When it comes to the easiest way to withdrawing our cash, a small cabin with a machine inside it, called an Automated Teller Machine (ATM), can be the best solution.
The respective banks where we have our bank accounts provide us with an ATM cum debit card to withdraw cash easily from ATM.
What is an ATM?
An Automated Teller Machine is an electronic banking machine that allows an bank account-holder to perform basic money transactions, like withdrawing cash, without any other human presence.
Apart from withdrawing cash, ATMs have begun to offer a plethora of useful services like –
- Open or withdraw a fixed deposit;
- Apply for loans;
- Pay insurance premium;
- Pay utility bills;
- Deposit checks and cash, etc.
Apart from these services, depending on the location and bank, each ATM offers a combination of various services apart from the basic withdrawal of cash.
While an ATM has become a familiar term, the usage of this machine is still a confusing task for many, especially in the rural areas, where financial inclusion is still a new concept.
In this article, we have explained the basics of an ATM, followed by the simple procedure of how to withdraw money from an ATM so that one can be well aware of the withdrawal process.
