Many citizens face huge difficult on a bank holiday as they can't carry out financial transactions such as processing demand drafts, cheque payment, opening a bank account, etc.
However, ATMs are good substitutes of banks for doing several financial activities. ATMs these days provides various services including income tax payment or opening a Fixed Deposit account. Even if the banks are closed, one can still carry out below financial services through ATM.
1. Utility Bill Payments: There were days when one had to stand in a long queue outside service providers office, but those days are over. You can pay your electricity, telephone, etc. by visiting the nearest ATM branch.
2. Opening Fixed Deposits account: This is one of the new facility provided by the banks. For creating an FD account through ATM, the customer needs to insert a debit card and enter the PIN number and specify the investment amount and tenure. After that, a bank creates an FD account in three working days and the amount is debited from the account. Once that done, a bank sends the receipt to the registered address of the customers.
3. Verifying Aadhaar detail with bank account: Verifying the Aadhaar number and other details are important as the RBI guidelines. As soon as, you enter your debit card, Verify Aadhaar number will pop-up on the screen. By clicking on it, you can feed and verify the Aadhaar number with the bank.
4. Mobile recharge: Even mobile recharge can be done through an ATM. The customer has to register the mobile number, DTH customer id number with the bank.
5. Pay insurance premium: ATMs also this facility to the customers. One can pay insurance premium after providing details like insurance provider, policy number, premium amount, etc. The state-owned insurance companies provide such kind of facility.
6. Income Tax Payment: To avail this facility, the customer needs to update its details online or to the nearest bank branch. After registering the details, a person can pay advance tax, self-assessment tax and tax due after regular assessment.
7. Cash Depositing: A customer can deposit cash in his account through ATM. Many banks do allow this service and cash can be deposited using a debit card.
8. Cardless cash withdrawal: Even without an ATM card, you can withdraw money from an ATM! You have to enter your bank account number and you will receive an OTP in your registered mobile number, post which you can withdraw cash
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