You can start your business with most banks by acquiring their ATM franchises. These also provide you with a fixed monthly income
ATM Franchise Business: Any business you attempt can be difficult and complicated. But would you believe if someone told you that by investing around Rs 5 lakhs, you can earn Rs 60,000-70,000 every month with only one time withdrawal? Yes, in this post we provide you the procedure to get ATM franchise. Also, we give you an idea of how to get a business to earn steady monthly income.
Bank ATMs such as SBI, ICICI, HDFC, PNB and UPI to name a few can provide you with ways to get banks to install them. Not so though. Banks installing ATMs are actually hired by these banks as contractors.
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 ATM franchise from SBI or any other bank, you have to apply to these companies through their official websites. As many scams cheat people under the ATM franchise, exercise caution and submit the application through the company’s official website only.
The basic requirements for getting an ATM franchise
Is to have an area of 50 to 80 square feet to set up an ATM cabin. It should be at least 100 meters away from other ATMs. And put it where people can see it immediately. Electricity should be available continuously. Also a minimum 1kW electrical connection is required. Also, the cabin must be a permanent building with a concrete roof and masonry walls. To install V-SAT, if you live in a society, you need to get a no-obligation certificate from the society or authorities.
These documents are required for ATM ownership
- Identity Proof – Aadhaar Card, PAN Card, Voter Card
- Address Proof – Ration Card, Electricity Bill
- Bank Account and Passbook
- Photograph, Email ID, Phone no.
- Other documents/forms required by the company
- GST number
- Financial documents required by the company
Income from ATM Franchise
When you apply for an ATM license and get approval for an ATM franchise, you will be asked to pay Rs 2 lakh as security deposit and Rs 3 lakh as working capital. This will vary from company to company with a total investment of Rs 5 lakh. Similarly, after the installation of the ATM and the customers start using the ATM, they can get Rs. 8 for every cash transaction, they can get Rs.
