ATM stands for

Correct option is B

ATM (Automated Teller Machine) is an electronic banking device that allows customers to perform basic financial transactions without the need for a human teller. It provides convenience for accessing bank accounts, withdrawing cash, depositing funds, checking balances, and more.

Important Key Points:

1. Definition of ATM:
• A self-service device enabling customers to perform financial transactions.
• Eliminates the need to visit a bank branch for basic banking services.
2. Key Features of an ATM:
• Withdraw cash, deposit funds, transfer money.
• Print mini-statements or check account balances.
• Available 24/7 for convenience.
3. Types of ATMs:
• On-site ATMs: Located within bank premises.
• Off-site ATMs: Found in public places like malls, airports, and shopping centers.

Knowledge Booster:

1. Why Not Other Options?
• a) Automatic Teller Machine:
• Incorrect. The correct term is Automated, not Automatic.
• c) Automatic Tally Machine:
• Incorrect. No such machine exists; this is not related to banking.
• d) Automated Tally Machine:
• Incorrect. Tally machines are used for calculations and accounting, not banking.
2. Interesting Fact:
• The first ATM was installed in 1967 by Barclays Bank in London, England.
• Modern ATMs use encryption technologies to ensure secure transactions.
3. Common Technologies Used in ATMs:
• PIN-based authentication.
• Biometric authentication in advanced ATMs.