When you see an SBI ATM, your initial thought must be that the bank has installed it. But it is not so. Please allow us to clarify that the companies that install ATMs are contractors who hire these banks, and then complete the installation of the ATMs at various locations.
Tata Indicash, Muthoot ATM and India One ATM have agreements with State Bank of India to install ATMs in India. You can also do it through the official websites of the companies if you want to apply for the SBI ATM franchise. As many scams trick people under the guise of an ATM franchise, be cautious and only submit an application through the company’s official website.
Rules for Applying an SBI ATM Franchise:
You need a space between 50 and 80 square feet to put an ATM booth. It must be located where people can easily see it and at a minimum distance of 100 meters from other ATMs. A continuous power supply and a connection to at least 1 kW of power is also required. The cabin shall be a long-lasting structure with masonry walls and a concrete roof. If you reside in a society, you will need to obtain a no-objection certificate from the society or authorities to install V-SAT.
Documents required for SBI
- Aadhaar Card, Pan Card, Voter Card
- Ration card, electricity bill
- Bank account and passbook
- Photograph, Email ID, Phone Number.
- GST number
- Financial documentation required by the company
Income from SBI ATM Franchises
To be accepted for the SBI ATM franchise, you need to submit a security deposit of Rs. 2 lakh and a working capital of Rs. 3 lakh. There is a total investment of Rs 5 lakh, which varies from company to company. Once the ATM is installed and people start using it, you will be paid Rs. 8 for each cash transaction and Rs. 2 for non-cash transactions such as balance checks and fund transfers.