An ATM can be set up easily and without much work to earn money without any effort. The requirement for easily accessible banking facilities is increasing. As a result, most banks and financial institutions are in search of ideal settings where they can place their ATMs.
Here’s a clear guide to learning how to rent out your property for ATM installation.
1. Understand the Requirements
Before offering your property, understand the basic requirements banks look for when selecting a location for an ATM.
Key factors include:
- Location: High footfall areas such as marketplaces, residential neighbourhoods, highways, or near public transportation hubs. For instance, marketplaces attract a large number of daily visitors, making them ideal for consistent ATM usage. Similarly, residential areas ensure regular use by local residents, while locations near transportation hubs like bus stops or railway stations see heavy foot traffic from commuters.
- Space: An area of 50-200 square feet is typically sufficient for an ATM setup.
- Infrastructure: Availability of a secure structure, proper electricity supply, and provision for air conditioning.
- Accessibility: 24/7 access to the ATM for users.
2. Evaluate Your Property
Assess whether your property meets the above criteria.
Ensure that:
- The property is located in a safe and visible area. A safe area typically has low crime rates and a visible police presence, while visibility means the property should be easily noticeable from the main road or a high-traffic pathway, ideally with good lighting and clear signage to attract users.
- There is space for parking or easy pedestrian access.
- The property has no legal disputes or encumbrances.
3. Prepare Your Property
To make your property attractive for ATM installation, consider the following steps:
- Install Security Measures: Banks prioritize locations with security features like CCTV cameras, sturdy doors, and alarm systems. The cost of installing a basic CCTV setup ranges from ₹20,000 to ₹50,000, while advanced systems with remote monitoring can go up to ₹1 lakh. Other measures, such as reinforced doors and alarm systems, can cost around ₹10,000-₹30,000, depending on the complexity.
- Upgrade Electricity Supply: Ensure an uninterrupted power supply and arrange for a backup generator if possible.
- Compliance with Local Laws: Check with local authorities regarding zoning and permissions for ATM installation.
4. Contact Banks or ATM Service Providers
Banks and third-party ATM service providers like NCR or Hitachi Payment Services are your primary clients.
To initiate the process:
- Visit the Bank’s Website: Many banks have dedicated sections for property owners to submit proposals for ATM spaces.
- Contact Local Branches: Visit nearby branches and express your interest in renting out your property for ATM installation.
- Reach Out to ATM Providers: These companies often handle the installation and maintenance of ATMs on behalf of banks.
5. Submit a Proposal
Prepare a proposal with the following details:
- Location and address of the property.
- Size and layout of the available space.
- Accessibility and security features.
- Rent expectations. Attach photographs and any supporting documents, such as property ownership papers and a no-objection certificate (NOC) from the local authority.
6. Negotiate the Lease Agreement
Once your property is shortlisted, negotiate the lease terms with the bank or service provider.
Key points to discuss include:
- Monthly rent and payment terms.
- Duration of the lease (typically 5-10 years).
- Maintenance responsibilities.
- Security deposit.
7. Sign the Contract
After agreeing on terms, sign a formal agreement. Ensure the document includes all agreed-upon terms, payment schedules, and the responsibilities of both parties.
8. Post-Installation Responsibilities
Once the ATM is installed, your role is minimal.
However, ensure that:
- The premises remain clean and well-maintained.
- Security measures are functional.
- You are reachable for any issues or renewals.
Conclusion
Putting up your house or shop on rent for ATM installation in India is the smart way of making money every month. The idea is to do so in a systematic manner, which includes making sure your property complies with the set standards. You can make your property the missing link between the banks and the public, which in turn will accelerate the market demand for ATM machines. As ATMs are in high demand, your place could turn out to be an important thing between the public and the bank around the clock.
