Mallappally: Mad that you don’t have an ATM near your home? Then go get yourself one. ATMs can now be set up on residential lots. It is an investment that ensures a steady income with a comparatively lower initial payment.
requirement
You must own a house or building on the ground floor by the roadside.
The nearest ATM must be at least 100 meters away.
A room of at least 50 to 80 square meters.
One kilowatt of electricity, uninterrupted, 24×7.
Permission to install a satellite connection.
expenditure
If you own the building you will be required to deposit Rs 1.5 lakh. If it is a rented building, the security deposit is Rs 2 lakh. It will be refunded at the end of the contract period.
Another Rs 3 lakh must be specified, which will be inserted into the ATM first. If you break the contract within one year, Rs 1 lakh will be deducted as a fine.
income
Now we come to the essential point. The income from the investment. You will be credited 8 rupees for every ATM withdrawal. Rs 2 for all other transactions.
There are four agencies that install “prepaid payment instruments”. They are Tata Indicash, Muthoot, India One, and Hitachi. The application can be made online via the company’s website. The officials will visit the property for review and the agreement will be prepared.
Such ATMs are known as white label ATMs because they are owned and operated by non-banks. They are approved by the Reserve Bank of India (RBI) under the Payment & Settlement Systems Act of 2007.
