If you want to earn money digitally, then you can earn good money by installing an ATM in any bank. Because of the huge rush in banks, people use ATMs to withdraw money from ATMs, balance inquiries, change PINs, withdraw the mini statement. Nowadays man has become so busy that he does not have time to visit the bank. Nowadays people have started transacting money mostly in a digital way whether it is phone pay, google pay, Bhim UPI, Paytm or ATM.
All the methods are being adopted according to your need, so if you take an ATM franchise then you can earn a lot of money. In today’s article, I will tell you about Bank ATM Franchise Business, which I am going to tell you in detail, through which you can also earn lakhs by installing an ATM, so let’s know that your bank How to start an ATM Franchisee business.
Bank ATM Franchise Business
If you want to take the ATM franchise of any bank, then you can take it, but keep in mind here that no bank gives you the franchise of ATM, rather the banks have given the work of giving ATM franchise to the third party agency. Many such companies in India provide ATM franchises in their name which you can easily take and it is a regular income-generating business.
Major ATM Franchise Companies
There are mainly four companies in India that provide ATM franchises –
- TATA INDICASH
- HITACHI ATM
- MUTHOOT ATM
- INDIA 1 ATM
Tata indicash is the largest company in India with 6500 ATMs in 4000 towns and villages in 21 states and every day more than 15 million people use Tata indicash ATMs from all these Tata indicash ATMs. If we talk about India, then only 22 ATMs are installed on about 1 lakh population.
How the ATM Franchise Model Works
Tata Indicash installs the machine at your rental or on-site where you want to install the ATM, after that Tata Indicash gives you commission for all the transactions done with that ATM. Now the company will install the machine only when you fulfil the eligibility of the company which is mentioned below.
The commission received in ATM Franchise
The commission is given to the ATM franchise owner in two ways, different for cash withdrawal and different for non-cash withdrawal. Cash Withdraw is that in which a customer withdraws money from ATM and non-cash withdrawal is in which a customer enquires about balance, generates a mini statement, resets his PIN etc. If we talk about cash withdrawal commission here, then the company gives you a commission of Rs.8 per cash withdrawal and the company gives you a commission of Rs.2 on every non-cash withdrawal.
ATM installation terms and conditions
- There should be at least 50 to 80 square feet of space for installing an ATM.
- The second ATM should be at least 100 meters away.
- There should be 24 hours power supply with a 1 kW power connection.
- The space should be on the ground floor.
- The place should be owned by the franchise owner and the son of the place should be in papers.
- There should be a parking arrangement in front.
- It is mandatory to have at least 200 transactions per day.
- NOC is required to install VSAT.
- To set up an ATM, there should be a flat room made of concrete.
- To set up an ATM, the land should be on the main road.
Documents Required for Getting an ATM Franchise
- Pan Card Photocopy
- Aadhar Card Photocopy
- Bank Passbook Photocopy
- Bank Statement of Last 6 Month
- Cancelled Cheque
- Passport Size Photograph
- Email ID
- Mobile Number
TATA Indicash Franchise Online Apply Process
- To get an ATM franchise of Tata indicash, first, you have to visit their website www.indicash.co.in.
- ATM Franchise option will be available on their home page, click on it.
- After this, a form will open in front of you and submit it by entering your name, email, state, district, phone number, pin code, address etc.
- After submitting the form, you will get an email and you will be asked to send a photo of the location, front, back, left, right side of the place where you want to install the machine.
- Apart from this, the company will have to record and send a 360 degree view video of that place.
- When you will send all this to the company, then a survey team will come from the company’s side to inspect the place to see how that location is.
- The minimum target of the company is 200 transactions per day, if the company feels that there will be at least 200 transactions or more at this location, then the company gives you approval.
- After this, you will have to give the document which has been mentioned above to the company.
- After this, you will have to open a current account in the bank of which you want to take an ATM franchise.
ATM Franchise Cost
If you have your own land, then the cost of construction at that location will be around Rs 3 lakh. Apart from this, to take the franchise of Tata indicash ATM, the company will have to pay a DD of Rs 2 lakh as the security deposit. Apart from this, the bank in which you will open your current account will have to give a DD of Rs 3 lakh, which will deposit Rs 3 lakh in your account, you will withdraw this money and put it in the ATM machine.
The company charges you 50 thousand rupees for VSAT, battery and branding, which adjusts only from the 2 lakh rupees given by you. This security deposit is refundable, when you leave the job, you get this money back. If we talk about the total investment here, then about 8 to 9 lakh rupees will be required.
ATM Franchise contract
Friends, the contract for taking franchise of Tata indicash ATM is 3 years with a locking period of 1 year, if you break the contract before the company’s locking period i.e. 1 year, then you do not get the security deposit back.
Profit from ATM Franchise
Because in ATM franchise you get money as commission. If there is a minimum of 200 transactions per day, then you can earn 25 to 30 thousand every month. If the daily transaction increases, then you can earn more than 50 – 60 thousand every month.
