Whenever you see an ATM, it’s not always installed by the bank. There are certain companies that install ATMs that work as contractors for these banks, installing the machines in various locations.
You can also run a business as an ATM contractor and earn up to Rs 60,000 to 70,000 per month with a minimum one-time effort and a refundable investment of nearly Rs 5 lakhs. In this context, the State Bank of India (SBI) has a contract with Tata Indicash, Muthoot ATM, and India One ATM to install an ATM in India.
If you wish to apply for SBI’s ATM franchise, you should do so through the companies’ official websites. Be cautious and only submit an application through the company’s official website because many frauds also take place by misleading consumers under the guise of an ATM franchise.
To set up an ATM cabin, you should have an area that is between 50 and 80 square feet. It should be at least 100 meters away from other ATMs, and it should be placed where people can see it immediately. Power should be constantly available, and at least 1kW electricity connection is also required. The cabin should be a permanent building with concrete roofing and brick walls. If you live in a society, you will need to obtain a no-objection certificate from the society or authorities in order to install V-SAT.
You will be asked to pay Rs 2 lakh as a security deposit and Rs 3 lakh as working capital when you apply and get approval for the SBI ATM franchise. The sum in each area may vary from company to company, but the overall investment is Rs 5 lakh. After the ATM is built and users begin using it for transactions, you will receive Rs. 8 for every cash transaction and Rs. 2 for non-cash transactions like balance checks and fund transfers.
Here are the mandatory documents you must have to apply for SBI ATM Franchise:
- Any Identity proof such as an Aadhaar Card, Voter Card or Pan Card.
- Address proof like Ration Card or Electricity Bill.
- Details of the bank account and the passbook.
- Recent photograph, valid Email ID or contact number.
- GST number.
- Other financial documents as required by the company.