Find out ways on how to withdraw cash from ATM.
- Automated Teller Machines enable 24x7 cash access.
- The most convenient way to withdraw cash is by using an ATM-cum-debit card.
- You must enter the 4-digit ATM Pin to withdraw money.
- Some banks also allow you to withdraw funds from ATMs without bank cards.
- You can set yourself and others as beneficiaries for cardless cash withdrawals at ATMs.
There is no doubt that the revolution in the banking sector began with the introduction of Automated Teller Machines (ATMs). A mechanical cash dispensing machine, the ATM allows you to access funds in your bank account without visiting the bank. You can withdraw and deposit cash, make balance inquiries, and conduct various other transactions at ATMs. In this article, we explain the most basic use of the ATM, i.e., how to draw money from ATM. Read on.
How To Withdraw Money From ATM?
When you open your bank, you receive a welcome kit consisting of a cheque book, passbook and an ATM-cum-debit card. This card gives you 24x7 access to your bank account, and you can use it to withdraw and deposit cash. You can make withdrawals with or without the ATM card. The steps for the two processes are explained in detail below.
How To Withdraw Money from ATM With Card
- Visit your nearest ATM vestibule and insert the ATM-cum-debit card in the designated slot.
- Select the language of your choice and enter your 4-digit ATM PIN.
- Select the transaction type, i.e., cash withdrawal.
- Select the account type, i.e., current or savings account.
- Enter the withdrawal amount.
The ATM will dispense the cash, and you can choose whether you want the transaction receipt or not.
How To Withdraw Money from ATM Without Card
- Log into your internet or mobile banking portal and select the fund transfer option.
- Select cardless cash withdrawal.
- Enter the beneficiary details, i.e., name, mobile number, and identity card number (PAN/Aadhaar/Voter ID). You can set yourself as the beneficiary.
- Verify the beneficiary details before confirming.
- Go to Funds transfer and select cardless cash withdrawal once again.
- Select the beneficiary, and the bank will send an OTP and transaction ID to the beneficiary’s mobile number.
- Visit the ATM and select the cardless cash withdrawal option on the ATM screen.
- Enter the 4 or 6-digit OTP sent on the registered mobile number, order/transaction ID and the cash amount.
You can now collect the cash dispensed from the ATM.
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ATM Cash Withdrawals – Dos and Don’ts
Besides knowing how to take money from ATM, here are a few dos and don’ts to keep in mind.
- Never disclose your card details and PIN to anyone.
- Always withdraw cash by yourself at the ATM.
- Do not forget to take out the ATM Card after withdrawing money.
- Register your mobile number to receive SMS alerts on cash withdrawal.
- Ensure you know the bank’s ATM withdrawal limits for hassle-free transactions.
ATMs allow you to access cash in your bank account conveniently. You can withdraw money with or without ATM cards at your bank ATMs and other bank ATMs. Ensure you check the permissible limits for ATM cash withdrawals and do not exceed them, as you will be mandated to pay transaction charges for excess ATM withdrawals.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.