Home » Union Bank ATM Franchise: Simplifying Rental Opportunities for Property Owners

Union Bank ATM Franchise: Simplifying Rental Opportunities for Property Owners

by Dhrubajyoti Haloi
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Union Bank ATM Franchise: Simplifying Rental Opportunities for Property Owners: In the realm of real estate, the rental market offers diverse opportunities for property owners to maximize their profits. While residential leasing involves minimal expenses, commercial leasing entails significant operational costs and the risk of high vacancy rates. To recoup their investments efficiently, property owners must consider renting out their spaces strategically. A popular and hassle-free option gaining traction in cities like Bangalore, Hyderabad, and Chennai is leasing commercial properties to banking institutions for the installation of automated teller machines (ATMs). In this article, we will delve into the details of Union Bank ATM Franchise, including the Space for Rent Application Form and Contact Number, offering property owners a valuable opportunity to capitalize on this growing trend.

The Benefits of Leasing to Union Bank for ATM Setup

  1. Steady Rental Income: By leasing your commercial property to Union Bank for an ATM setup, you can ensure a consistent stream of rental income. Banking institutions rely on high-traffic locations to provide convenient access to their customers, making your property an ideal choice.

  2. Reduced Vacancy Risks: Unlike other commercial rentals, leasing to Union Bank for an ATM franchise reduces the risk of extended vacancy periods. ATMs are in constant demand, and Union Bank’s reputation as a trusted financial institution attracts a steady flow of customers.
  3. Low Maintenance Responsibility: When you lease your property for an ATM franchise, the maintenance responsibility typically falls on the banking institution. This arrangement allows property owners to minimize their involvement in day-to-day upkeep, saving both time and money.

Union Bank ATM Franchise, Space for Rent – Highlights

Article about Union Bank ATM Franchise, Space for Rent Application Form, Contact Number
Name Union Bank
Industry
Banking, Financial Services
Headquarters Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, 
Mumbai, Maharashtra
Type  Public Company
Founded 11 November 1919
Contact 1800 22 22 44, 1800 22 22 43
Official Website www.unionbankofindia.co.in

The Installation Process of Union Bank ATM: A Seamless Experience

To establish an ATM setup with Union Bank, whether in a bank or a Non-Banking Financial Business (NBFC), the installation procedure involves several key steps. This article will guide you through the process, ensuring a smooth and hassle-free experience.

Filing a Claim for ATM Setup

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To initiate the installation process, you must file a claim with Union Bank, providing comprehensive details about the property. This includes information such as the location, dimensions, and proximity to significant landmarks. The bank carefully evaluates each claim, considering factors such as footfall in the area and existing loans or encumbrances on the property.

Application Submission and Review

Once your claim is received, Union Bank will review and analyze the application. The bank’s team will assess the suitability of the property for hosting an ATM and evaluate its potential for attracting customers. Typically, banks prefer properties with a clear title and no existing financial liabilities.

Upon approval of the application, you will be required to submit additional necessary documents in the prescribed format. These documents may include:

  • Property ownership proof
  • Property layout plan
  • No-objection certificate (NOC) from local authorities
  • Address and identity proof

Provision of Server Room and Network Connectivity

As the property owner, it is essential to allocate space for a server room within the premises. The server room facilitates the seamless functioning of the ATM network and ensures secure and efficient operations. Additionally, you must arrange for reliable network connectivity to ensure uninterrupted communication between the ATM and the banking system.

Rent Agreement and Collaboration

Upon successful completion of the application review and documentation process, Union Bank will enter into a rent agreement with you, the property owner. This agreement outlines the terms and conditions of the lease, including the rental amount, duration, and maintenance responsibilities. It is crucial to carefully review the agreement and seek legal advice, if necessary, to ensure a mutually beneficial collaboration.

Key Considerations for ATM Installation: Ensuring a Smooth Process

Before proceeding with the installation of an ATM, there are several crucial factors that property owners should be aware of. Understanding these considerations will help ensure a seamless process and a successful partnership with the banking institution. Let’s explore these factors in detail.

Surface Area Requirements

The rented property for installing an ATM should have a surface area ranging from 60 to 100 square feet. This space is essential to accommodate the necessary equipment and provide a comfortable environment for ATM users. It is important to ensure that the available area meets the specified requirements before proceeding with the installation.

Ceiling and Construction NOC

To ensure the safety and structural integrity of the premises, the ceiling of the rented property should be finished with Class-B concrete. This type of concrete provides a sturdy foundation and enhances the overall security of the ATM setup. Additionally, it is crucial to obtain a No-Objection Certificate (NOC) from all the inhabitants of the building, ensuring compliance and peace of mind.

Provision of Server Room and Network Connectivity

As a property owner, you will be required to allocate space for a server room within the premises. This room serves as the central hub for ATM network connectivity and houses the necessary infrastructure for smooth operations. Additionally, it is essential to facilitate the installation of a reliable network connection on the roof, ensuring uninterrupted communication between the ATM and the banking system.

Sanctuary Payment and Maintenance Charges

Before the final validation of the rental agreement, property owners must make a sanctuary payment of up to Rs 3 lakh. This payment serves as a security deposit and ensures the commitment of the property owner towards the lease agreement. Additionally, if the property owner chooses the license model, they will be responsible for bearing the maintenance, operational, and security charges associated with the ATM setup.

Earning Potential with Union Bank ATM Franchise: A Lucrative Opportunity

One of the key considerations for property owners when opting for a Union Bank ATM Franchise is the potential earning capacity. The revenue generated from an ATM franchise can provide a substantial income stream, making it an attractive investment opportunity. Let’s explore the earning potential in detail.

White-Label ATMs vs. Franchise ATMs: In the case of white-label ATMs, NBFCs (Non-Banking Financial Companies) that install the machines offer a monthly fee ranging from Rs 15,000 to Rs 25,000 to property owners. However, if you choose a Franchise ATM arrangement, there will be no monthly fee income. Instead, the revenue will be dependent on the number of daily transactions.

Revenue Structure for Franchise ATMs: Franchise ATM dealers earn revenue based on the number and type of transactions conducted at the ATM. Here is a breakdown of the revenue structure:

  • Rs 15 per cash withdrawal transaction
  • Rs 5 per non-financial transaction

Illustrative Example: Let’s consider an example to better understand the earning potential. Suppose there are 200 transactions per day at the Franchise ATM, consisting of 150 cash withdrawals and 50 non-financial transactions. In this scenario, the total amount earned would be Rs 2,500 per day.

Monthly Earnings: Assuming the above transaction volume remains consistent, the property owner can earn a minimum of Rs 50,000 to Rs 60,000 per month. These earnings provide a substantial income stream without considering additional costs.

It is important to note that the actual earning potential may vary based on factors such as the location, footfall, and overall usage of the ATM. Furthermore, property owners should consider any associated costs, such as maintenance and operational expenses, to accurately assess the net income generated from the ATM franchise.

Exploring the Features of Union Bank ATM: Convenience at Your Fingertips

The Union Bank ATM is equipped with a range of features that provide customers with convenience and easy access to various banking services. Let’s delve into the key features offered by Union Bank ATMs

  1. Union Bank Credit Card Payment
  2. Order a checkbook or account
  3. Fill up your prepaid mobile
  4. Transfer funds between Account
  5. Cheque status inquiry
  6. Pay your helpfulness bills
  7. Registration for Mobile banking
  8. Net banking password request
  9. Modified cash withdrawal
  10. 24-hour access to cash
  11. Change ATM pin
  12. View account balance and mini report
  13. Dynamic Currency Adaptation on ATMs

Eligibility Criteria for Renting Space for Union Bank ATM

If you are interested in renting out space for a Union Bank ATM, it is essential to meet certain eligibility criteria. These criteria ensure that the selected space meets the bank’s requirements and provides a suitable environment for ATM operations. Let’s explore the eligibility criteria in detail:

Ownership or Rental Agreement: To be eligible, you should either be the proprietor of the property or have a valid rental agreement for a minimum period of five years. This requirement ensures a stable and long-term arrangement for hosting the Union Bank ATM.

Commercial Area with High Footfall: The property should be located in a commercially viable area with high footfall. A bustling and busy location ensures that the Union Bank ATM attracts a significant number of potential customers, enhancing its usage and profitability.

Minimum Area Requirement: The space you offer for the Union Bank ATM should meet the minimum area requirements set by the bank. For indoor ATMs, the space should have a minimum area of 100 sq. ft., while outdoor ATMs require a minimum area of 60 sq. ft. This ensures that the ATM has sufficient space for customers to conduct their transactions comfortably.

Valid PAN Card and GST Registration: As part of the eligibility criteria, you must possess a valid PAN Card and GST Registration. These legal documents demonstrate your compliance with tax regulations and are essential for conducting business transactions with Union Bank.

Required Documents for Union Bank ATM Franchise

To apply for a Union Bank ATM Franchise, it is necessary to submit certain documents that validate your eligibility and provide the bank with essential information. These documents help establish the credibility of the applicant and ensure a smooth process for acquiring the franchise. Here are the required documents for a Union Bank ATM Franchise:

  1. GST Registration Certificate: You need to provide a copy of your GST registration certificate. This document verifies your registration with the Goods and Services Tax (GST) department, ensuring compliance with tax regulations.
  2. PAN Card: A valid PAN (Permanent Account Number) card is required for the franchise application. This document serves as a unique identification number for tax purposes and is essential for conducting financial transactions.
  3. Tenure Documents or Lease Contract: If you are the owner of the property, you need to submit relevant ownership documents. Alternatively, if you are leasing the property, a copy of the lease contract should be provided. These documents establish your right to offer the space for the Union Bank ATM.
  4. Bank Statement for the Last Six Months: A bank statement for the past six months should be provided. This statement reflects your financial history and helps evaluate your financial stability and capacity to manage the franchise.
  5. No-Objection Certificate from the Landlord: It is important to obtain a No-Objection Certificate (NOC) from the landlord of the property you intend to use for the Union Bank ATM. The NOC confirms the landlord’s consent for the installation of the ATM at their premises.
  6. Marketable and Mixed Market Area: The location of your property should be in a saleable and marketable mixed market area. This ensures that the ATM is strategically placed to attract a sufficient number of customers and generate viable business.
  7. Genuine Possession Papers: All possession papers provided should be genuine and intact, serving as proof of ownership or valid tenancy. These documents are verified to ensure the authenticity of the property and your right to offer it for the Union Bank ATM.
  8. Absence of Conflicts and Outstanding Payments: The property should not be involved in any legal disputes or conflicts. Additionally, there should be no pending payments or liabilities associated with the property. This ensures a smooth and trouble-free operation of the Union Bank ATM.

By preparing and submitting these required documents, you can demonstrate your eligibility and suitability as a Union Bank ATM Franchisee. These documents are essential for the bank’s evaluation process and help establish a transparent and secure business relationship between you and Union Bank.

Procedure to Apply for Union Bank ATM Space for Rent

If you own a vacant space and wish to offer it on rent for setting up a Union Bank ATM, you need to follow a specific procedure to initiate the application process. Here is a step-by-step guide on how to apply for Union Bank ATM space for rent:

  1. Approach the Bank: Begin by approaching the bank with your proposal to offer your vacant space for rent to set up an ATM machine. Present your offer to the bank, expressing your interest and willingness to collaborate.
  2. Bank Evaluation: The bank will evaluate your proposal and assess whether they have a requirement to set up ATMs in the specific area based on demand and strategic considerations. They will consider factors such as the location, potential footfall, and feasibility of setting up an ATM at your premises.
  3. Proposal Submission: If the bank expresses interest in setting up an ATM machine at your space, they will provide you with the bank’s agreement or contract in which you need to submit your proposal. The proposal may include details such as the property ownership, location, dimensions, amenities, and any other relevant information requested by the bank.
  4. Property Ownership: Typically, the bank will require you to have ownership of the property on which the ATM will be installed. This ensures a secure and legally compliant arrangement between you and the bank.
  5. ATM Room Space: The bank will specify the space requirements for the ATM room. Typically, an ATM room will need a minimum area of 10 feet by 10 feet. Ensure that your space meets these dimensions to comply with the bank’s specifications.
  6. Advertisement and Rent: Once your proposal is accepted, the bank will proceed with advertising and renting out the space you have provided. The rent for the space will be determined based on the prevailing market rates in the area. The rental charges can vary between Rs. 60 per square foot to Rs. 150 per square foot per month. All applicable taxes and charges will be borne by the property owner.

By following this procedure, you can apply for Union Bank ATM space for rent and initiate the process of collaborating with the bank to set up an ATM at your premises. Ensure that you fulfill the requirements and provide accurate information to increase the chances of a successful application.

Contact Details of Union Bank ATM Franchise

All-India Toll-Free number: 1800 22 22 43 / 1800 22 22 44 / 1800 425 1515/ 1800 208 2244
Dedicated number for NRI: is +918061817110
Charged Numbers: 080-61817110

Frequently Asked Questions (FAQ) – Union Bank ATM Franchise

Here are some commonly asked questions about the Union Bank ATM Franchise:

1. How can I apply for a Union Bank ATM Franchise?
To apply for a Union Bank ATM Franchise, you can visit the official website of Union Bank or contact their designated franchise department. They will provide you with the necessary information and guide you through the application process.

2. What are the eligibility criteria for the Union Bank ATM Franchise?
The eligibility criteria for the Union Bank ATM Franchise may include factors such as property ownership or lease agreement, location suitability, required area, valid PAN card and GST registration, and compliance with legal and financial requirements. It is advisable to check the specific eligibility criteria provided by Union Bank for detailed information.

3. What is the revenue-sharing model for Union Bank ATM Franchise?
Union Bank typically follows a revenue-sharing model with their ATM franchisees. The exact revenue-sharing percentage and terms may vary. It is recommended to consult with Union Bank directly to get accurate and up-to-date information regarding the revenue-sharing arrangement.

4. How much space is required for setting up a Union Bank ATM?
The space requirement for a Union Bank ATM may vary, but generally, a minimum area of 100 square feet is required for indoor ATMs, while outdoor ATMs may require a minimum area of 60 square feet. It is important to ensure that the space you offer meets the specified requirements.

5. What are the documents required for the Union Bank ATM Franchise application?
The required documents for the Union Bank ATM Franchise application may include GST registration certificate, PAN card, ownership or lease documents of the property, bank statements for the last six months, and a no-objection certificate (NOC) from the landlord. It is advisable to verify the specific document requirements from Union Bank.

6. How long does it take to get approval for a Union Bank ATM Franchise?
The time taken for approval of a Union Bank ATM Franchise application may vary depending on various factors, including the completeness of the application, verification processes, and internal procedures of Union Bank. It is recommended to get in touch with Union Bank directly to inquire about the expected timeframe for approval.

7. What kind of support does Union Bank provide to its ATM franchisees?
Union Bank generally provides support to its ATM franchisees in terms of operational assistance, maintenance and servicing of the ATMs, technical support, training programs, branding and marketing support, and regular updates on industry trends and regulatory requirements. The specific support and services may vary, and it is advisable to discuss this with Union Bank during the application process.

These FAQs aim to provide preliminary information about the Union Bank ATM Franchise. For more detailed and accurate information, it is recommended to contact Union Bank directly or visit their official website to access the latest information, guidelines, and procedures related to the Union Bank ATM Franchise program.

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