Starting any business is challenging, but what if you could earn a monthly income of Rs 40,000-70,000 by making a small, one-time investment of around Rs 4-5 lakh? This article will guide you through the process of obtaining an ATM franchise and operating the business to generate steady monthly revenue.
Understanding the ATM Franchise Business Model
Bank-branded ATMs, such as SBI, ICICI, HDFC, PNB, and UBI, may give the impression that the banks install them. However, banks hire contractors, such as Tata Indicash, Muthoot ATM, and India One ATM, to install the ATMs. Therefore, to get an ATM franchise from SBI or any other bank, one must apply to these companies through their official websites to avoid falling prey to ATM franchise scams.
Requirements for Obtaining an ATM
To set up an ATM cabin, an area of 50-80 square feet is required. And located at least 100 meters away from other ATMs. And it must have a continuous power supply and at least 1 kW electricity connection. The cabin should be a permanent building with concrete roofing and masonry walls. A no-objection certificate from the society or authorities is required to install V-SAT. Other documents, such as ID proof, address proof, bank account and passbook, photograph, email ID, phone number, GST number, and financial documents required by the company, are also needed.
You may also read: ICICI Bank Launches EMI Facility for UPI Payments
Income from an ATM Franchise
To obtain an ATM franchise, an applicant is typically asked to pay a security deposit of Rs 2 lakh and operating capital of Rs 3 lakh, making the entire investment Rs 5 lakh. After deployment and usage, the franchise owner receives Rs 8 for every cash transaction and Rs 2 for non-cash transactions like balance checks and fund transfers.
To obtain an ATM franchise, the following documents are required:
- 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
Obtaining an ATM machine requires a small investment but can provide a steady monthly income. By following the requirements and procedures outlined in this article, one can start an ATM franchise business and generate respectable revenue. Well, this is just a business idea. So, don’t follow it as a financial advice.