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State Bank of India (SBI) is a leading public sector bank in India that offers various financial services, including ATM services. SBI ATM franchise is an excellent opportunity for entrepreneurs and individuals who want to start a business in the financial sector. In this blog, we will discuss everything you need to know about SBI ATM franchise, including the eligibility criteria, investment required, and how to apply for it.
Eligibility Criteria for SBI ATM Franchise:
To become an SBI ATM franchisee, you need to meet the following eligibility criteria:
1. You must be an Indian citizen or an Indian entity.
2. You must have a commercial or retail space that meets the bank's requirements for setting up an ATM.
3. You must have a minimum net worth of Rs. 10 lakhs.
4. You must have a good credit history and financial stability.
5. You must have experience in handling cash transactions and maintenance of ATMs.
Investment Required for SBI ATM Franchise:
The investment required for setting up an SBI ATM franchise includes the following:
1. One-time non-refundable fee: Rs. 10,000.
2. Refundable security deposit: Rs. 1 lakh.
3. Cost of the ATM machine: Rs. 3-5 lakhs.
4. Installation and maintenance costs: Rs. 15,000-20,000 per month.
How to Apply for SBI ATM Franchise:
To apply for an SBI ATM franchise, follow these steps:
1. Visit the official website of SBI and download the application form for ATM installation.
2. Fill in the application form with all the required details.
3. Submit the application form along with the required documents, including a copy of your PAN card, proof of address, and proof of net worth.
4. Once your application is reviewed and approved by SBI, you will be required to pay the one-time non-refundable fee and the refundable security deposit.
5. After the payment is made, SBI will install the ATM machine at your commercial or retail space.
Benefits of SBI ATM Franchise:
1. SBI is a trusted and reputed brand in the financial sector, which means that you can attract more customers to your ATM.
2. SBI provides training and support to its franchisees to ensure that they have the necessary skills to operate and maintain the ATM.
3. SBI provides a high commission rate to its franchisees for each transaction made through the ATM.
4. SBI takes care of the maintenance and repair of the ATM, reducing your workload and costs.
FAQ:
Q. What is SBI ATM franchise?
A. SBI ATM franchise is a business opportunity offered by State Bank of India (SBI) to entrepreneurs and individuals who want to start a business in the financial sector. It involves setting up an SBI ATM at a commercial or retail space and earning a commission on each transaction made through the ATM.
Q. What are the eligibility criteria for SBI ATM franchise?
A. To become an SBI ATM franchisee, you must be an Indian citizen or an Indian entity, have a commercial or retail space that meets the bank's requirements for setting up an ATM, have a minimum net worth of Rs. 10 lakhs, have a good credit history and financial stability, and have experience in handling cash transactions and maintenance of ATMs.
Q. What is the investment required for SBI ATM franchise?
A. The investment required for SBI ATM franchise includes a one-time non-refundable fee of Rs. 10,000, a refundable security deposit of Rs. 1 lakh, the cost of the ATM machine (Rs. 3-5 lakhs), and installation and maintenance costs (Rs. 15,000-20,000 per month).
Q. How to apply for SBI ATM franchise?
A. To apply for an SBI ATM franchise, you need to visit the official website of SBI, download the application form for ATM installation, fill in the required details, submit the application form along with the required documents, pay the one-time non-refundable fee and the refundable security deposit, and wait for SBI to install the ATM machine at your commercial or retail space.
Q. What are the benefits of SBI ATM franchise?
A. The benefits of SBI ATM franchise include the reputation and trustworthiness of the SBI brand, training and support provided by SBI, a high commission rate for each transaction made through the ATM, and maintenance and repair of the ATM provided by SBI.
Q. Where do we get the application for the Franchisee?
A. The online application can be made for SBI ATM Franchisee from the official website.
Q. What is the earning formula?
A. In SBI ATM Franchisee, Rs.8 is available on every cash transaction and Rs.2 on the non-cash transactions. The return on investment is 33-50% on an annual basis. If there are 250 transactions per day, of which 65 percent are cash transactions and 35 percent non-cash transactions, then the monthly income will be close to 45 thousand rupees. At the same time, a commission of about 88-90 thousand will be made on 500 transactions daily.
Conclusion:
SBI ATM franchise is an excellent business opportunity for entrepreneurs and individuals who want to start a business in the financial sector. The eligibility criteria for SBI ATM franchise are straightforward, and the investment required is reasonable. The process of applying for an SBI ATM franchise is simple, and SBI provides training, support, and a high commission rate to its franchisees. If you have experience in handling cash transactions and maintenance of ATMs, then an SBI ATM franchise could be the right business opportunity for you.
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