Kotak Mahindra Bank ATM

ATM Card

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What is an ATM?

An ATM, short for Automated Teller Machine, is an electronic machine that can be used for initiating banking transactions 24x7 without even having to visit the bank. It does away with the need to avail the services of a bank representative or a teller. If you have a bank account, you can simply search ‘ATM near me’ to locate your nearest ATM and conveniently deposit money, withdraw cash, and do so much more.

Read on to know more about how Automated Teller Machines work, the benefits of using the service for banking transactions, and the charges associated with the same.

How Does an ATM Work?

The ATM is an extension of the bank as it is designed to accept deposits and dispense cash. When you place the card in the slot to withdraw money, it requests you to type in your Personal Identification Number (PIN) using the ATM keypad. It then sends a communication to the bank’s servers to validate the PIN against the one registered to your account. Once the authenticity is established, the machine dispenses the cash and transmits the notice that the transaction is complete.

To use an ATM to withdraw cash, you would need to follow the steps mentioned below:

  • Visit the nearest ATM.

  • Insert your debit or credit card in the ATM slot.

  • Choose your preferred language on the display screen.

  • Select the transaction type: deposit, transfer, cash withdrawal, etc.

  • Select the account type.

  • Enter the amount you wish to withdraw.

  • Enter the four-digit ATM PIN.

  • Collect the cash and the receipt.

  • Confirm that you do not want to make another transaction.

  • Collect your card from the ATM slot.

What are the Types of ATMs?

When it comes to ATMs, there are several types depending on location and functionality:

ATM Type

Description

On-site ATM

These are ATMs that are available within the bank premises.

Off-site ATM

These are ATMs that are available at locations outside the bank premises.

Worksite ATM

These are ATMs that are available within the company premises for use by the employees.

Mobile ATM

This type of ATM is on wheels and is moved to different locations to make it easy for customers to access the services of the automated machine.

Cash Dispenser ATM

You can use such an ATM only for balance enquiry, getting a mini-statement, and cash withdrawals.

White Label ATM

This type of ATM is provided by non-banking financial companies (NBFC).

Yellow Label ATM

Such an ATM can be used for online purchases.

Pink Label ATM

This ATM type is designed especially for women.

Green Label ATM

This type of ATM is used for agricultural transactions.

Orange Label ATM

This type of ATM is used for share transactions

Brown Label ATM

The service provider owns the hardware and the machine’s lease. Cash management and connectivity, on the other hand, are provided by the sponsor bank.

What are the ATM Charges of Top Banks in India?

Banks do not charge you for issuing an ATM card; however, there is a limit to the number of free transactions you can avail on the card. If you use the ATM after exhausting the free limit on the card, you are required to pay a charge. This charge varies with the transaction type: financial transaction (cash withdrawal) and non-financial transaction (balance enquiry, mini-statement, and PIN change). The charges for using ATM services for some of the top banks are mentioned below:

Bank

Per Month Free Transactions

Cost After Free Transactions

SBI ATM Card

4 free cash withdrawals for Basic Savings Bank Deposit (BSBD) account holders.

For other accounts:

5 free transactions at SBI ATMs

3 free transactions at non-SBI ATMs (Metro)

5 free transactions at non-SBI ATMs (non-Metro)

₹15 + GST per transaction (Basic Savings Bank Deposit (BSBD) account holders.)

Others:

₹20 + taxes per financial transaction (₹21 + taxes per financial transaction w.e.f. January 01, 2022)

₹8.50 + taxes per non-financial transaction

ICICI Bank ATM Card

5 free transactions in ICICI Bank ATMs

3 free transactions per month at non-ICICI ATMs in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad

5 free transactions per month at non-ICICI ATMs in other locations

₹20 + taxes per financial transaction (₹21 + taxes per financial transaction w.e.f. January 01, 2022)

₹8.50 + taxes per non-financial transaction

HDFC Bank ATM Card

5 free transactions at HDFC Bank ATMs

3 free transactions at non-HDFC ATMs (Metro)

5 free transactions at non HDFC ATMs (non-Metro)

₹20 + taxes per financial transaction (₹21 + taxes per financial transaction w.e.f. January 01, 2022)

₹8.50 + taxes per non-financial transaction

Kotak Mahindra Bank ATM Card

5 free transactions in Kotak Bank ATMs

3 free transactions per month at non-Kotak ATMs in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad

5 free transactions per month at non-Kotak ATMs in other locations

₹20 + taxes per financial transaction (₹21 + taxes per financial transaction w.e.f. January 01, 2022)

₹8.50 + taxes per non-financial transaction

Axis Bank ATM Card

5 free transactions in Axis Bank ATMs

3 free transactions per month at non-Axis Bank ATMs in Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad

5 free transactions per month at non-Axis Bank ATMs in other locations

₹20 + taxes per financial transaction (₹21 + taxes per financial transaction w.e.f. January 01, 2022)

₹8.50 + taxes per non-financial transaction

What are the Features of a Modern ATM?

Modern ATMs are sophisticated, safe, and offer a host of advantages. These include:

  • Apart from dispensing cash, ATMs today let you deposit cash, transfer funds, pay bills, generate mini statements, etc.

  • If you have a new ATM card, you can also use it to set your PIN as well as update your phone number

  • The use of biometric identification scanners makes it convenient for everyone to use an ATM.

  • You can select your preferred language at an ATM so that it is easier for you to operate the machine

  • You can also avail credit card cash withdrawal facility to cater to financial emergencies by swiping your credit card at an ATM

  • Not just the card-issuing bank, you can use the ATM of any bank to withdraw money from your debit or credit card. E.g., You can use the machine at a YES Bank ATM to withdraw money from an ATM card issued by SBI

What are the Benefits of Using an ATM Card?

There are several benefits of using an ATM card to transact. Here are a few:

  • There is no need to carry cash as you can easily pay digitally using the card

  • You can use the card to pay your bills online and offline

  • By swiping the card at the ATM, you can easily access your bank account details such as balance, mini statement, etc.

  • The card is protected using a four-digit PIN which ensures that your money is safe and secure and only you can access it

  • You can avail attractive discounts and offers using your ATM card

FAQs About ATM Card

  • ✔️What does the abbreviation ATM stand for?

    The abbreviation ATM stands for Automated Teller Machine.

  • ✔️How does an ATM work?

    When you insert your debit or credit card in the ATM slot to withdraw money, the machine requests you to type in your PIN. The information entered is communicated using a safe network to the bank’s computers, which then match the PIN entered to the one registered against your account. Once authenticated, the machine dispenses the cash. It also transmits a notice confirming that the transaction is complete.

  • ✔️Do ATMs need Internet connectivity?

    No, ATMs do not depend on internet connectivity for transactions. Instead, the machine is connected to the bank’s private network through a secure and encrypted channel.

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