ATM Franchise Business: Any business you try your hand at will be difficult, complex and demanding to manage. But what if someone tells you that with a small, one-time, refundable investment of around Rs 5 lakh, you can actually earn Rs 60,000-70,000 per month? Let us walk you through the ATM franchise process and give you an idea of how to operate the business to generate a respectable monthly income.
Bank-branded ATMs, such as SBI, ICICI, HDFC, PNB and UBI to name a few, may give you the idea that banks are installing them. However, this is not the case. Banks that install ATMs are actually hired by these banks as contractors and they complete the ATM installation at various sites.
For setting up ATMs in India, most banks have tie-ups with Tata Indicash, Muthoot ATM, and India One ATM. So, if you want to get an ATM franchise from SBI or any other bank, you must apply to these organizations through their official websites. Because many scams trick people by pretending to be ATM franchisees, be careful and submit an application only through the company’s official website.
Requirements for getting an ATM franchise
To set up an ATM cabin, you should have an area between 50 and 80 square feet. It should be at least 100 meters away from other ATMs and placed where people can easily see it. Power should be continuously available, and at least a 1kW power connection is also required. The cabin should be a permanent building with concrete roof and masonry walls. You need to get a no objection certificate from the society or authority to install V-SAT.
These documents will be required for ATM franchise
* ID Proof – Aadhaar Card, PAN Card, Voter Card
* Address Proof – Ration Card, Electricity Bill
* Bank Account and Passbook
* Photo, E-mail ID, Phone Number.
* Other documents/forms required by the company
* GST Number
* Required financial documents of the company
Income from ATM Franchise
In case of most ATM franchises, you will be asked to pay Rs 2 lakh as security deposit and Rs 3 lakh as working capital when you apply for the ATM franchise and get permission. The total investment, which varies from firm to company, is Rs 5 lakh. You will get Rs. 8 for each cash transaction after the ATM is set up and users start using it, and Rs. 2 For cash transactions such as balance checks and fund transfers.
(Disclaimer: This article is for general understanding. It is not intended to be taken as financial advice.)
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