ATM Franchise Business: It doesn’t matter what kind of business you start; running it well is hard, difficult, and time-consuming. But what if someone told you that you could actually make between Rs 60,000 and Rs 70,000 per month by investing just Rs 5 lakh, which is a small one-time investment that is refundable?
Let’s walk you through the ATM franchise application process and estimate how to generate a substantial monthly income.
You might get the impression that the banks are installing the ATMs you see, such as the SBI ATM, the ICICI ATM, the HDFC ATM, the PNB ATM, and the UBI ATM, to name just a few. That is not the case, however. The banks that have the ATMs installed are, in fact, the ones that have hired contractors to complete the installation at various locations.
The majority of banks in India have agreements to install ATMs with Tata Indicash, Muthoot ATM, and India One ATM. If you want an ATM franchise from SBI or any other bank, you must therefore apply to these companies via their official websites. Be careful and only apply through the company’s official website because many scams also involve deceiving customers into thinking they’re getting an ATM franchise.
The space needed to set up an ATM cabin should be between 50 and 80 square feet. This is one of the requirements for getting an ATM franchise. It should be visible to the public and be at least one hundred meters away from other ATMs. A connection to electricity of at least 1 kW is also required, and power should be available continuously.
The cabin ought to be a permanent structure with masonry walls and a roof made of concrete. If you live in a society, you will need to get a no-objection certificate from the society or the authorities before you can install V-SAT.
For an ATM franchise, the following documents are required: an ID (Aadhaar Card, Pan Card, Voter Card), an Address (Ration Card, Electricity Bill), a Bank Account, and a Passbook.
In most cases, you will be required to pay Rs 2 lakh as a security deposit and Rs 3 lakh as operating capital when you apply for and receive permission for the ATM franchise.
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
In the majority of ATM franchise cases, you will be asked to pay Rs 2 lakh as a security deposit and Rs 3 lakh as operating capital when you apply and receive permission for the ATM franchise. The entire investment, which varies from firm to company, is Rs 5 lakh. You will receive Rs. 8 for every cash transaction after the ATM is deployed and users begin using it, and Rs. 2 for non-cash transactions like balance checks and fund transfers.
(DISCLAIMER: This article is meant for general comprehension. It should not be interpreted as financial advice.)
