Introduction
Static GK is one of the important section in both Government Sector and Bank related Exams. In the static GK, Banking is one of the important topic. The article ATMs - India presents the key points of ATMs and different payment methods . The article ATMs - India can help the students and aspirants to perform well in the exams like IBPS PO, SO, Clerk, SBI, RRB, etc.
ATMs
ATMs - India - ATMs :
- Automated Teller Machine is a computerized machine, and is an electronic telecommunications device.
- The main purpose of an ATM is to perform financial transactions.
- Cash Withdraws
- Deposits
- Transfer Funds
- Account Details
White Label ATMs (WLAs):
- ATMs set up, owned and operated by non-banks are called White Label ATMs.
- Non-bank ATM operators are authorized under Payment & Settlement Systems Act, 2007 by the Reserve Bank of India.
Note:
Services:
- The reason of allowing non-bank entity to set up White Label ATMs has been to increase the geographical spread of ATM for increased / enhanced customer service.
- Account Information
- Cash Deposit
- Regular Bills Payment
- Purchase of Re-load Vouchers for Mobiles
- Mini/Short Statement
- PIN change
- Request for Cheque Book
- Insert Card
- Select your language
- Enter your PIN
- Transaction Type
- Account Type
- Enter Amount
- Take Your Money
- Another Transactions
- Ending Your Session
- RBI has imposed a limit of 3 transactions per month from ATMs of other banks and 5 from the same bank in six metropolitan cities. So, you are allowed eight free ATM transactions, (five at your bank branch ATM and three at other banks ATMs).
- The six metropolitan cities are Delhi, Mumbai, Chennai, Bangalore, Kolkata, and Hyderabad. For non-metro users, the number of free transactions at other bank ATM will remain 5.
- ATM transactions don’t necessarily have to be money withdrawal.
| Name of Bank | Free transactions allowed (each month) |
|---|---|
| Axis Bank | 5 |
| ICICI Bank | 5 |
| IDBI Bank | Unlimited |
| Citi Bank | Unlimited |
| Bank of Baroda | Unlimited |
| HDFC Bank | 5 |
| State Bank of India | Unlimited (for salary accounts) |
| Kotak | Unlimited |
| Canara Bank | Unlimited |
| Punjab National Bank | Unlimited |
Note: Customers can be charged for transactions at ATMs overand above the mandated number of free transactions. The customer can be charged a maximum of Rs. 20/-per transaction (plus service tax, if any) by his/her bank.
Reasons for failed ATM Transaction :
- By entering a wrong password
- Insufficient Balance in the account
- Insufficient Balance in the ATM
- Wrong card number repeatedly
- Customer should lodge a complaint with the card issuing bank at the earliest.
- As per the RBI instructions, banks have been mandated to resolve customer complaints by re-crediting the customer’s account within 7 working days from the date of complaint.
- Effective from July 1, 2011, banks have to pay compensation of Rs. 100/-per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions.
- The customer can take recourse to the Banking Ombudsman, if the grievance is not redressed by his/her card issuing bank.