An ATM (Automated Teller Machine) is a self-service electronic banking kiosk that lets you withdraw cash, check balances, transfer funds, and deposit money — all without stepping inside a bank branch. ATMs operate 24 hours a day, 7 days a week.
The first ATM was installed by Barclays Bank in London on June 27, 1967. Today, there are over 3 million ATMs worldwide. India has about 250,000+ ATMs, with SBI operating the largest network. The US has roughly 470,000 ATMs.
Modern ATMs do far more than dispense cash. Smart ATMs (also called ITMs — Interactive Teller Machines) accept check deposits with image scanning, dispense exact change, offer video conferencing with bankers, and even handle card-less transactions using QR codes or mobile apps. ATM fees for out-of-network use typically range from $2-5 per transaction.