The implementation of the SBI White Label ATM in the financial services industry presents a fantastic marketing opportunity. Only 100 ATMs serve India’s ten million residents at present. When compared to global averages, this is a low figure.
SBI, the largest bank in India, is providing an excellent franchise opportunity to ambitious businesspeople by expanding the number of ATMs throughout the country. This naturally raises the question about SBI ATM franchise cost.
Learn how this deal can multiply the number of ATMs in India and bring in an extra 45,000 to 90,000 every month in passive revenue. We will discuss in detail about SBI ATM machine apply and the procedure for it.
The SBI ATM Machine Apply for the Franchise: An Introduction
Using the opportunities that the State ATM franchise online apply presents can be profitable for several reasons. The primary causes are as follows:
- When you bank with SBI, you can take advantage of the bank’s more than 50,000 ATMs found in towns, cities, and villages across India.
- SBI’s ATM network is the largest and fastest-growing in India.
- The SBI Debit cum ATM Cash Plus card allows you to make free withdrawals from ATMs operated by SBI and its affiliate banks.
- The SBI ATM takes all major credit and debit cards, including those from Mastercard, Maestro, VISA, Cirrus, and VISA Electron, as well as cards issued by international banks and Indian banks.
- Public sector banking and financial services are provided by SBI, a government corporation, and a multilateral statutory agency. It has a 2019 Fortune 500 ranking of #236, making it one of the world’s leading corporations.
- It’s a government-run institution widely recognized as the safest in the country.
- SBI has a specialized “SBI ATM franchise official website.”
Franchise Option by SBI
Installation of an appropriate ATM or White Label ATM (WLA) from reputable SBI-appointed companies like India 1, Muthoot Finance, TATA Indicash, etc. is included in the SBI ATM franchise cost.
TATA is a trusted name in the ATM industry, making them a prime choice as SBI’s ATM installation partner. These firms are responsible for installing ATMs, while SBI handles franchise negotiations and approvals. One has to go to the SBI ATM franchise online apply.
SBI ATM Franchise Cost
This is important information before you are searching for the SBI ATM franchise contact number.
As an SBI ATM franchise cost, Rs 5,00,000 is required to be invested out of which two lakhs will be retained as a refundable deposit by SBI, and the remaining three lakhs will be used as working capital. However, if you decide to stop using the ATM before the contract’s end date, SBI would only refund you 1 lac. To get more details about franchise costs, you may go to the SBI ATM franchise official website.
The Profit Margin of the SBI ATM Franchise
The SBI ATM machine apply franchise is a Low-Risk, High-Reward Opportunity for Entrepreneurs. You can use your space, launch a company, and even offer an alternative route to employment. Monthly passive income might be anywhere from Rs 45,000- 90,000.
Those who take advantage of the SBI franchise offer can earn up to 8 in cash for each transaction and 2 for each transaction with a method other than cash. Non-cash transactions include things like checking your account balance or receiving a summary of your account’s activity.
When evaluated yearly, the predicted ROI is 33% to 50%. To put it another way, you’ll need to average 300 transactions every day to make Rs, 45,000 per month. If you raise the threshold to 500 transactions per day, your monthly earnings might reach Rs, 90,000.
The Mandatory Requirements for SBI ATM Machine Apply
For the SBI ATM franchise online apply, one must comply with the following requirements:
- The required business space for the ATM is 50-80 square feet.
- Your ATM’s position must be at least 100 meters apart from any other bank ATMs.
- The ATM area must be highly visible and conveniently located on the building’s ground floor.
- There must be a 1 kW rating electrical connection that is available 24 hours a day.
- 300 daily transactions or more should be guaranteed.
- In order to keep the ATMs secure, the building they are housed in must have a solid concrete roof.
- No Objection Certificates (NOCs) are required from the ATMs’ owners, local governments, and/or societies before the V-Sat installations can be used to operate the machines.
Franchisees of SBI’s ATM business must first pass a KYC check. As part of RBI’s ‘Know Your Customer (KYC) requirements, we need to confirm some personal information before we can do business with you. However, the SBI ATM franchise official website also states certain documents to assess your financial status.
Listed Below Are SBI’s Document Checklists:
- Acceptable Forms of Identity are the PAN card, the Aadhaar Card, and the Voter ID Card.
- Valid proof of residences such as a utility bill, ration card, or similar document is required.
- Details about your bank account and chequebook.
- Four passport-size photos
- Email address and phone number
- You’re GST Number and Registration are Required.
- Prove your business acumen and worthiness with the last three years’ worth of financial records, including a balance sheet, profit, and loss statement, and any other relevant documents.
Also Read: How To Own A Jio Fiber Dealership/Franchise
ATM Installation Company: an Idea
To avoid any problems with the ATM’s installation and SBI’s specifications, you must verify the ATM’s details with the installation provider based on the SBI franchise model you choose.
Application Procedure for SBI ATM Franchise:
SBI ATM franchise online apply can be done through the SBI website. TATA Indicash, India One, and Muthoot are just some of the SBI-approved firms that handle ATM installation requests. The SBI ATM franchise team will get in touch with you when they’ve reviewed your plan, and they’ll ask you to fill out an application. The necessary KYC documentation for applying the form have been listed above.
The deal is segmented into tiers according to the volume of transactions. Upon receiving your application, SBI’s team will validate it, evaluate the site, and recommend an ATM model suitable to your needs. After an agreement is reached, SBI will notify the chosen installation business. After the SBI ATM has been installed and tested, it will be ready for use.
SBI ATM Franchise Contact Number
You can call the SBI ATM Franchise contact number at 080- 26599990 if you have any questions or discover any problems.
You can also contact them at the SBI ATM sfranchise official website.