Question

Explain the benefits of Automatic Vending Machine.

Answer 1

Benefits of ATM are as follows :

(a) Withdrawal of money-A customer can withdraw money up to a specified limit in a day from his bank through ATM.

(b) A customer can deposit cheques, drafts and so on through ATM.

(c) Various types of payments can be made through an ATM card like payment of reservation of railway or air ticket.

(d) A customer can transfer money from one account to another account in the same bank through ATM.

(e) A customer can view his account balance through ATM, whenever he wants.

(f) A customer can get bank statement through ATM showing a limited number of recent transactions.