ATM- Full Form, Functionalities, Advantages & Types of ATM in India

What Is An ATM?

It is pivotal for a student to be updated about the Types of ATM In India if they want to score a proliferating grade in any competitive banking exams. Most of the time, trending banking exams like IBPS PO, IBPS SO, Clerk, etc., signify the ‘Types Of ATM In India’ questions. So, ATM is also termed Automated Teller Machine. ATMs are helpful automatically as it accesses individuals to withdraw, transfer, or deposit funds to other certified accounts in an error-free manner.

ATMs can also help verify account balance and process with other banking transactional criteria if needed. The number of ATMs has been developing significantly in our country as customers want their fund transfer process to be highly authentic. Moreover, ATMs will allow customers to stay away from any fraudsters. Let us get into the detailing of the Types of ATM In India in this post.

Major Functionalities of ATMs

Before jumping into the Types Of ATM In India, let us enlighten you about the functionalities of ATMs briefly. This will help you understand the factors of ATM in a precise way. Moreover, the functionalities of ATMs in India has been highly authorized by the banking sector to give a seamless experience to the audiences.

Some of the major functionalities involves:

• Cheque deposition
• Cash Withdrawals
• Transferring funds
• Verify account balance
• Delivers exceptional banking services like mobile recharges, bill payments, ticket booking and more.
• Proceed the transactions with extreme security through encrypted channels.
• Mandates customer authentication through individual PINs and card numbers.

Advantageous Factors Of An ATM

When it comes to an ATM, it comprised of a lot of benefits. Moreover, the Types Of ATM In India facilitates these benefits more enthusiastically. Here we have listed some befitting advantages of an ATM.

Some of the major advantageous factors of an ATM involves:

• Time saving.
• You can avail 24/7 banking services.
• Security standards will be maintained precisely.
• Authentic accessibility.
• Huge network of banking services available.

Types Of ATM In India

Here is the list you must know about the Types Of ATM In India. A detailed view of the ATM types will make you competitive for any exams. Primarily, ATMs has been categorized into six types as mentioned below:

1. Orange Label ATM: This Type of ATM In India is utilized to share transactions in between two accounts.
2. Green Label ATM: This type of ATM are certified to be used for agricultural aspects.
3. Yellow Label ATM: This type of ATM has been hugely getting used as it is responsible for handling E-Commerce transactions.
4. Pink Label ATM: This type of ATM has been significantly designed for females where they can get rid of long queues.
5. White Label ATM: This type of ATM is termed to be an alternative for bank-owned ATMs as it aims to broaden ATM network over economically feasible locations.
6. Brown Label ATM: This type of ATM are majorly not owned by any particular banks instead they are taken on lease to facilitate the banking services seamlessly.

Limits of an ATM

In the previous section you must have got a detailed knowledge about the Types Of ATM In India. However, it have certain drawbacks that you need to consider.

• You may get technical errors.
• Your transactions may be limited to certain amount.
• Limited functionalities.
• You will be charged for the transactions.