Special ATM Services that You Probably Didn’t Know About

Automated Teller Machines, which are commonly known as ATMs hold a special place in the present era. These nifty machines make withdrawing money from your bank accounts super easy and super quick. However, did you know you can use an ATM for other services as well?

Image Source

The following are the uncommon ATM services that most people are unaware of:

Opening a Fixed Deposit Account

Believe it or not, you can open a fixed deposit(FD) account with an ATM machine and when need be, close it and withdraw funds as well. All you have to do is swipe your ATM card in the machine and choose the option “Open Fixed Deposit”. You can then enter the amount you want to put in the account and the maturity period. The machine will also tell you the interest rate you will earn. If you are happy with it, you can confirm it and the funds with will be deducted from your bank account and put into a new FD account.

You can also withdraw funds from an FD account in the same manner as above, granted your account permits it.

Get a Pre-Approved Loan

To make personal loans more accessible to the customers who have high creditworthiness, several private banks have started offering pre-approved personal loans to the qualified customers through ATMs.

If you are eligible for an instant or pre-approved personal loan, then you will get a message at an ATM unit once you are down withdrawing funds, etc. asking you if you would like a personal loan. If you like, you can select “yes” and enter the loan amount and select the tenure. It will then display the applicable interest rate. You can then confirm it by entering your PIN and the funds will be transferred to your account almost instantly.

ATMs these days offer other kinds of services too such as bill payment service, insurance premium payment service, etc. It usually depends on your bank and the ATM itself.