? The majority are owned by people like you and me. ATMs are very profitable businesses because there are only a few overhead expenses.
Do any ATMs have $100 bills? ›
Withdraw cash: Many ATMs have evolved from dispensing limited bills (for instance, $20 bills only) to now offering a variety of denominations. For example, a machine that may dispense $5s and $100s in addition to $20s.
When cash is withdrawn from an ATM, if some or all of the money isn't taken after 30 seconds, it gets 'retracted' – sucked back into the machine. In most cases, this isn't an issue. Most banks simply re-credit the cash back into the cardholder's account.
Do ATMs give you 50 dollar bills? ›
Most Wells Fargo ATMs carry both $20- and $50-dollar bills, and allow a mix when available. Deposit cash and checks. Insert checks or cash without an envelope.
How to withdraw money from ATM with no money in account? ›
If you choose to opt in to debit card and ATM overdraft, you are usually allowed to make ATM withdrawals and debit card purchases even if you do not have enough funds at the time of the transaction. However, you will generally incur fees on transactions that settle against a negative balance later.
Do ATMs ever miscount? ›
It's one of life's major OMG moments: An ATM takes your cash or check and miscalculates or doesn't acknowledge your deposit. It's best to move quickly, document the details of the event, and contact your bank immediately.
What happens when ATM eats your cash? ›
Contact your bank ASAP
If you are standing outside your own bank when this happens, using one of your financial institution's ATMs, simply go inside and explain what happened. Your bank can correct the situation on the spot, crediting the deposit to your account and issuing you a paper receipt verifying the funds.
What does the ATM stand for? ›
ATM stands for an “Automated Teller Machine”. An ATM is a computerized device that enables individuals to conduct various banking transactions without the need for a human teller. It provides a convenient way to access and manage our bank accounts, even outside the banking hours.
What is the meaning of ATM in words? ›
ATM is an abbreviation for 'automated teller machine'.
What does ATM mean on Snapchat? ›
On Snapchat, the acronym ”atm” usually means ”at the moment”. For example, ”I am busy atm” or “I'm feeling really lazy atm”.
What ATM call means? ›
An At-the-money call option is described as a call option whose strike price is approximately equal to spot price of the underlying assets (i.e. Strike price=Spot price). Hence, NIFTY FEB 8300 CALL would be an example of At-the-money call option, where the spot price is Rs 8300.
