ATM Card Holders Can Avail Insurance Upto Rs 10 Lakh! Know 5 Such Important Things

ATM cards have made the life of the people much easier. The 24×7 service will not only ensure for the dispensation of the cash in the fast way but it also hosts various other services and we can avail those services at the finger tips. But, holders of the ATM Card are also eligible is also said to be eligible for many other facilities apart from banking which are not known commonly. Below given are the five most important services that users of the ATM card can avail so check them out.

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ATM Card Holders Can Avail Insurance Upto Rs 10 Lakh

ATM Card Holder Can Get Insurance upto Rs 10 lakh

ATM card holders of private as well as public sector banks are eligible for the accidental hospitalization cover as well as accidental death cover by the bank that issued the card. It will be ranging from Rs 50,000 to Rs 10 lakh. But, to use the insurance money, your passbook of the bank needs to be operational and it can’t be availed for inoperative account.

Process to Claim Insurance

The users have to intimate to the police soon after the accident and they need to emphasize everything clearly. In case if the person is hospitalized, all the medical reports needs to be submitted.

If it is a accidental death things such as police panchnama, post-mortem report, valid driving license and death certificate needs to be deposited. As well as, bank needs to be informed that ATM card holder made the transactions in past 90 days.

Cash deposit through ATM

With the ATM card, you can even deposit cash via ATM machine. Six Indian Banks offer the transfer of fund service via ATMs through a shared network known as Mitr and those banks include, Punjab National Bank, Oriental Bank of Commerce, Indian Bank, Karur Vysya Bank, UCO Bank and IndusInd Bank which are said to be part of the sharing network of ATM, Mitr, having the PNB as the bank of settlement.

Unlimited Transaction

Though many of the public and private banks will charge the users for making 5 transactions, there are few banks that will be offering unlimited transactions for the users on their home ATM, whereas the account holder of SBI can benefit from unlimited transactions. But the account holder needs to have a minimum balance of Rs 25,000 in their account to avail this service. Even Ratnakar Bank limited also allows for unlimited ATM transactions.

Users can Benefit Cashbacks

Many of them do not know that they can avail cashbacks using the ATM card on online as well as retail shopping. Banks such as HDFC, SBI, ICICI and PNB are said to be offering such cashbacks.