- 1 About Renting ICICI Bank ATM Space Online
- 2 Procedure for Renting Space to Set up an ICICI Bank ATM
- 3 Approaching the ICICI Bank for Online Rent
- 4 Requirements for Renting Your Property to ICICI Bank ATM
- 5 FAQs – ICICI Bank ATM Space Rental
About Renting ICICI Bank ATM Space Online
In this post, we will explore the remarkable opportunity for property owners to earn a substantial return on their investments by renting out their commercial properties for ICICI Bank ATM installations. As the urban population continues to grow, the demand for ATMs in urban centers has risen. Despite the government’s promotion of online payments and a cashless society, there are still many individuals who prefer using physical cash due to limited access, lack of education, or technological barriers. Consequently, the need for ATM space remains significant in various locations.
If you find yourself in an area without a nearby bank ATM, you can capitalize on this opportunity by renting out your property for ATM installation. To rent space to ICICI Bank, you are required to submit an online application and await a response. The application can be conveniently submitted on the Indicash website (white-label ATM Solution by TATA), which has partnerships with many national and private banks.
ICICI Bank ATM Space for Rent Online: Overview
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Banks and ATMs typically require long-term rental agreements, spanning 10 years or more. Renting your property to a bank or ATM is an ideal decision, as it enables you to earn a secure income without any initial investment. The income generated is fixed and appealing. With India’s ongoing digital transformation, online forms have become the preferred method, ensuring a safe and reliable way to earn money.
Procedure for Renting Space to Set up an ICICI Bank ATM
In this section, we will provide you with a step-by-step guide on renting space to set up an ICICI Bank ATM machine in India. The details are as follows:
1. Approach a bank with a proposal to rent out your owned space for ATM installation.
2. The bank will carefully evaluate your proposal based on the demand and determine if there is a requirement for an ATM machine in the specified area.
3. If the bank agrees to set up an ATM machine, they will provide you with their designated format for the proposal.
4. Typically, banks prefer properties with freehold ownership.
5. The ATM room requires a space of approximately 10 feet by 10 feet.
6. The bank will negotiate the commercial terms and rent for the provided space.
7. The rental amount will be based on the prevailing market rates in the area, ranging from Rs. 60 to Rs. 150 per square foot per month. The landlord will be responsible for all applicable taxes.
8. Additionally, you will need to allocate space for a server room and the installation of a dish for network connectivity on the roof.
Approaching the ICICI Bank for Online Rent
While the aforementioned steps provide general guidance, the most effective approach is to engage a local broker who specializes in renting properties to banks. Such a broker will handle all the necessary formalities, from finding an interested bank to finalizing the deal, ensuring a smooth and efficient process.
In summary, there are three ways to approach the ICICI Bank for online rent:
1. Directly visit the bank.
2. Check the bank’s official website.
3. Advertise your property on a reputable real estate website.
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Requirements for Renting Your Property to ICICI Bank ATM
To be eligible for renting your property to ICICI Bank ATM, certain requirements must be met:
1. The size of your property should align with the bank’s specific demand.
2. The location of your property should be within a commercially mixed market area.
3. The property should be free from any legal disputes.
Application format for applying for ICICI Bank ATM Franchise
|Subject: Proposal to Provide Space for ATM Installation
Date: [Insert Date]
I am writing to propose the provision of commercial space located on Hirapur Road (please specify your exact location) for the installation of an ATM. This area boasts a significant presence of corporate offices, businesses, and stores, making it a prime location for banking services. However, currently, there is no ATM available within a 1.5 km radius, creating an opportunity for your esteemed bank to bridge this gap in service provision.
The particulars of the premises are outlined below:
I believe that this strategic location and the absence of competing ATMs in the vicinity present a lucrative opportunity for ICICI Bank. By installing an ATM in this area, your bank can serve the financial needs of both the corporate community and local businesses, providing convenient access to banking services.
I am open to discussing the terms of the lease agreement and any additional requirements to facilitate the installation of the ATM. Please feel free to contact me at your earliest convenience to initiate further discussions regarding this proposal.
Thank you for considering this proposition, and I look forward to the possibility of a mutually beneficial collaboration.
FAQs – ICICI Bank ATM Space Rental
Q. Is renting out space for an ATM a lucrative business opportunity?
Ans. Absolutely, as there are only 22 ATMs available per one lakh of the population, there is a substantial demand for ATMs in India. If you seek a business venture with high returns on a minimal investment, offering your space for ATM rental is a promising option. This can be done with esteemed banks like SBI, ICICI, PNB, Bank of Baroda, Axis, and others.
Q. Is there a formal agreement between the lessor and the bank for the rented ATM space?
Ans Yes, there is a mandatory minimum agreement period of two years.
Q. What income can I anticipate from renting out space for an ATM?
Ans: By renting out your space for an ATM, you can expect a fixed monthly income. The amount you earn is contingent on the location’s area. Depending on your location, you can earn a minimum of Rs. 12,000 to Rs. 20,000 per month by offering space for ATM rental.
Q. How do I go about contacting a bank to rent out space for an ATM?
Ans Begin by deciding which bank’s ATM machine you’d like to install in your space. Following that, you should reach out to the respective bank. To initiate contact, you can utilize the letter format provided above.