Imagine if there were no bank ATMs and you had to wait for 2-3 hours to withdraw money. Thanks to technological advancement that introduced Automated Teller Machines (ATMs).
No doubt ATMs are an essential part of our day-to-day life. Just imagine how profitable it will be for you if you open a bank ATM in your locality.
It's not usually the bank that installs the ATM you see. There are several companies that install ATMs and do so as independent contractors for these banks, placing the machines in various places.
With a minimum one-time effort and a refundable investment of close to Rs 5 lakhs, you can also operate a business as an ATM contractor and earn up to Rs 60,000 to 70,000 per month. To install an ATM in India, Tata Indicash, Muthoot ATM, and India One ATM have contracts with the State Bank of India (SBI).
Applying for the ATM franchise owned by SBI should be done via the firms' official websites. Because many scams deceive people under the pretext of an ATM franchise, take precautions and only submit an application through the company's official website.
What are the requirements for SBI ATM Franchise?
You need a space of between 50 and 80 square feet to put up an ATM cabin. It should be located where customers can see it right away and at least 100 meters away from other ATMs. There should always be access to power, and an electrical connection of at least 1kW is necessary. The cabin should be a permanent structure with brick walls and a concrete roof. To install V-SAT if you live in a society, you must get a no-objection certificate from the society or authorities.
How much investment is needed in SBI ATM Franchise?
When you submit an application and get clearance for the SBI ATM franchise, you will be required to provide Rs 2 lakh as a security deposit and Rs 3 lakh as working capital. From company to company, the amount in each sector may differ, but the total investment is Rs 5 lakh. You will be paid Rs. 8 for every cash transaction after the ATM is established and consumers start using it, and Rs. 2 for non-cash transactions like balance checks and fund transfers.
Documents Required
Following is the list of documents that you must have to apply for an SBI ATM franchise:
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Any Identity proof such as an Aadhaar Card, Voter Card, or Pan Card.
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Address proof like Ration Card or Electricity Bill.
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Details of the bank account and the passbook.
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Recent photograph, valid Email ID, or contact number.
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GST number.
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Other financial documents as required by the company.
