Question 43 of 46
Q.What do you know about ATM service in banking?
Telangana TsbieTSBIE Telangana Intermediate (2nd Year) Commerce Board 2026Subjective· 5mImportance★★★★★est
93% · 43/46 Questions
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Start your 14-day free trial to unlock the full solution →An ATM is an electronic machine that lets customers do basic banking — chiefly cash withdrawal — any time without a branch visit. This TS Intermediate 2nd-year Commerce 5-mark answer explains the ATM service in banking.
Meaning
ATM stands for Automated Teller Machine. It is a computerised, self-service electronic banking machine that enables customers to carry out basic banking transactions on their own, without the help of a bank teller or cashier. To use it, the customer inserts an ATM-cum-debit card and keys in a secret Personal Identification Number (PIN).
Services/features of the ATM
- Cash withdrawal — the main service; customers can withdraw cash up to a daily limit at any time.
- Cash and cheque deposit — many ATMs allow depositing cash or cheques.
- Balance enquiry and mini-statement — customers can check the account balance and recent transactions.
- Funds transfer — money can be transferred from one account to another.
- Other services — PIN change, request for a cheque book, bill payment and mobile recharge at some machines.
Advantages
- 24x7 availability — banking round the clock, even on holidays.
- Convenience — ATMs are located at branches, markets, railway stations, airports and other public places.
- Saves time — avoids queues at the branch counter.
- Any-branch/any-bank access — a card can usually be used at other banks' ATMs too. …
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