9 useful services that can be availed from an ATM, apart from cash withdrawal and checking account balance.
1. Open or withdraw a fixed deposit
You can open a fixed deposit with your bank using an ATM.
Select ‘Open Fixed Deposit’ on the ATM menu, select the duration, enter the amount and confirm the other necessary details.
2. Recharge your mobile
Prepaid services of most mobile operators can be recharged from an ATM.
You can also recharge mobile phones of friends or family members in the same manner.
Select ‘Mobile Recharge’, enter your mobile number and re-confirm, then enter the recharge amount.
3. Pay income tax
Some banks offer the convenience of paying income tax using ATMs. This includes advance tax, self-assessment tax as well as tax due after regular assessment.
You need to register for the facility on the bank’s website or branch first.
Once the amount is deducted from your account, the ATM will generate a unique number (CIN). You can visit the bank website after 24 hours and print the challan using the CIN.
4. Deposit cash
Many banks have installed cash deposit machines in ATM kiosks.
One can deposit up to Rs 49,900 per transaction.
Denominations of Rs 100, Rs 500 and Rs 1,000 are accepted.
5. Pay insurance premium
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 ..
6. Apply for personal loan
To avail of small ticket personal loans, you don’t need to approach a bank branch or speak to a phone banking executive. Some private sector banks now offer pre-approved personal loans for customers using ATMs as the point of disbursal.
The loan amount is decided using advanced analytics, which take into account the customer’s transaction details, account balance, salary credits, and credit and debit card repayments.
7. Transfer cash
If you do not have access to Netbanking, funds can be transferred from your bank account to that of another bank using an ATM.
You need to register the beneficiary account online or at bank branch.
Upto Rs 40,000 can be transferred to the beneficiary account in a day, with no limit on the number of transactions.
8. Pay your bills
You can pay utility bills like your telephone bill, electricity bill, gas bill and others through ATMs.
You need to register the biller on the bank’s website before you can make the payments.
9. Book railway tickets
Public sector banks like SBI and Punjab National Bank, among others, offer the facility at select locations on railway premises.
As of now, only long distance reserved tickets are issued this way.
Some of these tasks are better served by newer channels
Transfer of cash, bill payment, booking of railway tickets and paying insurance premium do not require a visit to the ATM. They can be done through Netbanking and mobile banking.