What is ATM Full Form?

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ATM full form

The ATM full form is Automated Teller Machine which is an electronic machine that people use for financial transactions. Simply, as the name suggests, it is an “automated” banking platform for people and it does not have any other representative/teller or human operator of the bank. ATM is a self-service machine providing banking services. The machine allows people to withdraw cash, check account balances and even transfer money. It also offers the feature of withdrawing money even if you are a different bank account holder.

Also Read: List of Banking Courses

What are the Types of ATMs?

Given below are the types of ATMs:

The ATMs are primarily of two types, a simple basic unit that allows users to withdraw cash, check account balances, receive updates, get statements and change PIN. The other more complex unit allows the user to deposit cash or cheque and line of credit and bill payments.

These ATMs are available onsite i.e. within bank premises or offsite i.e. in different locations as well. Check out the categories for an ATM:

  • Yellow Label ATMs- Used for e-commerce transactions
  • Pink Label ATMs- Specifically for females to help avoid the long queues and waiting time
  • Green Label ATMs- Used for agricultural purposes
  • White Label ATMs – Introduced by the TATA group, white label ATMs are not owned by a particular bank but by entities other than the bank
  • Orange Label ATMs- Used for share transactions
  • Brown Label Banks- Operated by a third party other than a bank

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What are the Uses of an ATM?

ATM is a revolutionary technological aid in the banking industry that provides easy access to customers. Take a look at the uses of an ATM:

  • Commonly, users prefer to withdraw cash from ATMs and check their account balances. Users can also change PINs and transfer funds. 
  • Newer machines enable users to open or withdraw a Fixed Deposit (FD) or apply for personal loans
  • Some machines also allow users to book railway tickets, pay premiums, utility bills, taxes and facilitate a mobile recharge 
  • It allows customers to make direct transactions at their convenience. Banks have installed ATMs at many public places such as malls, markets, highways etc.

Also Read: Diploma in Banking and Finance 

We hope this has helped you understand the ATM full form and everything related to it. Do you want to know more full forms like this? In the world of short forms, you can rely on our page to know more! Get in touch with our study abroad experts to achieve your international dream today!

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