A PROJECT REPORT ON COMPARATIVE ANALYSIS OF Corporation Bank

THE JOURNEY

Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this.

Started about 104 years ago in 1906, with an initial capital of just Rs.5000, Corporation Bank has recorded Rs. 1,67,000 Crore mark in business and even far more, with over 3500 service outlets across the nation, served by committed and dedicated 13,000 plus Corp bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban population alike. Today, we are proud that we are significant contributors to the growth of the country's economy.

Early MoversNationalized in 1980, Corporation Bank was the forerunner when it came to evolving and adapting to the financial sector reforms. In 1997, it became the Second Public Sector Bank in the country to enter capital market, the IPO of which was over- subscribed by 13 times. the Bank has many " firsts " to its credit - Cash Management Services, Gold Banking, m-Commerce, " Online " approvals for Educational loans, 100% CBS Compliance and more recently, its pioneering efforts to take the technology to the rural masses in remotest villages through low-cost branchless banking - Business Correspondent model. All of which symbolize Bank's unswerved commitment to its customers to provide convenience banking.

At Corporation Bank, what motivates us is the passion to excel in banking by maintaining highest standards of service to our customers, backed by innovative products and services which makes us one of the leading Public Sector Banks in the country, catering to a wide range of customers - from individuals to corporate clients.

The Logo Sarve Janah Sukhino Bhavanthu Prosperity for All

The Bank's motto " Sarve Janah Sukhino Bhavanthu " in Sanskrit, which means " Prosperity for All " is well-professed by the Bank in its day-to-day operations.

The Bank's logo has various components, namely Kamadhenu (denoting wish-fulfillment), Kalpatharu (eternity), Balance (justice for all), Wheel (industrial progress) and Wheat Grains (agricultural prosperity) which stand for universal prosperity and as a wish-fulfilling credo. The logo in its present form was incorporated in 1972 when the name of the Bank was changed from Canara Banking Corporation (Udipi) Ltd. to Corporation Bank Ltd.

Corporate Vision" The Most Preferred Bank with Global Standards "

Corporate Mission v To become a provider of World - Class Financial Services v To meet Customer expectations through Innovation and Technological Initiatives v To maintain leadership in inclusive banking v To enhance stakeholders' value v To fulfill national and social obligations v To create an environment, intellectually satisfying and professionally rewarding to the employees v To emerge as a role model for ethical values and Good Corporate Governance

Various deposits & Facilities provided by Corporation Bank

RD Plus: Special RD deposit schemeRD PLUS Deposit :

Recurring deposit is a scheme in which the depositor remits small amounts of money in monthly instalments for a fixed period, to meet certain future commitments/contingencies, at the end of which the accumulated deposit together with interest is repaid to him/her. RD is safe, free from market risk/volatility and comes with assured returns.

RD PLUS, The new offering from Corp Bank offers much more

FREE PERSONAL ACCIDENT COVER of Rs.1.00 lakh

All accounts opened up to March 2011 are eligible for Personal Accident cover of Rs.1.00 lakh only, through out the RD term.

SPECIAL DISCOUNT TO BUY GOLD COINS [on maturity]

On maturity, the customers may take the proceeds in cash or use the proceeds to buy GOLD COINS at a special discount as under: Coin Denomination 4 gms 5 gms 8 gms 20 gms 50 gms Concession Rs. 100/125/200/300/400/-

To be eligible for this concession, the account must have completed its full term as per the Scheme Guidelines.

New Corp Premium DepositNew Corp Premium deposit scheme, for 33 months with 7.50% p.a.

1. Period of Deposit: The deposit will be accepted for a fixed period of 33 Months

2. The Target Group: The scheme is targeted towards individuals/ trusts/ institutions who keep the deposits for a medium term.

3. Eligibility: Any person entitled to open a domestic term deposit can open the NEW CORP PREMIUM deposit account.

4. Amount: Maximum amount will be less than Rs.1.00 crore.

5. Rate of interest: 7. 50 % p.a.

6. Deposits in the name of Senior Citizens/ Staff: Additional interest payable to Senior Citizens/Staff as per the rules of the Bank as applicable to domestic tem deposits is paid on this deposit also.

7. Premature closure: The premature closure is permitted like any other domestic term deposits. The rate of interest will be the rate applicable for the run period less premature penalty as applicable from time to time. [1% for all deposits irrespective of amount of deposit, w.e.f. 08-07-2008]

8. Renewal before maturity: Renewal before maturity is be permitted as per RBI guidelines.

9. Loans against deposit: Loan against deposit is permitted as per existing norms with regard to rate of interest and margin applicable for loans against domestic term deposits.

10. Operational period: The scheme is presently kept open for a limited period from 26-07-2010 to 15-09-2010.

11. Systems and Procedures: As applicable to existing domestic KCC/FD (as opted by the party/depositor) The existing Account Opening Form for Term Deposits can be used for NEW

CORP PREMIUM deposits also. Branches are advised to adhere to the systems & procedure applicable to Term deposits in case of deposits accepted under N

12. Other Aspects: All other aspects like transfer of accounts, settlement of claim in case of death of the depositor, extension of Nomination facilities, calculation/payment of interest, effecting TDS, renewal of overdue NEW CORP Premium Deposits, etc will be as applicable to normal domestic term deposits.

Savings Bank AccountOpen a Savings Bank account with CorpBank to enjoy a host of hi-tech services and facilities.

International Debit Card - To shop at merchant establishments and to withdraw cash at all Visa ATMs worldwide. You can access CorpBank's network of online interconnected ATMs and also avail the National Electronic Funds Transfer [NEFT] facility through CorpBank ATMs across the country.

Internet Banking facility - Access your account from anywhere in the world

Any Branch Banking - With all our branches of the Bank networked across India, you can now bank with the Bank and not just a Branch. Access and transact in your account from any of the networked branches. Deposit / Withdraw Cash to / from your account, Instant Fund Transfers to any account at these branches, Deposit local cheques at remote centres for credit of your account elsewhere.

SMS Banking facility - Access your Bank Account and carry out variety of banking transactions through your mobile phone.

Corp Power Cheq - Multi City Cheque Facility: A powerful facility wherein your cheques are now payable at par at all CorpBank Branches. Available to select SB account holders.

Other facilities - Passbooks / Account statements, Cheque books, Tax Payments, Insurance & Mutual Funds, Standing Instructions and all other facilities that you have been enjoying with us for more than 103 years now.

Quarterly Average Balance - Rs 250/- at Rural Branches and Rs 500/- at other Branches.

Non-maintenance of QAB attracts a service charge of Rs 75/- per quarter.

Who can Open

a) An individual in his/her own name

b) Individuals in their joint names with suitable repayment instructions

c) Minor represented by parent/guardian

d) Minor students above 10 years

e) Clubs, Societies, Associations, Trusts, Executors, Educational Institutions, Administrators, HUF, etc.

Documentation Required

a) One passport size photograph

b) Identity Proof

c) Address Proof

Corp Classic Savings Bank Account

Corp Classic High tech Hassle Free Savings Account

Corp Classic - High Tech Hassle Free Savings Account

A combination of Savings Bank and Term Deposit features. Amount over and above the minimum balance of Rs. 15000/- in CLSB portion of the account will be automatically converted into term deposits in units of Rs.1000/- each (subject to a minimum of 5 units to start with and in multiples of 5 units of Rs. 1000/-each thereafter). Whenever a cheque is issued, and there is shortage of surplus funds over and above the minimum balance, units of terms deposit are broken in such a manner so as to cause least loss to the depositor, the same is credited to the CLSB Account and cheque is passed.

Special features : Facilities like, Auto Renewal Option of Deposits, Minimum Period Maximum Interest - option, Reinvestment Option, Periodical payment of interest [monthly/quarterly/half-yearly/ yearly] in case of FD, Fixed Maturity Date, are also available in this Scheme. International Debit Cards and SMS Banking facility are provided FREE of cost.

Period of Deposit : Deposit can be opened for a period of 15 days to 3 years as per the customers choice.

Auto opening and closing of term deposits digitally by the system is another prominent feature of this scheme. No need to remember, no need to visit the Branch to convert excess balance in Savings Bank account manually to term deposits/ remember the maturity dates of term deposits. No handling of multiple Deposit Receipts. A comprehensive Pass Book will be given.

Rate of Interest : 3.5% on daily balances maintained in SB portion and applicable interest rates for balance maintained in term deposit portion. For current interest rates for term deposits,

Interest Payment : On or before 10th of February / August every year for amounts maintained in SB portion and monthly / quarterly for amounts in term deposits.

Other facilities : All other facilities as available for Regular Savings Bank account are also available

Minimum Balance : Rs 15,000 at all Branches

Corp New Gen - Students' SB accountCorporation Bank is pleased to inform the introduction of a new Savings Bank account targeted at the student community. The Corp NewGen - Students SB a/c has several value added services. The accounts have a reduced quarterly average balance, concession in service charges for issuance of DD/PO, collection of cheques, ABB transactions, Free Debit Card etc. The important benefits / features of the Corp Student SB a/c are as under:

Who can open the Account?

Only students who have completed 10 years of age and are pursuing regular courses can open these accounts. Existing regular SB accounts of students already opened with the Bank can also be converted to this new account. At the time of opening the account, the student has to furnish a copy of student ID card issued by the school/college.

Initial Deposit & Quarterly Average Balance (QAB)

These accounts can be opened without any initial deposit. However, the a/c holder should maintain a quarterly average balance of Rs 100/- thereafter.

Special facilities

In order to encourage students to open Savings Bank accounts with the Bank, it has been decided to offer the following facilities / services: v No annual maintenance charges for Debit Cards v No service charges for purchase of DDs / POs through the account upto a maximum of 5 instruments per month v No service charges for collection of cheques upto a maximum of 2 instruments per month v No service charges for Any Branch Banking transactions

Other facilities available v SMS Banking v Internet Banking v Personalised Cheque Book facility (For students above 18 years of age) v Railway ticket booking / Mobile Recharge

All other facilities available to normal Savings Bank account shall also be available to this account as per the same terms & conditions.

Account shall be converted to regular Savings Bank account on end date of

course (as per ID card).

Current AccountCorporation Bank offers an assortment of current account products that is tailor made to suit all financial requirements of all our customers be it individuals or corporates. Account Quarterly Average Balance

Corp Business Account

Rs 10,000 (Metros) Rs 5,000 (Urban & Port Town) Rs 2,500 (Semi Urban & Rural)

Corp Business Premium Account Corp Business Club Account Corp Business Privilege Account

Rs 50,000 (all locations) Rs 100,000 (all locations) Rs 500,000 (all locations)

Open the account suited for you to enjoy a host of facilities that will take care of your entire banking requirements.

Who can open:

a. Individuals of sound mind and who have attained majority.

b. Two or more individuals in their joint names.

c. Proprietary Concerns (Sole Proprietorships)

d. Partnerships Firms

e. Hindu Undivided Families

f. Companies

g. Clubs, Societies, Associations, Committees, Schools etc.

h. Trusts

i. Executors

j. Administrators

k. Government and Semi-Government Bodies, Local Authorities etc.

Based on the current account variant you choose, you will be eligible for a host of services

at free/concessional rates.

Fixed Deposit

The high returns deposit - it is the high return term deposit scheme and interest can be paid at regular intervals viz. monthly, quarterly, half yearly or yearly. The deposit can be made for periods ranging from 15 days to 10 years. The rate of interest depends on the period of deposit. It is an ideal deposit scheme for those who can plan for regular income.

CorpTax Saver - Tax Saving Term Deposit

Corporation Bank introduces CorpTax Saver, a new tax saving term deposit scheme. Amount invested up to Rs. 1 lakh for a fixed period of 5 years is eligible for deduction from income under Section 80 (C) of Income Tax Act.

Tax Saver Fixed Deposit (TSFD) - The depositors can opt for monthly, quarterly, half yearly or yearly interest in case of TSFD.

Tax Saver Kshemanidhi Cash Certificate (TSKCC) - In case of TSKCC, the interest will be quarterly compounded and the receipt shall bear the yearly rate of interest.

Eligibility: Individuals, either singly or jointly with other individuals including minors represented by guardians & HUF assessee are eligible to open Tax Savings Term Deposit account. [Quoting of PAN is mandatory]

Joint holder type of deposits may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor.

In the case of joint deposits, the deduction from income under section 80C shall be available only to the first holder of the deposit.

Period of the deposit: Fixed at 5 years.

Amount: The minimum amount is Rs. 100 and the maximum amount is Rs.1 lakh in a financial year. The deposit is accepted in multiples of Rs.100 only.

Rate of interest: As applicable to five year term deposit from time to time. Additional interest is payable to senior citizens.

Nomination: Nomination facility is available to the depositor under the scheme as per the rules applicable from time to time. No nomination shall be made in respect of a term deposit applied for and held by or on behalf of a minor.

Mode of interest payment: Compound interest will be paid in TSKCC and simple interest will be paid in case of TSFD. The depositors can opt for monthly or quarterly or half yearly or yearly interest in case of TSFD. In case of TSKCC, the receipt shall bear the yearly rate of interest on the term deposit receipt.

Premature Closure: No premature closure is permitted before the expiry of five years from the date of its receipt.

Loans against deposits: No loans shall be granted against the deposits and deposit shall not be accepted as collateral security for any other facilities also.

Tax deduction at source: Tax shall be deducted at source on the amount of interest paid/credited in the account as per the guidelines issued under the Income Tax Act from time to time.

Continuous Deposit

The cluster deposit - Here you choose between simple interest and compound interest while keeping your deposits in a cluster form. Continue to deposit, any amount, any number of times. All deposits will be recorded in one account in a pass book making it easy for you to keep track of your deposits. No hassles of having numerous deposit receipts.

Ready Cash Deposit

The high returns, high liquidity deposit - It is a fixed deposit scheme with a cheque facility to withdraw whenever you want. Under the scheme, you can deposit a minimum of Rs. 5,000 for a period ranging from 12 months to 36 months. The rate of interest depends on the period of deposit. While your deposit earns at the agreed rate of interest, you can withdraw your money through cheques. You need to pay interest in the amount withdrawn as per the rates fixed by the Bank.

Reccuring Deposit

Every drop counts - An ideal way to plan for future needs. Best suited to the salaried class, you can save a fixed sum every month for a period ranging from 12 months to 120 months. You get a lumpsum amount on maturity. Minimum amount of deposit is Rs 50/- p.m. in Rural and Semi - Urban places and Rs 100/- p.m. in all other places and thereafter in mulltiples of Rs 25/-. There is no maximum limit.

The rate of interest depends on the period of deposit and it is compounded quarterly. Interest is paid annually and is ploughed back into principal every year.

The account can be opened by an individual in his / her own name, individuals in their joint names with suitable repayment instructions,minors represented by guardian and by clubs,societies, associations etc.

Value added servicesM-Banking

:

Introducing another addition to the M-Banking sector in the Indian telecommunication scenario, the Corporation Bank has brought free vpaycash mobile wallet service to its customers. The new value added service would facilitate viewers with the option of purchasing with their mobile handsets. Customers just have to transfer up to Rs.5000 from their Corporation Bank Savings or Current account to their mobile wallet. However, to avail the full facilities of the service the shop where the purchasing is being done must be equipped with the same system. This new cost efficient service is secure and easy to use. Prior to this, Airtel, Idea Cellular and Nokia have also launched the similar kind of m-wallet service in association with Union Bank and Axis Bank.

Credit cards

:

Corporation Bank is pleased to inform the introduction of its own Credit Card facility. The Corp Bank International Credit Card has been specially designed taking into account the conveniences and privileges you are used to. It has been our continuing endeavor to always provide the best of services and provide remarkable benefits and thus take care of your needs. In addition to the various services available from Corporation Bank, you will also have access to the benefits, privileges and extensive reach of the global VISA network. Corp BillPay is a useful service that provides you a single point of contact for all your payment needs. At Corp BillPay you can pay your bills and make other payments online. Instead of writing a cheque each time, now you can use any device connected to the Internet (computer, kiosk, etc) and make payments with the click of a mouse. no more late payments no more queues no more hassles of depositing cheques

Mutual Funds It has been the endeavour of Corporation Bank to bring out new innovations and value additions to its customers. The Bank is aiming to become a financial supermarket where its customer is able to purchase a wide range of quality financial products under one roof. The Bank now offers a wide range of mutual fund products be it equity diversified or sectoral, debt or liquid or for that matter balanced funds ,depending on your risk appetite .

Corp Companion - Any Branch Banking Facility : With all our branches of the Bank networked across India, you can now bank with the Bank and not just a Branch. Access and transact in your account from any of the networked branches. Deposit / Withdraw Cash to / from your account, Instant Fund Transfers to any account at these branches, Deposit local cheques at remote centres for credit of your account elsewhere.

Corp Power Cheq - Multi City Cheque Facility : A powerful facility wherein your cheques are now payable at par at any CorpBank branch in India. Adding more power to your Current Account.

Funds Transfer: Instantly transfer funds to any account maintained at any of our networked branches across India from your account.

Demand Drafts With our national presence, you can draw Demand Drafts in over 450 centres across the country from Jammu to Nagercoil and from Bhuj tGangtok.

Corp Net - Internet Banking: Corp Net, our Internet Banking service allows you to access your account any part of the world anytime. v Verify your account balances v View and download your statement of accounts v Make payments to third parties & transfer funds using Corp Echeque v Request for cheque books, demand drafts, Stop Payments v Pay Utility Bill Payments online v And many more services

Corp Convenience - International Debit cum ATM Card : Corp Convenience, our

International Debit Card assists you in accessing your account at over 1060+ Corp Bank ATMs in addition to more than 10 lakh VISA ATMs worldwide. Moreover you can use the Card at more than 10 million shopping outlets worldwide displaying the VISA logo.

Other facilities: Account statements, Standing Instructions and all other facilities that you have been enjoying with us for over 103 years. We also have a unique product, Corp Payroll to make your salary payments to your employees without any bother.

ConclusionThe training that I undertook in THE CORPORATION BANK is very useful. I was given an opportunity to indentify various components in banking especially in marketing department where I trained . Apart from the theoretical knowledge that I gain from my studies, I have gained a sound practical knowledge. This training has helped me a lot.

BIBLIOGRAPHY www.banknetindia.com www.rbi.org.in www.economictimes.indiatimes.com www.indianfoline.com www.finance.indiamart.com/investment_in_india/banks www.standard.chartered.broacher.and.mannuals www.finance.indiamart.com/investment_in_india/banks.html www.indianfoline.com/nevi/bank.html www.finanace.indiamart.com/investment_in_india/standard _chartered_bank.html www.abn_amrobank.com www.hdfc.com www.icicibank.com www.standardchartered.com www.standardchartered.com/in http://economic.indiatimes.com/banking/bn11299.html