ATM Franchise Business: Any business you start will be difficult, demanding, and difficult to run successfully, including ATM franchise businesses. But what if someone told you that by making a tiny, one-time, refundable investment of about Rs 5 lakh, you might actually earn as much as Rs 60,000–70,000 every month?
Here is all about ATM franchise procedure
Bank-branded ATMs, such as those from SBI, ICICI, HDFC, PNB, and UBI, to name a few, may give you the impression that the banks are installing them. That is not the case, though. The banks that install the ATMs are actually the ones that these banks hire as contractors, and they finish the ATM installation at various sites.
For the installation of ATMs in India, the majority of banks have agreements with Tata Indicash, Muthoot ATM, and India One ATM. Hence, if you wish to get an ATM franchise from SBI or any other bank, you must apply to these companies through their official websites. While many scams deceive people under the pretence of an ATM franchise, exercise caution and only submit an application through the company’s official website.
Requirements for obtaining an ATM franchise
You need a space of between 50 and 80 square feet to put up an ATM cabin. It should be located where people can easily see it and at least 100 metres away from other ATMs. Continuous power supply and an electrical connection of at least 1 kW are also necessary. The cabin should be a long-lasting structure with masonry walls and a concrete roof. If you reside in a society, you will need to get a no-objection certificate from the society or authorities in order to install V-SAT.
These Documents would be needed for ATM Franchise
* ID Proof – Aadhaar Card, Pan Card, Voter Card
* Address Proof – Ration Card, Electricity Bill
* Bank Account and Passbook
* Photograph, E-mail ID, Phone No.
* Other Documents/Forms as required by the company
* GST Number
* Financial Documents required by the company
Income from an ATM franchise
When you apply and are granted permission for the ATM franchise, you will typically be required to pay Rs 2 lakh as a security deposit and Rs 3 lakh as operational capital. There is a total investment of Rs 5 lakh, which varies from company to company. After the ATM is installed and people start using it, you will be paid Rs. 8 for each cash transaction and Rs. 2 for non-cash operations like balance checks and fund transfers.
(DISCLAIMER: This write-up is for generic understanding. It is not meant to be taken as a financial advice.)