Spending & Lifestyle

9 useful facilities offered by the ATM

9 useful facilities offered by the ATMThinkStock Photos
9 useful facilities offered by the ATM
Text: Sanket Dhanorkar, ET Bureau

If you thought that the ATM can only be used for withdrawing cash and checking your bank balance then think again, because now it also provides other useful services, too. ET Wealth lists 9 such facilities offered by the ATM.
1. Open or withdraw a fixed depositThinkStock Photos
1. Open or withdraw a fixed deposit
Select 'Open Fixed Deposit' on the ATM menu followed by the duration, then enter the amount and confirm other necessary details.
2. Mobile recharge (prepaid)ThinkStock Photos
2. Mobile recharge (prepaid)
Select 'Mobile Recharge', enter your mobile number or that of your friend or family member and re-confirm, then enter the recharge amount.
3. Pay income taxThinkStock Photos
3. Pay income tax
You can also pay income tax, including advance tax, self-assessment tax as well as tax due after regular assessment, through the ATMs of a select few banks. Simply register for the facility on the bank's website or branch. Once the amount is deducted from your account, the ATM will generate a unique number (CIN). Check the bank's website after 24 hours and print the challan using the CIN.
4. Pay insurance premiumThinkStock Photos
4. Pay insurance premium
With LIC, HDFC Life and SBI Life tying up with banks to facilitate premium payment through ATMs, you just have to go to 'Bill Pay', select the insurer, enter policy number and date of birth or mobile number, enter premium amount and confirm.
5. Deposit cashThinkStock Photos
5. Deposit cash
One can deposit up to Rs 49,900 per transaction, in denominations of Rs 100, Rs 500 and Rs 1,000, in the cash deposit machines installed by many banks in ATM kiosks.
6. Apply for personal loanThinkStock Photos
6. Apply for personal loan
Some private banks offer pre-approved personal loans using ATMs as the point of disbursal. The 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 cashThinkStock Photos
7. Transfer cash
Funds up to Rs 40,000 (daily, with no limit on the number of transactions) can be transferred from one bank account to that of another using an ATM. Just register the beneficiary account online or at the bank branch.
8. Bill paymentThinkStock Photos
8. Bill payment
Register the biller on the bank's website before paying telephone, electricity, gas and other bills through ATMs.
9. Book railway ticketsThinkStock Photos
9. Book railway tickets
Public sector banks like SBI, Punjab National Bank, etc., offer the facility at select locations on railway premises. Only long distance reserved tickets are issued this way currently.
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