Banking project 2

CHAPTER - 1

INTRODUCTION :

The main objective of training or project in a corporate is to gain Practical knowledge about the fields in which the student have only theoretical knowledge. Since

the corporate expects the fresher’s to deliver results from the day one they join the organization training/project gives a practice in advance to know about the corporate practices,difficulty so that the students mould them according to the needs and fit to the expectations of the corporate

better. We the MBA students are most in need of it and our we are contenter that training /project are part of our Curriculum.

“The Company Which Makes Profit Today Only Can Think About

Tommorrow”..

As the wordings say profit is the ultimate aim of any business to uphold today’s business and to survive or expand in future every organization aims in increasing the

profit. Profit is mainly determined by the scale value and hence organization aims in increasing the sales . moreover the company in further development or survive ultimately.

This project work aims in identifying the causes for the sales variation. It aims in analyzing the sales value and understanding the causes for the variation so that the

consecutive factors can be maintained and further enhanced and unconsecutive factors can be reduced in the future for the betterment of the company in this competitive era.

1. OBJECTIVES :

To know about the banking sectors. To know the functional activities in Indian bank, East Veli Street

branch . To know the various products available in Indian bank. To know the number of customers available in that particular

branch. The study helps to learn of work culture of Organization.

2. SCOPE :

The study examines the functional operations on Indian bank functioning in EAST VELI STREET , Madurai.

To gain practical knowledge in Indian bank. To know the customer mind on selecting various schemes which are

available in the bank. The training will help to increase knowledge about Indian Bank .

The study will help to know about the marketing activities of Bank. The study will help to know technology used in Banking.

3. TIME PERIOD OF THE STUDY :

MAY 5TH 2014 TO MAY 31ST 2014.

4. METHODOLOGY :

The data’s are secondary data as they are collected by manuals given by the bank

and through Indian bank website.

5. LIMITATIONS :

The data available may not accurate as it is secondary data.

One month were not enough to know about the banking sector.

WHY SUMMER TRAINING/PROJECT ?

It helps to understand the corporate culture.

It helps to increase the customer relationship.

It helps to know business strategies which the organization follows. It helps to apply the theory into practical.

CHAPTER - 2

OVERVIEW OF BANKING SECTOR

In today’s dynamic world banks are inevitable for the development of a country. Banks play a pivotal role in enhancing each and every sector. They have helped bring a draw of development

on the world’s horizon and developing country like India is no exception.

Banks fulfills the role of a financial intermediary. This means that it acts as a vehicle for moving

finance from those who have surplus money to (however temporarily) those who have deficit. In everyday branch terms the banks channel funds from depositors whose accounts are in credit to

borrowers who are in debit. Without the intermediary of the banks both their depositors and their borrowers would have to

contact each other directly. This can and does happen of course. This is what has lead to the very foundation of financial institution like banks.

Before few decades there existed some influential people who used to land money. But a substantially high rate of interest was charged which made borrowing of money out of the reach

of the majority of the people so there arose a need for a financial intermediate.

The Bank have developed their roles to such an extent that a direct contact between the depositors and borrowers in now known as disintermediation.

Banking industry has always revolved around the traditional function of taking deposits, money transfer and making advances. Those three are closely related to each other, the objective

being to lend money, which is the profitable activity of the three. Taking deposits generates funds for lending and money transfer services are necessary for the attention of deposits. The Bank have introduced progressively more sophisticated versions of these services and have

diversified introduction in numerable areas of activity not directly relating to traditional trinity.

INDIAN BANKING SYSTEM

2.1 TYPES OF BANKS IN INDIA :

PUBLIC SECTOR PRIVATE SECTOR COOPERATIVE BANKS

PUBLIC SECTOR BANKS :

All government owned banks fall in the variety , besides the

Reserve Bank of India, the State Bank of india and its associates banks and about 20 nationalised banks, Indian bank, all comprises of the public sector banks. Many of the regional rural banks

that are funded by the Government banks can also be clubbed in this genre.

PRIVATE SECTOR BANKS :

The private sector is that part of the economy, sometimes

referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state (areas of the economy controlled

by the state being referred to as the public sector).

ICICI Bank, HDFC Bank, IDBI Bank is some examples of

private sector banks.

COOPERATIVE SECTOR BANKS :

A cooperative bank is a financial entity whose members are owners and customers at the same time. These banks are created by people from the

same community who share a common interest. The banks have democratic member control and member economic participation.

A co-operative is a system of social organization based

on the principles of unity, economy,democracy, equality and liberty.

BANKS AND THEIR CHAIRMAN

NATIONALISED BANKS / PUBLIC SECTOR BANKS :

BANKS

NAME OF THE CHAIRMAN

STATE BANK OF INDIA

ARUNDATHI BHATTACHARYA

STATE BANK OF BIKANER AND JAIPUR

SHIV KUMAR

STATE BANK OF HYDRABED

M . BHAGAVANTHA RAO

STATE BANK OF MYSORE

DILIP MAVINKURVE

STATE BANK OF PATIALA

ACHAL KUMAR GUPTA

STATE BANK OF TRAVANCORE

P. NANDA KUMARAN

ALLAHABAD BANK

SHUBHA LAKSHMI PHANSE

ANDHRA BANK

C.V.R.RAJENDRAN

BANK OF BARODA

S.S.MUNDRA

BANK OF INDIA

SMT.V.R.IYER

BANK OF MAHARASHTRA

NARENDRA SINGH

BHARTIYA MAHILA BANK

USHA ANANTHASUBRAMANIAN

CANARA BANK R.K.DUBEY

CENTRAL BANK OF INDIA

M.V.TANKSALE

CORPORATION BANK

AJAI KUMAR

DENA BANK SMT.NUPUR MITRA

IDBI BANK LTD

R.M.MALLA

INDIAN BANK

T.M.BHASIN

INDIAN OVERSEAS BANK

M.NARENDRA

ORIENTAL BANK OF COMMERCE

S.L.BANSAL

PUNJAB NATIONAL BANK

K.R.KAMATH

PUNJAB & SIND BANK

DEVENDRA PAL SINGH

SYNDICATE BANK

M.G.SANGLVI

UCO BANK

ARUN KAUI

UNION BANK OF INDIA

D.SARKAR

UNITED BANK OF INDIA

BHASKAR SEN

VIJAYA BANK

H.S. UPENDRA KAMATH

PRIVATE SECTOR BANKS:

BANKS


AXIS BANK

SMT.SHIKHA SHARMA

CATHOLIC SYRIAN BANK

SHRI.V.P.ISWARDAS

CITY UNION BANK

BALASUBRAMANIAN.S

DEVELOPMENT CREDIT BANK

MURALI M. NATRAJAN

DHANALAKSHMI BANK

AMITABH CHATURVEDI

FEDERAL BANK

SHYAM SRINIVASAN

HDFC BANK

ADTYA PURI

ICICI BANK

SMT.CHANDA KOCHAR

INDUSIND BANK

ROMESH SOBTI

ING VYSYA BANK

SHAILENDRA BHANDARI

JAMMU & KASHMIR BANK

MUSHTAQ AHMAD

KARNATAKA BANK

P.JAYARAMA BHAT

KARUR VYSYA BANK

K.VENKATARAMAN

BANKS


KOTAK MAHINDRA BANK

UDAY KOTAK

LAKSHMI VILAS BANK

P.R. VENKATARAMAN

NAINITAL BANK

DEVENDRA PRATAP SINGH

RATNAKAR BANK

VISHWAVIR AHUJA

SOUTH INDIAN BANK

DR. V.A.JOSEPH

TAMILNADU MERCANTILE BANK

K.B.NAGENDRA MURTHY

YES BANK LTD

RANA KAPOOR

CHAPTER - 3

COMPANY PROFILE :

Parent Company : Government of India

Category : Bank

Sector : Banking and Finance

Tagline : Your Tech - Friendly Bank

USP : High end banking technology support

Segment : International and Rural Banking

Target Group : International Banking

Positioning : Complete Banking Solutions

Competitors : State Bank of India

Andhra Bank

Canara Bank

ICICI Bank

Indian Overseas Bank

Bank of Borada

Head Office : 66, Rajaji Salai, Chennai 600 001, Tamil Nadu

A premier bank owned by the Government of India

Established on 15th August 1907 as part of the Swadeshi movement

Serving the nation with a team of over 18782 dedicated staff

Total Business crossed Rs.2,49,136 Crores as on 31.03.2013

Operating Profit : Rs. 3,061 Crores as on 31.03.2013

Net Profit : Rs.1581.13 Crores as on 31.03.2013 Core Banking Solution(CBS) in all 2250 branches as on

22/02/2014.

GLOBAL PRESENCE :

The modest beginning made by the Indian Bank has come a long way

since then, with 1642 branches located nationwide within India.

Overseas branches in Singapore , Colombo including a Foreign Currency

Banking Unit at Colombo and Jaffna.

The bank also has 40 Overseas Correspondent banks in 70 countries

giving a strong presence internationally.

A 22,000 strong workforce of dedicated employees takes pride in serving

the Indian Bank.

BANKING ACTIVITIES :

Indian Bank offers a wide variety of Banking Products and

Services to its customers, including various Deposit Schemes, Loan Options, Financial Services, Stock Investment Services and a number of specialized services such as Remittance, Collection,

7 Day Banking Branches, Cash Management and Electronic Funds Transfer.

As of April 2009, the bank has Core Banking Solution

(CBS)

implemented in its 1642 branches and 66 extension counters.

The bank has 755 connected Automatic Teller Machines

(ATMs)

installed in 225 locations nationwide.

SUBSIDAIRYCOMPANIES :

Apart from its Regular Banking Services, the Indian Bank has also been offering various other services through its 3 subsidiary companies, which are

Indbank Merchant Banking Services Ltd., IndBank Housing Ltd. And

IndFund Management Ltd.

RURALBANKING :

Indian Bank has been a leader in bringing new initiatives for development of rural banking and extending help to the farmers of India. The bank has received award from Honorable Union Minister of Finance for Excellence in Agricultural Lending. Apart

from it, the bank also received the Best Performer Award for Micro-Finance activities in Tamil Nadu and Union Territory of Puducherry from National Bank for Agriculture and Rural

Development (NABARD).

Leadership in Rural Development :

• Under Financial Inclusion Plan, Indian Bank has been allotted with 1523 villages with

population above 2000 ,all the 1523 villages have been provided with banking services as on 30thSeptember 2012 as below: * 1425 villages through Smart card based Business Correspondent (BC) Model

* 53 villages through Brick and mortar branches /Banking Service Centres (BSCs) * 45 villages through Mobile Branch/Van

• Pioneer in introducing Self Help Groups and Financial Inclusion Project in the country

• Award winner for Excellence in Agricultural Lending from Honourable Union Minister for Finance

• Best Performer Award for Micro-Finance activities in Tamil Nadu and Union Territory of Puducherry from NABARD

• Established 45 specialized exclusive Microfinance branches called "Microsate" across the country to cater the needs of Urban poor through SHG (Self Help Group)/JLG (Joint Liability

Group) concepts • A special window for Micro finance viz., Micro Credit Kendras are functioning in 44

Rural/Semi Urban branches • Harnessing ICT (Information and Communication Technology) for Rural Development and

Inclusive Banking

• Provision of technical assistance and project reports in Agriculture to entrepreneurs through Agricultural Consultancy & Technical Services (ACTS)

PUBLIC OFFERING :

A pioneer in introducing the latest technology in Banking

• 100% Core Banking Solution(CBS) Branches

• 100% Business Computerization

• 2121 Automated Teller Machines(ATM)

• 24 x 7 Service through more than 99242 ATMs under shared network • Internet and Tele Banking services to all Core Banking customers

• e-payment facility for Corporate customers

• Cash Management Services • Depository Services

• Reuter Screen, Telerate, Reuter Monitors, Dealing System provided at Overseas Branch,

Chennai • I B Credit Card Launched

• I B Gold Coin

• I B Prepaid Cards Launched (GIFT Card, International Travel Card)

RTGS & NEFT REMITTANCE FACILITIES NOW AVAILABLE AT ALL CBS

BRANCHES

CURRENT OFFERING :

Retail Net Banking - customers of individuals, sole

proprietor firms. Corporate Net Banking - customers of partnership firm,

public / private Ltd. E-payment Gateway for Online Payments.

Mobile Banking Facility.

Tele-Banking Facility.

RELATIONSHIP : Indian Bank enters into a strategic tie-up with HDFC Standard Life

Insurance Company Ltd .

INDIAN BANK with over 90 years of standing in the financial market with the reputation for excellent customer service, has entered into a strategic tie-up with HDFC Standard Life Insurance Company Ltd., the first in the private sector to receive the Certificate of Registration

for foray into Life Insurance business for distribution of latter’s insurance products. A Memorandum of understanding has been signed by the Bank with the Insurance Company on

8th February 2001 to this effect. The Bank has to its strength 1646 branches spread across the country with ready built infrastructure and the expertise in marketing financial products.

Initially the insurance products will be marketed through select branches in the South where the

Bank has strong presence. The insurance products from HDFC Standard Life, will be competitive and customer friendly.

The tie-up would benefit the Bank's customers, as they will have wider choice of life insurance policies at competitive premium.

3.1 - MILESTONE :

1932 - The Indian Bank opened its Colombo branch.

1941 - The Indian Bank opened its Singapore branch 1962 - The Indian Bank acquired the Royalaseema Bank, the Bank of Alagapuri, the Salem Bank, the Mannargudi Bank and the Trichy United Bank

1969 - The Indian Bank was nationalized. It was appointed as the lead bank

for nine districts in the States of Tamil Nadu, Andhra Pradesh and Kerala andthe Union Territory of Pondicherry. 1970 - The Head Office of the Indian Bank was shifted to its own building

1981 - The first regional rural bank sponsored by the Indian Bank, Sri Venkateswara Grameena Bank, was founded

1989 - Indbank Merchant Banking Services Ltd was incorporated as a subsidiary of the Bank 1990 - Indian Bank of Thanjavur Limited (with 157 branches) was amalgamated 1991 - Ind Bank Housing Limited was incorporated as a subsidiary

1994 - Indfund Management Limited was established to manage the operations of Indian Bank Mutual Fund

1995 - The Bank’s own training establishment, Indian Bank Management Academy for Growth & Excellence (IMAGE) established. 2002-03 - The Indian Bank received an award from NABARD for best performance under SHG

in Tamil Nadu and Andhra Pradesh. 2004-05 - The Indian Bank entered into strategic alliance with Mahindra & Mahindra Limited

and TAFE Limited for pushing up tractor usage among farmers 2004-05 - Core Banking Solution was implemented by the Bank in 2 branches on December 22, 2004

2006 -Indian Bank launches Bharat Card

2006-07 - The Indian Bank entered into a strategic alliance with Oriental Bank of Commerce and Corporation Bank

2007-Indian has appointed Shri. M S Sundara Rajan as Chairman and Managing Director of the Bank with effect from June 04, 2007. - Indian Bank has informed that in exercise of the powers conferred by Clause (f) of sub-section

(3) of Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 / 1980 read with sub-clause (1) & (2) of Clause 9 of the Nationalized Banks(Management &

Miscellaneous Provisions) Scheme, 1970 / 1980, the Central Government, after consultation with the Reserve Bank of India, has, vide notification dated November 22, 2007, nominated Shri. T. Natarajan, Senior Manager and Secretary General, Indian Bank Officers Association as

Officer Employee Director on the Board of Directors of the Bank for a period of three years from the date of the notification or till he ceases to be an officer of the Bank or until further

orders, whichever is the earliest. -Indian Bank rolls out biometric-enabled smart cards 2008 - Indian Bank has appointed Shri. Anup Sankar Bhattacharya as a whole

time director (designated as Executive Director). -Indian Bank has informed that: Indian Bank has signed an Agreement with Reliance Capital

Asset Management Ltd. to act as a Corporate Agent to sell the Mutual Fund products of Reliance Mutual Fund . 2009 - Indian Bank has brought down its Benchmark Prime Lending Rate (BPLR) by 50 basis

points to 12 per cent from 12.50 per cent with effect from June 1. Meanwhile, the bank has increased interest rates on FCNR (B) as well as NRE deposits effective from June 1. - Indian Bank has informed about the appointment of the following three Statutory Central

Auditors (SCAs) of the Bank for the year 2009-10 in place of the three retiring SCAs viz.

(1) M/s. R.Subramanian & Company, Chartered Accountants (2) R. Gopal & Associates, Chartered Accountants and (3) M/s. Grandhy & Co., Chartered Accountants.

(1) M/s. Suri & Co., Chartered Accountants, Chennai. (2) M/s. Kalyanasundaram & Co., Chartered Accountants, Chennai.

(3) M/s. Chandran & Raman, Chartered Accountants, Chennai. - For its contribution towards lending revolving fund and loans to the Self Help Groups during 2008-09, Indian Bank bagged 5 State awards from the State government.

-Indian Bank has joined hands with Tata Motors for financing itsrange of passenger cars. Under the MoU, the bank will offer loans atan interest rate of 11.5 per cent to customers buying Tata

Motors' passenger cars. 2010 - Indian Bank has launched visa business card to address the creditcard and payment requirements of corporates and small and medium enterprise (SME) clientele segments.

2011 -An increase in bank's benchmark prime lending rate (BPLR) by 0.25 percent.The BPLR is the interest rate charged to their most trust worthy customers by the commercial bank. The

bank's BPLR has increased to 13.50 from 13.25. all the changes made in the BPLR can be regulated by the bank, but it has to be under compliance of the BPLR fixed.

-India bank loans provisional up 21.38% on year: RBI. -Indian Bank launches e-Treasury service.

-Indian Bank has appointment of the following Statutory CentralAuditor (SCA).

2012 -Indian Bank reduces home, car loan rates by up to 50 bps.

- Scheme of Amalgamation of M/s. lndfund Management Limited, a wholly owned subsidiary of the Bank with Indian Bank, Indian Bank.

3.1.1 - MISSION & VISION OF THE ORGANISATION VISION :

TO BE A COMPETITIVE AND STRONG BANK WITH COMMITMENT TO

EXCELLENCE AND FOCUS ON ADDING VALUE TO CUSTOMERS,SHAREHOLDERS AND EMPLOYEES WITH ADHERENCE TO BEST PRACTICES AND CORE INSTITUTIONAL VALUES SHARED THROUGHOUT THE ORGANIZATION.

MISSION :

TO BE A BANK WITH TOTAL COMMITMENT TO EXCELLENCE IN ALL ENDEAVOURS , ENSURING ESPECIALLY,COMPREHENSIVE CUSTOMER

CARE,CONSISTENT SHAREHOLDER VALUE,DEVELOPMENT OF HUMAN CAPITAL AND EXEMPLARY CORPORATE GOVERNANCE.

3.2 CORE BANKING SOLUTION:

Core Banking Solutions (CBS) or Centralised Banking Solutions is the process which is completed in a centralized environment i.e. under which the

information relating to the customer’s account (i.e. financial dealings, profession, income, family members etc.) is stored in the Central Server of the bank (that is available to all the networked

branches) instead of the branch server.

Depending upon the size and needs of a bank, it could be for the all the operations or for limited

operations. This task is carried through an advance software by making use of the services provided by specialized agencies.

Due to its benefits, a no. of banks in India in recent years have taken steps to implement the CBS with a view to

build relationship with the customer based on the information captured and offering to the customer, the customised financial products according to their need.

NEED FOR CBS :

Entire range of banking products including savings, checking, overdraft and deposit

accounts Entire range of lending products Complement of transactional services including remittance, foreign exchange, cards and

trade finance Accessibility through multiple channels, including mobile banking and web

Full integration of front-, middle-, and back-office processes Accurate, timely and actionable information about customer relations Single view between bank and customer

“Anytime anywhere” banking

The CBS process is advantageous both to the customers and the banks in the following manner:

ADVANTAGES OF CBS TO CUSTOMERS :

• Transaction of business from any branch, ATM that offers him anytime anywhere banking facility. • Lower incidence of errors. Hence accuracy in transactions.

• Better funds management due to immediate availab ility of funds.

ADVANTAGES OF CBS TO BANKS : • Standardization of process within the bank.

• Better customer service leading to retention of customer and increased customer traffic. • Availability of accurate data & Better use of available infrastructure

• Better MIS and reporting to external agencies such as Govt., RBI etc. • Increased business volume with better asset liability management and risk management.

3.3 FUNCTIONS OF INDIAN BANK :

To provide the services to people all over the india

as well as abrode. To safe guard the customers money.

To lend loans to customers when they are needed for funds.

REFERENCE BOOK : COOPERATIVE BANKING – Indian Institute of Banking &Finance.

3.4 - BOARD OF DIRECTORS :

3.6 - INDIAN BANK EAST VELI STREET , MADURAI :

BANK NAME

INDIAN BANK

BRANCH NAME

EAST VELI STREET

BRANCH ID

00E002

ADDRESS

161 A EAST VELI STREET

CITY/ DISTRICT

MADURAI

CITY CODE

625001

STATE

TAMIL NADU

PHONE

0452 - 2335832

EMAIL ID

East veli @ Indian bank.co.in

MICR CODE

625019006

IFSC CODE

IDIB000E002

WEBSITE

www. Indian Bank .in

3.7 - COMPANY PRODUCTS :

DEPOSITS LOANS SERVICES

DEPOSITS :

IB Smart Kid SB a/c ( for children of age 1 day to less than 18 years)

SB Platinum with Sweep Facility SB - Power Account for Achievers (PAFA) Savings Bank

VIKAS SAVINGS KHATA – a no frills Savings Bank account Current Account

Premium Current A/c with Sweep Facility Fixed Deposit Re-investment Plan

Facility Deposit Special Scheme for Senior Citizens

. Recurring Deposit Variable Recurring Deposit IB Swarna Nidhi RD/IB Swarna Nidhi VRD

IB Tax Saver Scheme Capital Gains

NRE FD/ RIP/ RD ACCOUNTS FCNR (B) Accounts Resident Foreign Currency account for Returning Indians

Non-Resident Ordinary Account SB Silver

SB Gold

IB Savings Certificate . IB Tax Savings Certificate . Supreme Current Account

Tiny Deposit NRE SB ACCOUNTS

LOANS :

IB Home Loan

IB Home Loan Plus

Ind Auto (under Tie-up with TVS) IB-BAL Commercial Vehicle (Under tie-up with Bajaj Auto Ltd)

IB-Contractors IB-ALL-CV-Auto Star

IND-Vahana IB-BEML Equip Finance IB – Caterer

My Own Shop IB Vidhya Mandir

Annapoorna and Aroghya Scheme Ind Auto IB Bhavishya Prakash

IB Clean Loan (to Salaried Class) IB Home Loan Combo

DRI Scheme – Revised Norms Gramin Mahila Sowbhagya Scheme Joint liability group (JLG)

Purchase of second hand (pre-used) Tractors by Agriculturists Financing Agriculturists for Purchase of Tractors

Agricultural Produce Marketing Loan Agricultural Jewel Loan Scheme NRI Plot Loan

External Commercial Borrowing IB Balavidhya Scheme

Agri Clinic and Agri Business Centres Agricultural Godowns / Cold Storage SHG - Vidhya Shoba

SHG Bank Linkage Programme - Direct Linkage to SHGs Loans for maintenance of Tractors under tie-up with Sugar Mills

Sugar Premium Scheme . Golden Harvest Scheme Kisan Credit Card

Financing to Entrepreneurs identified by ESP of BYST IND Art tools

IND STAR Rice Mill IND SME Secure IB Professional Special

Doctor Plus Jewel Loan Scheme (Non-Priority)

IB Tradewell . Educational Loan IB Pension Loan

. Loan / OD against NSC / KVP / Relief bonds of RBI / LIC policies Loan / OD against Deposits

Ind Reverse Mortgage . IB Rent Encash

http://www.indianbank.in/loans.php?by=14&ty=1







Ind Mortgage IB Vehicle Loan

Home Improve Plot Loan

NRI Home Loan

SERVICES :

Ind Netbanking

Ind Mobilebanking Ind Phonebanking

e Payment of Indirect Taxes MCA Payment IndJet Remit (RTGS)

N E F T CMS Plus

Multicity Cheque Facility IB Swarna Mudra Credit Cards

ATM/Debit Cards IB Jeevan Kalyan

IB Varishtha IB Chhatra Arogya Raksha

Group Health Insurance Policy s (By arrangement with M/s. United India Insurance Co. Ltd)

e Payment of Direct Taxes

New IB Jeevan Vidya Money Gram

Janashree Bhima Yojan (Launched in association with LIC) Universal Health Care (launched in Association with UIIC Ltd) IB Grihajeevan - Group Insurance Scheme for Mortgage Borrowers

IB Home Suraksha - Group Insurance Scheme for Mortgage Borrowers Xpress Money – Inward Remittance – Money Transfer Service Scheme

IB Yatra Suraksha

AWARDS AND ACHIEVEMENTS:

Indian Bank has attained the first rank and has been conferred with the National Award

for Excellence in Lending to Micro Enterprises for FY 2012. Shri T M Bhasin, Chairman and M.D, has received the coveted national award from the august hands of Honorable






http://www.indianbank.in/services.php?by=61&ty=3




























President of India, Shri Pranab Mukherjee on 03rd Apr 2013 at Vigyan Bhawan, New Delhi.

Indian Bank received the “Master card Innovation Award – Prepaid card Program” for the innovative prepaid card sales targeting Corporate entities on 16 th March 2013 from M/S Master Card International.

Indian Bank has been declared as Runner-up in the NFS ATM Operational Excellence

Award 2012 under Public Sector Bank Category.

Indian Bank Chairman and M.D Sri T.M. Bhasin receiving Skoch Digital Inclusion

Award 2012 in a function held at New Delhi on 19th Sep 2012.

Indian Bank Chairman and M.D receiving the Financial Inclusion Award 2012 from Shri Montek Singh Ahluwalia, Honorable Chairman, Economic Advisory Council to the Prime Minister in a function held at New Delhi on 27th March 2012.

Indian Bank CMD Shri T M Bhasin receiving Golden Peacock Innovative

Product/Services Award 2011 in recognition of its contribution to promotion of Self Help Groups (SHG) at the World Congress on Total Quality held in Bangalore on 21st Jan

2012.

Executive Director Sri B. Raj Kumar receiving Skoch Financial Inclusion Award for the year 2011 for Completion of 100% Financial Inclusion in UT of Puducherry in a

function held at New Delhi on 05th Jan 2012.

Government of TamilNadu has conferred the Best Performing Bank Award /to Indian Bank for the outstanding achievement under Self Help Group (SHG).

Indian Bank was declared as a Winner in Best Bank’s category and Best Education

Loan category in the Banking survey conducted by Outlook Money Award 2010 on the basis of its performance during the year 2009 – 2010

Indian Bank Conferred with Skoch Financial Inclusion Award 2011.

Reference : www.indian bank.in/press.php

CHAPTER - 4

AREAS OF TRAINING

DEPOSITS :

TABLE 1 :

SAVINGS ACCOUNT

http://www.indian/

SAVINGS BANK (SB) :

CATEGORY :

GENERAL

ELIGIBILITY :

Individuals, joint accounts, clubs,

associations, trust, government bodies, societies

(in & other non-trading

organizations.

SALIENT FEATURES :

• ECS/RTGS/NEFT facilities are

available • Two cheque

books of 2x20 leaves free in a calendar year for

cheque operated SB accounts

• Collection of local cheques free • Collection of

Outstation cheques with the prescribed

charges

• No charges for

Intra city transactions

• ICOOC ( Local / Outstation) facility available

• ATM cards/Debit cards are provided

free of cost • 24 hrs ATM facility with

arrangements with various banks for

sharing of their ATMs • Multicity cheque

facility Intra city, intercity

transactions,Internet/ mobile /phone banking facilities

are available at all branches • 50 withdrawals

permitted free per half year

• No TDS on interest earned on SB deposits

MINIMUM AMOUNT :

TYPE :

• Minimum amount- Rs.250/- for non cheque

operation • Minimum

balance of Rs.500/- for cheque operation

• Lesser minimum balance for

pensioners and bonafide students

For individual accounts –

single/two/more

jointly

NON MAINTENANCE OF MINIMUM BALANCE

:

A 30 per month for

non maintenance of average

monthly balance.

INTEREST RATES :

In January and July on a daily

product basis @ 4% P.A.

APPLICATIONS AND DOCUMENTS :

Application Specimen signature card

From 60 or 61(if customer does not

have pan card) Photograph of depositor/s

(2copies) Proof of address as per kyc norms

OTHER FEATURES AND VALUE ADDITIONS

:

Free telebanking, creditcards.

IB Chhatra,IB Arogya Raksha,

Demat and Online share trading a/c with IBMBSetc,..

on payment of relevant charges.

VIKAS SAVINGS KHATA :

CATEGORY :

NO FRILLS A/C SALIENT FEATURES :

A Savings Bank Account meant for people who have been hitherto deprived of banking facility

ELIGIBILITY : Any Individual

MINIMUN AMOUNT :

TYPE :

No initial / minimum balance required

Individual

OTHER REQUIREMENTS / DETAILS :

• Scheme for the financial inclusion of persons

hitherto deprived of banking facilities • ATM cum Debit card will be issued

• One demand draft / BPO free of commission for issue to third parties • The account holder can avail other value added

facilities provided he fulfills full KYC norms • 10 transactions per month allowed free of

charges. • No charges for Intra city transactions

VALUE ADDED :

Free ATM/Debitcard,Net banking, Mobile

banking, telebanking for children aged 10 years & above, subject to the consent of the parent/guardian.

INTEREST RATES

:

In January and July on a daily product basis

@ 4% P.A.

APPLICATIONS AND DOCUMENTS

:

Application Specimen signature card

Photograph (2copies)

IB Smart Kid :

CATEGORY :

For Children

SAILENT FEATURES :

A Savings Bank Account for Children

ELIGIBILITY :

Children of age 1day to less than 18 years

MINIMUM BALANCE :

Rs.100/- average monthly balance for non

TYPE :

cheque book operated SB accounts

Rs.250 average monthly balance for cheque operated SB accounts.

To be operated by Father/Mother/Guardian.

OTHER REQUIREMENTS/DETAILS :

• ATM / Debit card eligible for minors of

age 10 years or more to those who maintain the prescribed minimum balance and

subject to consent by parents / guardian for issue of ATM debit card. • Internet Banking subject to consent by

parents / guardian for using internet facilities

• Add-on-facility- Remittance by DD/BPO of school / college fees at par. • Transfer of funds from parents / guardians

account to the children’s account allowed at par.

INTEREST APPLICATION :

In January and July @4%p.a. daily product

bassis

NON MAINTENANCE OF MINIMUM

BALANCE :

A 30 per month for non maintenance of average monthly balance.

SB - POWER ACCOUNT FOR ACHIVERS(PAFA) :

CATEGORY :

Young Individuals

ELIGIBILITY :

A Savings Bank Account for young

individuals who have regular employment or are self-employed,

professionals or business people.

MINIMUM AMOUNT :

TYPE :

Rs.5,000/- (monthly average).

Individuals - Single / two or more jointly

INTEREST RATES :

In January and July on a daily product basis @4%p.a


BALANCE :

A 30 per month for maintenance of

average monthly balance.

OTHER REQUIREMENTS/DETAILS : • Free personal accident insurance cover of Rs.1 lakhs upto the age of 70

years • Free remittance upto a maximum of 2 times in a year of an amount totaling

Rs.25000/- within India by any mode • Free ATM cum International Debit

Card and Global Credit Card with no initial /annual charges • Personalized cheque book

• No charges for Intra city transactions

SB SILVER :

CATEGORY :

Young individuals

SALIENT FEATURES :

A Savings Bank Account for young individuals

who have regular employment or are self-

employed, professionals or business people.

ELIGIBILITY :

Individuals or Single or Two or more individuals

jointly.

MINIMUM AMOUNT :

TYPE :


Individuals – single/two

or more jointly

MAXIMUM AMOUNT :

No Limit

VALUE ADDED :

* Free Personal Accident Insurance cover for Rs. 1

Lakh ( IB CHHATRA). * Free issue of 1 DD for a maximum amount of Rs.

5000- per year.

NON MAINTENANCE OF MINIMUM AMOUNT

:

A 30 per month for

maintenance of average monthly balance.

INTEREST RATES :

In January and July on a

daily product basis @4%p.a

SB PLATINUM WITH SWEEP FACILITY:

CATEGORY :

Individuals

PERIOD :

Minimum 15 days to 180 days

INCOME CRITERIA :

Minimum 15 days to 180 days

SALIENT FEATURES :

• A Savings Bank Account with an

option to convert your excess funds in the account to Term Deposit on a daily basis.

• Daily sweep available min Rs.5000 and multiples

• Customer can issue the cheque freely upto the balance in the MOD (multi option deposit ) plus the

balance in the SB account. • Push Sweep - Cut off balance for

transferring to MOD A/c (threshold balance) will be Rs.50,000 or more, at the option of the depositor. The

amounts lying in the Account over the threshold balance, will be

transferred to STD automatically in multiples of Rs.5,000. • Pull Sweep - A cheque received for

payment or an ATM withdrawal, and the balance in the SB A/c is not

sufficient, on Last In First Out (LIFO) basis, the latest MOD (STD) will be prematurely closed and

transferred automatically to SB A/c to meet the payment. The PULL

Sweep will be in multiples of Rs.

5,000- only and the customer has no

option to change the same.

MINIMUM AMOUNT :

TYPE :

• Minimum monthly average balance Rs.25,000/-

(Total products of Rs.7,50,000 per month i.e. 30 days X Rs.25,000/-) • Threshold limit Rs.50,000/-

(i.e. Sweep would be effected only when the balance exceeds

Rs.50,000/-) Individuals – single/two or more jointly.

VALUE ADDED :

• Interest will be paid at the time of maturity / closure • Suitable for (HNIs) & Corporate

Executives • Life insurance cover for Rs. 1 lakh

for age group 15 to 45 years and Personal Accident Insurance cover for Rs.1 lakh “IB Chhatra”for age

group 12 to 70 years. • Free remittance upto maximum 2

times a year totaling Rs.25,000/- • No charges for Intra / Inter city transactions

• ATM /Debit card One year from the date of first use – FREE


AMOUNT :

If the total products are less than

7,50,000 in a month, a penalty of Rs.120/- per month inclusive of Service Tax will be levied.

INTEREST RATES :


SB GOLD :

CATEGORY : YoungIindividuals

ELIGIBILITY :

Individuals or Single or

Two or more individuals jointly.

SALIENT FEATURES :

A Savings Bank Account for young individuals who

have regular employment

or are self-employed, professionals or business

people.

MINIMUM AMOUNT :

TYPE :


Individuals – single/two or more jointly

MAXIMUM AMOUNT :

No Limit

VALUE ADDED :

* Free Personal Accident Insurance cover for Rs. 1 Lakh ( IB CHHATRA).

* Free issue of a maximum of 2 DDs totaling Rs.

10000- during the year.

NON MAINTENANCE OF MINIMUM AMOUNT :

A 30 per month for maintenance of average monthly balance.

INTEREST RATES :


TINY DEPOSIT :

SALIENT FEATURES

:

Interest credited at the end of March every year.

Loans and Nomination facility is available. Foreclosure is permitted. Available at select branches only.

MINIMUM AMOUNT

:

Minimum Amount Rs. 10/-

MINIMUM PERIOD

:

3 years

INTEREST APPLICATION

:

2% p.a on the min bal between 10th and the last

day of the month.

CURRENT ACCOUNTS

CURRENT ACCOUNT :

ELIGIBILITY

Suitable for all type of customers

SALIENT FEATURES

Ordinary Current Account

MINIMUM ACCOUNT

Quarterly average balance – Rs.5000 prescribed

OTHER

REQUIREMENT/DETAIL

• Suitable for all type of customers • ECS/RTGS/NEFT facilities are available • Nomination facility for individuals and sole proprietor

concerns, Multicity cheque facility, Intra city, intercity transactions are permitted in CBS branches

• Free ATM card cum Debit card • No charges for Intra city transactions

NON MAINTENANCE OF

MINIMUM BALANCE

Quaterly average balance – not maintained rs.340 per quarter for metro/urban branches and Rs.115 per quarter

for semi urban /rural branches.

PREMIUM C/A WITH SWEEP FACILITY :

PERIOD

•

Minimum 15

days to 180 days • For

MOD (STD)

deposits of 7 days to

14 days –

Minimum deposit

amt will be Rs.1 lakh

(i.e.,Push will be

in multiples of

Rs..1 lakh)

SALIENT FEATURES

• A Current Account

with an option to

convert your excess

funds in the

account to Term Deposit

on a

daily basis.

• Daily sweep

available min Rs.1000

0 and multiple

s • Custome

r can issue the

cheque freely upto the

balance in the

MOD (multi option

deposit ) plus the

balance in the Current

Account

VALUE ADDED

• Interest

will be paid at the time

of maturity

/ closure • Suitable

for Corporat

es, Traders, Business

men, Entrepre

neurs and

HNI’s •

Customer can

issue the cheque freely

upto the balance

in the MOD •

Frequency of

transfer to MOD daily –

(Period - Minimu

m 7 days, Maximu

m 180 days)

• 6 DDs at par upto a

maximum of

Rs.3 lakhs per

quarter each not

exceeding Rs.5000

0/- and no

charges for stop payment

and signatur

e attestatio

n • No

charges for Intra

/ Inter city transacti

ons • ATM /

Debit card One year

from the date of

first use – FREE • Non

maintenance of

minimum balance -

If the average

minimum balance

in the Current

Account falls below

Rs.1,00,000/-,

i.e. if the total products

are less than

90,00,000 in a quarter,

a penalty of

Rs.570/- per

quarter inclusive

of Service

Tax will be levied.

• Push Sweep -

The amounts lying in

the Account

over the threshold

balance, will be

transferred to STD

automatically in

multiples of Rs.10,00

0/- . • Pull

Sweep - A cheque

received for

payment or an ATM

withdrawal, and

the balance in the

CA is not

sufficient, on

Last In First Out

(LIFO) basis,

the latest MOD (STD)

will be prematur

ely closed and

transferred

automatically to CA to

meet the payment

. The PULL Sweep

will be in

multiples of Rs. 10,000-

only and the

customer has no option to

change the

same.

MINIMUM AMOUNT

• STD upto 180

days • Minimu

m Quarterl

y average

balance Rs.1

lakh -(Total

products of Rs.90,00

,000 per quarter

i.e. 90 days X Rs.1,00,

000/-) •

Threshold limit Rs.2,00,

000/-(i.e.

Sweep would be

effected only

when the balance

exceeds Rs.2,00,

000/-) • Cut off balance

for transferr

ing to MOD A/c

(threshold

balance) will be Rs.2,00,

000 or more, at

the option

of the deposito

r.

NON MAINTENANCE OF MINIMUM BALANCE

If the

average minimum

balance in the

current account falls

below RS.1,00,

000 ., i.e. if the total

products are less

than 90,00,000 in a

quarter, a penalty

of RS.570/- per

quarter inclusive

of service tax will

be leived.

SUPREME CURRENT ACCOUNT :

ELIGIBILITY

Suitable for all type of customers except Government Organizations.

VALUE

ADDED

Types of plans – A,B,C&D sweep facility available. Minimum balance – Rs.1 lakh/Rs.2 lakhs /Rs.3 lakhs/Rs.10 lakhs

respectively. Common householders’ policy for 1 lakh/Rs.2 lakhs /Rs.3 lakhs/Rs.10 lakhs respectively.

AROGYA RAKSHA policy is available.

For plan D concessional, restricted, free bees available. Multicity cheque facility, intracity & intercity transactions available.

ECS/RTGS/NEFT facilities available. ATM, Nomination facility available.

TERM DEPOSITS

FIXED DEPOSIT (FD) :


Quarterly

SALIENT FEATURES

A time deposit for a fixed period to earn interest with easy liquidity

MINIMUM AMOUNT

Minimum Deposit- Rs.100/-

MAXIMUM AMOUNT

No Maximum

PERIOD

Minimum *7 Days

*minimum amount Rs.1 lakh Maximum normally 10 years

OTHER

REQUIREMENT/DETAIL

Quarterly or even on monthly basis with a discount. Automatic renewal facility for equal period Loan / nomination /pre closure facilities available.

TDS

Applicable

RE-INVESTMENT PLAN (RIP) :


Quarterly compounding

MINIMUM AMOUNT

Minimum amount – Rs.100/- and in multiples of Rs.100/-

MAXIMUM AMOUNT

No maximum amount

OTHER

REQUIREMENTS/DETAILS

Automatic renewal facility for equal period.

Loan. Foreclosure, Nomination facilities are available

PERIOD

• Minimum- 6 months.

• Maximum normally- 10 years

TDS Applicable

RECURRING DEPOSIT (RD) :



SALIENT FEATURES

A regular monthly savings grow into a large sum to meet

the financial needs at the end of the agreed period

MINIMUM AMOUNT

Monthly instalment Rs.5 and in multiples thereof

OTHER


Loan, Foreclosure, Nomination facilities are available.

PERIOD

• Minimum 6 months

• In multiples of 3 months with a maximum of normally 10 years

TDS

Not Applicable

VARIABLE RECURRING DEPOSIT (VRD) :



SALIENT FEATURES

A recurring deposit scheme with the option of varying the monthly installments is called the Variable Recurring

deposit scheme

MINIMUM AMOUNT

Initial deposit Rs.25 or in multiples of Rs.25 upto a

maximum of Rs. 1 lakh Can vary subsequent monthly installment subject to a

maximum of Rs. 10 lakhs per month.

OTHER


• Loan, nomination and foreclosure facilities.

• No penal interest on delayed payment of instalments • Interest will be paid on the minimum balance between

10th and last day of the month..

PERIOD • Minimum period – 12 months and the maximum period – 120 months

TDS

Not Applicable

DEPOSIT PRODUCTS FOR NRIs

NRE

Who can open

Non –Resident Indian (NRI) Person of Indian origin (PIO)

Types of account

SB,CA,RD,FD,RIP

Currency

Indian rupee

Period of deposit

Term deposits

Mimimum - 1 year Maximum - 10years

Joint account

Permitted

Joint account with

resident

Permitted subject to 1. Should be close relative.

2. Operation under F or S clause only.

Nomination

Permitted

Power of

Attorney(POA)

Permitted subject to :

1. Cannot open or close any account. 2. Repatriation of fund only to the account holder.

Repatriation

Permitted

Loan in India

To NRI Depositor/third party Purpose – personal/business

However no loan for agriculture/plantation activities, re- lending, real estate purpose.

Remittance of loan

proceeds outside India

Permitted

Pre-closure

Permitted

Transfer of funds

NRE to FCNR/NRO – permitted FCNR to NRE – permitted

NRO to NRE – Restricted

Remittance of local

funds

Not permitted

Credit card

Issue of international credit card to NRI customers permitted. Credit Card settlement can be made through inward remittance or transfer

from NRE/NRO/FCNR(B) accounts.

NRO

Who can open


Types of account

SB,CA,RD,FD,RIP

Currency

Indian rupee

Period of deposit

Same as Domestic Deposits

Joint account

Permitted

Joint account with

resident

Permitted subject to 1. Should be close relative. 2. Operation under F or S clause only.

Nomination

Permitted

Power of

Attorney(POA)

Permitted subject to : 1. Cannot open or close any account.

2. Repatriation of fund only to the account holder.

Repatriation

Restricted to 1 million USD subject to payment of applicable tax in india.

Loan in India

To account holders/third party Purpose – personal/business However no loan for agriculture/plantation activities, re-lending, real

estate purpose.

Remittance of loan

proceeds outside India

Permitted

Pre-closure Permitted

Transfer of funds

NRO to NRE/ FCNR – Restricted

Remittance of local

funds

Permitted

Credit card

Issue of international credit card to NRI customers permitted. Credit Card settlement can be made through inward remittance or transfer

from NRE/NRO/FCNR(B) accounts.

FCNR

Who can open


Types of account

Term deposits (FD,RIP only )

Currency

USD,GBP/STG,EUR,JPY,AUD,CAD,CHF,DKK,SEK

Period of deposit

Term deposits Mimimum - 1 year Maximum - 5years

Joint account

Permitted

Joint account with

resident

Permitted subject to 3. Should be close relative.

4. Operation under F or S clause only.

Nomination

Permitted

Power of

Attorney(POA)

Not Permitted

Repatriation

Permitted

Loan in India

To account holder/third party

Purpose – personal/business However no loan for agriculture/plantation activities, re-lending, real estate purpose.

Remittance of loan

proceeds outside

India

Permitted

Pre-closure

Permitted

Transfer of funds

FCNR NRE to NRE /NRO – permitted

NRE to FCNR– permitted NRO to FCNR – Restricted

Remittance of local

funds

Not permitted

Credit card

Issue of international credit card to NRI customers permitted. Credit

Card settlement can be made through inward remittance or transfer from NRE/NRO/FCNR(B) accounts.

LOANS :

JEWEL LOANS

SS

AGRI (JL) :

Target group :

All agriculturists

Purpose :

To meet short term credit requirements

Eligibility :

As per scale of finance & based on net weight of jewels and rate per gram.

Maximum period :

2months from the date of harvest

Eligibility amount :

No restriction

Margin :

30%

Interest rate :

7% under int sudversion scheme upto RS.3.00 lakhs as per lending rate upto RS.5.00 lac branch >RS. 5.00 lac zo

sanction

Securities :

Pledge of jewels crop insurance mandatory

Documentation :

F120 and copy of proof of land holding

JEWEL LOAN (NON-PRIORITY) :

Target group :

All individuals

Purpose :

To meet short term credit requirements

Eligibility :

Based on net weight of jewels and rate per gram

Maximum period :

12 months


No restriction

Margin :

30%

Interest rate :

As per the lending rate upto RS.5.00 lac branch >RS. 5.00 lac zo sanction

Securities :

Pledge of jewels

Documentation :

F120

JEWEL LOAN FOR TRADERS :

Target group :

RT/SB/P&SE&SERVICE SECTOR

Purpose :

OD against jewels or term for 35 months

Eligibility :

Based on net weight of jewels and rate

per gram

Maximum period :

OD yearly renewal TL 35 months


No restriction

Margin :

30%

Interest rate :

As per the lending rate upto RS.5.00 lac branch

>RS. 5.00 lac zo sanction

Securities :

Pledge of jewels

Documentation :

F120

JEWEL LOAN FOR SENIOR CITIZENS :

Target group :

Existing senior citizen customers

Purpose :

Term loan

Eligibility :

Based on net weight of jewels and rate per gram

Maximum period :

35 EMI or bullet payment


Min.rs.15000/- Max. rs.5.00lac

Margin :

30%

Interest rate :

As per the lending rate

Securities :

Pledge of jewels

Documentation :

F120

SERVICES

1. ATM CARD/PLATINUM DEBIT CARD :

Eligibility :

Customer having savings bank, current account with us.

Salient Features :

Customer can use their ATM cum Debit card for withdrawl of cash, deposit

of cash, purchase at POS terminals at 24 X 7 as per their convinence.

Other requirements/details :

Issue FREE of charge at the time of issue. Yearly service charges as applicable.

Round –the-clock cash withdrawls max.cash withdrawl per day is Rs.25000. Platinum debitcard max.cash Rs.50000/-per day & purchase at pos is Rs.100000/-per day

. It will be marketed to HNI/Creamy customers. Request can be given for a cheque book through ATM. It can be used in more than 120000 ATMs of various banks.

Any number of withdrawl in Indian bank ATM is free, for using other bank ATM first 5 transaction free.

Customer can use the following Bank's ATMs :

Punjab National Bank Oriental Bank of Commerce

Karur Vysya Bank, IndusInd Bank

UCO Bank Indian overseas bank SBI etc,…..

2. MULTICITY CHEQUE TRANSFER :

Eligibility :

Customers having Savings Bank, Currenct account, OD/OCC accounts.

Salient features :

Cheques can be issued to beneficiaries all over India.

Other requirements/details :

* Customers can withdraw cash either by self cheque or issue third party cash cheque up to Rs.50000/= per occasion. * Minimum Balance :

Savings Bank : Monthly average balance Rs.10000/-.

Current Account : Monthly average balance Rs.50000/-. OD/OCC accounts : Minimum credit limit Rs.5 lakhs.

* Charges for non-maintenance of minimum balance : please refer service charges link.

* Charges for multi city cheque facility : please refer service charges link.

* All charges will be debited to Drawer's account only.

3.) REMITTANCES :

A.) DEMAND DRAFT (DD) :

DD can be issued on any branch of the bank.

DDs can be issued on receipt of cash for <50000, >50000 can be issued through

transfer from a/c only.

B.) RTGS (REAL TIME GROSS SETTLEMENT ) :

Eligibility :

Any customer of a CBS Branch

Salient Features :

Instantaneous funds transfer to customer of other banks through RBI.

Other requirements/Details :

* For remittance of Rs.2 lakh and above * Customer is required to provide beneficiary's account number, name, address, bank and branch name.

* The beneficiary's Bank account is credited on the same day within two hours of receiving credit by the other bank.

Timings :

Week days : 9 a.m. to 4.30 p.m.

Saturdays : 9 a.m. to 2.00 p.m.

Commission :

Rs.2 lakhs to Rs. 5 lakhs - rs. 28.

Above 5 lakhs - rs. 56.

C.) NEFT (NATIONAL ELECTRONIC FUND TRANSFER) :

Eligibility :

Any customer of a CBS Branch for any amount.

For non-customers NEFT is available against cash remittance up to Rs.50000/-

Salient features :

Funds transfer to customers of other bank through RBI in batches.

Other requirements/Details :

* Any amount can be remitted. * Customer is required to provide beneficiary's account number,

name, address, bank and branch name.

* The beneficiary's bank account is credited on the same day. (If the remittance is in the afternoon, the amount may be credited on the next day).

Timings :

week days : 8 a.m.to 7 p.m. - 12 batches

Saturdays : 8 a.m. to 1 p.m. - 6 batches .

Commission :

Upto Rs.1 lakh – Nill .

Above Rs. 1 lakh upto Rs.2 lakhs - rs.12.

Above Rs. 2 lakhs - Rs. 28.

Non Customers can remit cash of less than

Rs.50000 only.

CASH :

There are three counters in Indian bank ,east veli street branch. The first

2counters are called as single window operations. The third counter is called as main/chief

window operations.

Everyday after BOD the cash keeper transfers cash to the chief cashier and chief cashier in turn

hands after doing all transactions for the each teller after tallying his hands over the same to the chief cashier who in turn consolidated the cash received from the teller & hands over the same to cash custodian. At the end of the cash balance stands in the name of cash cashier. when cash is

same issued by one teller to another the same has to be accepted by the receiving.

Receipts & payment of cash :

In first 2 counters the customer can pay or receipts the amounts from their accounts are Rs.20000 and Rs. 25000 respectively. &

If The customer wish to pay above Rs.20000 – the customer can pay their amount in main/chief window operations

If The customer want to receive the amount above Rs.10000 to Rs. 20000 from his/her a/c, the customer should get signature from the assistant branch manager

in his/her withdrawl slip.

If The customer wish to receive the amount aboveRs. 20000 - the customer should get token from deposit counter for withdrawl slip after passing the queue ,

the customer can receive the amount for the main window operations.

FINDINGS & SUGGESTIONS

FINDINGS :

RIP & VRD are the best schemes to the customers who are in the mind set of earnings. Now –a-days people are much aware about the RTGS & NEFT & they are mostly used

by the customers. Jewel loan is most attracted by customers.

Sunday banking facility helps the bank to gain more customer. DD is allowed for both customers and non-customers. Exchange of cash is possible.

MICR CODE helps to know about the what kind of cheque or draft is provided. ATM transactions are provided with efficient manner which has 24 hours services.

Every Friday the reserve cash is taken to the head office of Indian bank. Infrastructure of bank is not enough. Employee’s strength is very low , when compared to other branches.

SUGGESTIONS :

Can recruit more people for the vacant places Can check the computer often whether it is in condition to avoid slowness in activities. Infrastructure should be developed.

Awareness program must be conducted among peoples about various types of deposit schemes available in Indian bank.

Advertisement must be displayed to know about the new schemes available in Indian bank.

s

CONCLUSION :

From this training, it could be concluded that the people are not much aware about the various products of the bank. This training is also very useful to get the exposure

about the function of the bank. At last, I would like to say thanks again to all staff of the unit who helped me through my training period.

The projects gives clear idea about the banking activities . The banking system, by far, the most dominant segment of the financial sector, accounting for us its does, over 80% of the funds flowing through the financial sector. it should, therefore be aware of the

endeavor to develop the more resilient, competitive and dynamic financial system with best practices, that’s supports , contribute positively to the growth of our Indian economy.

At the end of my training I earned a lots of information, experience, which develops my attitude.

BIBILIOGRAPHY

BOOK :

“FRONT LINE ESSENTIALS” - T.M.Bhasin

BANKING THEORY,LAW AND PRACTICE , Prof .E.GORDON, M.COM, M.PHIL,

FORMER PROFESSOR OF COMMERCE, A.N.J.A.COLLEGE, SIVAKASI.

Website :

WWW.WIKIPEDIA .COM

WWW . INDIANBANK .CO. IN

WWW . GOOGLE .COM

http://www.indian/

WWW.YOUARTICLELIBRARY.COM

WWW.DNB.CO.IN

INDIAN BANK MANUAL

APPENDIX

Banking project 2

Healthcare

Transcript of Banking project 2