Automated Teller Machine (ATM) | JAIIB & CAIIB STUDY MATERIAL 2023
In this post, we will talk about the ATMs which falls in the syllabus of flagship courses of IIBF i.e. Junior Associate of the Indian Institute of Bankers (JAIIB) & Certified Associate of the Indian Institute of Bankers (CAIIB) for the upcoming MAY / JUNE 2023 Exams.
Although we use ATMs on daily basis for various purposes such as withdrawing money, seeing the last 10 transactions, depositing money if CDS is attached to the ATM, any update in relation to account details, account balance inquiries, resetting of PIN & passwords, transfer of money, opening & withdrawal of FDs, income tax payments, insurance premium payments & bill payments are just the toppings of the iceberg.
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There are many other functions that can be undertaken with the ATMs nowadays. So, let us take a look at what ATM, formal, feels like.
Automated Teller Machines
Automated Teller Machines, popularly referred to as ATMs, are one of the most useful advancements in the banking sector which enables users to withdraw cash, deposits and transfer funds.
ATMs are simple data terminals with four output and two input devices. They have to connect to a host processor and communicate through it. The host processor works like an Internet Service Provider (ISP), a portal through which all the various networks of ATMs become accessible to the bank account holder with either a credit card or debit card.
The existence of ATMs has eliminated the need to visit the bank branch within the operation hours to do basic transactions like cash deposits and withdrawals.
They are recognized in different parts of the world as ABM (Automated Bank Machines), or Cash Machines.
WORKING OF ATMs
Using an Automated teller machine is very easy. The following are the steps to operate an ATM :-
Step 1 : Visit the nearest ATM and insert your ATM card in it.
Step 2 : Then Choose your language from the options appearing on the display screen.
Step 3 : After that Select the transaction type from transactions such as deposit, transfer, withdrawal of cash etc.
Step 4 : Now, Select the Type of Account from current, saving and salary accounts.
Step 5 : Then you have to Enter the withdrawal amount and four-digit ATM PIN.
Step 6 : At the last – Collect the Cash.
Step 7 : You can also take a printed receipt.
Step 8 : If you want to perform another transaction, then select that option.
ADVANTAGES OF ATM (Automated Teller Machine)
- ATM Machine can be accessed 24*7, 365 days a year.
- It allows the withdrawal of cash very quickly thereby saving the time.
- It reduces the work pressure on bank staff.
- ATM is safe and secure as the use of an ATM is restricted only to the person who knows the PIN.
- ATMs also provide the facility of paying utility bills and several other bills and payments.
- Insurers like LIC, HDFC Life and SBI Life have tied up with banks to facilitate premium payment through ATMs. Just keep the policy number handy, Go to ‘Bill Pay’, select insurer, enter policy number and date of birth or mobile number, then enter premium amount and confirm.
ATM Design Elements
Although different ATMs might have different designs, but at the basic level, they all contain the same following parts:
- Card reader: This part decodes the magnetic stripe on the back or the chip on the front of the card.
- Keypad: Customers enter information using the keypad, including personal identification numbers (PINs), transaction types, and transaction amounts.
- Cash dispenser: The machine dispenses money through a slot connected to a safe at the bottom.
- Printer: On the request of customers, ATMs can provide receipts that are printed out of them. The receipt will have the records of the type of transaction, the amount, and the account balance after transactions.
- Screen: The ATM issues prompts/directions to guide the customer / consumer through the process of executing the transaction. Information is also transmitted on the screen, such as account information and balances.
Full-service Automated Teller machines now often have slots for depositing paper checks or cash.
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Thus, in a nutshell, ATM is an electronic device that enables customers of banks and financial institutions to perform a variety of financial transactions, like cash withdrawals, deposits and funds transfers without the need for interaction with bank staff.
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Sir, how many times i can withdraw the money from the ATM in a month???
Bank customers can withdraw money from their own bank ATM without any charges for 5 transactions. And they can withdraw cash from other banks’ ATMs only three times in metro cities and five times in non-metro cities per month. The new rule is also applicable to Cash Recycler Machines.
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