When it comes to accessing your funds directly, there are certain means wherein which you can access it. The ATM card is one such means where you can access your funds at the ATM terminal.
However, recent progress in banking facilities has allows bank card holders to use this card as means of other services, such as given below:
Open or access a fixed deposit: Fixed deposits are a great way to store your ideal funds, and a popular means to invest funds for a fixed time, with a good return. Through this card, you can now easily open or withdraw funds from your account. All you need to do is access your ATM card near your closes terminal. Select the ‘open fixed deposit’ account menu, and then select the duration. Don’t forget to select the amount you would want to invest in. At the same time, confirm the other necessary details you would want.
Recharge your mobile: There are plenty of occasions where you will find yourself in a situation where you lack balance on your pre-paid mobile phone to make any call or access the internet. Using you’re the ATM card like a debit card facility, you can recharge your phone. At the same time, you can even recharge the phone of your friends and family member in the same manner. All you need to do is access your card at the terminal and enter your mobile number and confirm your recharge amount.
Deposit cash: While you can withdraw funds from a terminal with your ATM card, you can also deposit cash in the ATM kiosks, just like a debit card facility. The amount that one can deposit will differ from the banking institute you are depositing. Some banks allow an amount of Rs. 49,000 with certain denominations of Rs. 100, Rs. 500 and Rs. 1000.
Pay insurance premium: Certain banks have now extended their facilities and tied up with insurers to facilitate premium payments through ATMs. All you need to do is keep your policy number at hand. Once you access your card at the terminal, you can pay a bill, through the selected insurer. You will need to enter your policy number and date of birth, along with mobile number. You will need to enter the premium amount and confirm the details.
Personal loan application:
When applying for a loan, you will need to approach the appropriate banking facility to get the funds. However, if you want to avail a small personal loan, you need not approach your bank. Selected bank sectors offer pre – approved personal loans for customers where ATM terminals are used as a point of disbursal. However, advanced analytics will be used to take into account the customer’s transaction details, account balance, salary credits and other banking card repayments.