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DEPOSIT SCHEMES
(COVERED BY SBI AND
ICICI BANK)
DECLARATION
I, Miss. ANUSHA. SHETTY, Student of T.Y.BCOM (Banking &
Insurance), Semester Vth, Shri Chinai College of Comme...
ACKNOWLEDGEMENT
Entrance, Hard work, Gradual Progress and an exciting year that it is
how I have reached this level and no...
So this goes to all those who have knowingly or unknowingly been
a great support for me to accomplish this piece of work.
...
make people aware about the various deposit schemes available in the Indian
banking industry and its various procedures an...
DEPOSIT SCHEMES
INTRODUCTION
A deposit scheme is an account at a banking institution that allows money to
be held on behal...
actual cash or they may deposit rights to receive cash; these rights to receive
cash may be in the form of a cheque, a bil...
DIFFERENT TYPES OF DEPOSIT ACCOUNTS
DEMAND DEPOSIT
CURRENT ACCOUNT DEPOSIT: Current account or cheque account is
a deposit...
Standing order (automatic funds transfer)
ATM card or debit card (cashless direct payment at a store or merchant)
SWIFT - ...
TIME DEPOSIT
FIXED DEPOSITS: A time deposit (also known as a term deposit,
particularly in Canada, Australia and New Zeala...
Cash machines are electronic devices that allow bank customers to make
cash withdrawals and check their account balances w...
GUIDELINES OF RESERVE BANK OF INDIA
One of the important functions of the Bank is to accept deposits for the
purpose of le...
2. "Know Your Customer" (KYC) guidelines for New accounts
The following KYC guidelines will be applicable to all new accou...
be ensured that the procedure adopted does not lead to denial of access to the
general public for banking services.
3. "Kn...
nature with full details in fortnightly statements to their controlling offices.
Besides, controlling offices are also req...
(i) An independent evaluation of the controls for identifying high value
transactions should be carried out on a regular b...
Financial intermediaries should prepare and maintain documentation on their
customer relationships and transactions to mee...
Parade, Mumbai 400 005 within a month from the date of receipt of this
circular. The implementation of the instructions co...
DEPOSITORS' RIGHTS
Deposits being the basic financial raw materials, depositors form the core for
banking business. There ...
STATE BANK OF INDIA (SBI)
HISTORY OF SBI ( STATE BANK OF INDIA)
State Bank of India (SBI) is India's largest commercial ba...
Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank
of Bengal and two other Presidency banks (Ba...
STATE BANK OF INDIA.
DEPOSIT SCHEMES
Whatever your needs - an investment of your surplus funds or to create a
fund for you...
SOME OF THE MOST POPULAR DEPOSIT SCHEMES PROVIDED BY
SBI ARE:
SAVINGS BANK ACCOUNT
Our Savings Bank Account helps you to p...
Monitor and control your funds through SBI Internet Banking or/ and
through Passbook/ statement of account facility.
Alter...
Centres Cheque
operated
account
Ordinary
account
Metro/Urban/
Semi-Urban
Rs.1000
(Rs.300)
Rs. 500
(Rs.300)
Rural Rs.500
(R...
CURRENT ACCOUNT
BENEFITS:
CARD CONVENIENCE
Get your Free ATM cum Debit Card and have access to the widest network
of ATMs ...
TRANSACTION EASE
Unlimited number of payments
Make payments by giving us standing instructions
Remit funds from any part o...
BASIC BANKING -NO FRILLS ACCOUNT
This account comes with very low minimum balances as well as low/ nil
charges, to cater t...
TERM DEPOSITS
Now you can earn a higher income on your surplus funds by investing those
with us. We provide security, trus...
AUTOMATIC RENEWALS
There is no need for you to keep track of the maturity of your deposits.
Your deposits with us will be ...
RECURRING DEPOSIT
Want to create a fund for your children's education or marriage or to buy a
car or for a dream holiday? ...
LOAN /OVERDRAFT FACILITY: You can avail a loan/overdraft against
your deposit.SBI provides you loan / overdraft upto 90% o...
ICICI BANK
(INDUSTRIAL CREDIT AND INVESTMENT
CORPORATION OF INDIA)
HISTORY OF ICICI BANK
ICICI Bank is India's second-larg...
the cross border needs of clients and leverage on its domestic banking
strengths to offer products internationally. ICICI ...
SOME OF THE MOST POPULAR DEPOSIT SCHEMES
PROVIDED BY ICICI BANK
SAVINGS ACCOUNT
FEATURES
The ICICI Bank International debi...
MINIMUM BALANCE:
For opening the saving account minimum Rs.5,000
Non-maintenance of the minimum average quarterly balance ...
FIXED DEPOSIT
FEATURES
Wouldn't you like a Fixed Deposit that allows you to deposit your money for
just as long as you wis...
Further, the applicant(s) is/are at liberty to change the nominee, through
declaration in the appropriate form to revise t...
telephone service providers and mobile service providers, Premium Receipt
from any life insurance company, etc.
VALUE ADDE...
RECURRING DEPOSIT
ICICI Bank's Recurring Deposits are the ideal way to invest small amounts
of money every month and end u...
ELIGIBILITY
Resident Indian.
The minimum balance of deposit is Rs. 500 per month and thereafter, in
multiples of Rs. 100.
...
CURRENT ACCOUNT
WHAT IS CURRENT ACCOUNT?
A running account supporting unlimited withdrawals and deposits
A current account...
HOW TO OPEN A CURRENT ACCOUNT?
Account Opening Requirements to Open a Current Account
Completed duly signed AOF AOA & MOA ...
SALARY ACCOUNT
WHAT'S SO SPECIAL ABOUT ICICI BANK SALARY
ACCOUNT?
ICICI Bank Salary Account is a benefit-rich payroll acco...
ELIGIBILITY
The organization needs to have a minimum of 25 employees and a payout of
Rs 36.0 lacs per annum and average sa...
ONLINE FUNDS TRANSFER
No need for cash withdrawals and cheque deposits. We give your employees
the facility to transfer fu...
CCIL - SILVER CARD
Salary Account holders have the privilege of receiving the ICICI Bank Silver credit card
(Corporate Car...
GOLD COIN
Employees can buy 24 karats Pure Gold, which ICICI Bank brings to you. Each coin comes
to you straight from Swit...
4) In which account are you more interested to invest your funds?
Savings Recurring
Fixed Deposit Current
5) Do you plan t...
Project Guide: Mrs. Vaishali. Kurhekar Survey conducted by:
Signature: Anusha Shetty
TY.B.B.I. Roll No:46
ANALYSIS OF THE ...
2. What type of interest rate is more preferred by the public?
80% of the public prefers fixed rate of interest, only 20% ...
PRIVATE
PUBLIC
FOREIGN
This indicates that PRIVATE SECTOR IS 40%
PUBLIC SECTOR IS 55%
FOREIGN SECTOR IS 5%
6. IN WHICH ACC...
SAVINGS
RECURRING
FIXED DEPOSIT
CURRENT
This pie chart indicates that SAVINGS DEPOSIT IS 45%
RECURRING DEPOSIT IS 6%
FIXED...
52%
53%
54%
55%
56%
57%
58%
59%
60%
SBI
ICICI
8. IS THE PUBLIC SATISFIED WITH THE SERVICES PROVIDED
BY THE BANKS?
0
10
20
30
40
50
60
70
80
90
SBI ICICI
YES
NO
9.a. In case of SBI, when asked whether the public would like to
switch to t...
9.b. In case of ICICI, when asked whether the public would like to
switch to the public sector, only 9% of the people were...
ANSWERS ON QUESTIONNAIRE FOR SBI BANKER
I had visited SBI bank at Andheri Branch and there I had interview with
the Relati...
ANSWERS ON QUESTIONNAIRE FOR ICICI BANKER
I had visited ICICI bank at Chandivali Branch and there I had interview
with the...
ANNEXURE
QUESTIONNAIRE FOR BANKER
1)What are the different deposit schemes provided by your bank?
2)Which is the main docu...
BIBILIOGRAPHY
 WEBSITES
- www.statebankof india.com
- www.icici.com
 VISITED SBI BANK AT ANDHERI (EAST) BRANCH
 VISITED...
Deposit schemes
Deposit schemes
Deposit schemes
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Transcript of "Deposit schemes"

  1. 1. DEPOSIT SCHEMES (COVERED BY SBI AND ICICI BANK)
  2. 2. DECLARATION I, Miss. ANUSHA. SHETTY, Student of T.Y.BCOM (Banking & Insurance), Semester Vth, Shri Chinai College of Commerce & Economics. I, hereby, declare that I have successfully completed this project on “DEPOSIT SCHEMES (covered by SBI & ICICI Bank)” in the academic year 2007-2008. The information submitted is true and original to the best of my knowledge. Signature of the student (Anusha. Shetty) CERTIFICATE I, Professor. VAISHALI KUREHKAR, hereby certify that Miss. ANUSHA. SHETTY of T.Y.BCOM (Banking & Insurance), Semester Vth Shri Chinai College of Commerce & Economics, has completed project on “DEPOSIT SCHEMES (covered by SBI & ICICI Bank)” in the academic year 2007- 2008. The information submitted is true and original to the best of my knowledge. Signature of Project guide (Prof. Vaishali. Kurehkar)
  3. 3. ACKNOWLEDGEMENT Entrance, Hard work, Gradual Progress and an exciting year that it is how I have reached this level and now as I stand at the threshold of the aside world. I take a look of the past year which I have spent in this college, my performance with the devotion of the profession has been with me for over 3 years which I will never forget. First and foremost I would like to thank the University of Mumbai for providing me with this project in this curriculum. I am grateful and would like to thank my project guide, Prof. Vaishali. Kurhekar for having helped me day in and day out for not only providing me with information but also being very supportive. It would rather be unfair on my part for not thanking all my Professors who have helped me specially our co-ordinator Prof.Nishikant. Jha and also to our Principal Mrs. Malini. Johari, for always keeping faith in us. I would like to thank Vijay. Anand, who is Assistant Manager of ICICI Bank for providing me with all required information. I would also like to thank our Librarian and not to forget my Parents and my colleagues who have helped me at some stage or the other. My acknowledgement would be incomplete without me thanking my college Shri Chinai College of Commerce and Economics for having shown their continuous faith in me.
  4. 4. So this goes to all those who have knowingly or unknowingly been a great support for me to accomplish this piece of work. EXECUTIVE SUMMARY Deposit means save today, for tomorrow. So, deposit schemes are the main sources of banks. In fact, deposits account for most of the "money supply” in use today.Through deposit schemes you can save a little every month to build up the desired corpus to meet your future requirement of funds. The depositors and their interests form the key area of the regulatory framework for banking in India and this has been enshrined in the Banking Regulation Act, 1949. One of the most important functions of the bank is to accept deposits from the public for the purpose of lending. In fact, depositors are the major stakeholders of the banking system. As far as the chosen banks are concerned, SBI is the largest bank in India and ICICI is India’s largest bank in the private sector. Also, in addition to this, these banks are very reliable and public are known more about this banks. OBJECTIVES Deposit schemes are the main source of banks. They offer several facilities & opportunities and also promotes saving. The main objective is to promote comprehensive and updated information, guidance and assistance on all areas of deposit schemes in India. RESEARCH METHODOLODY The research methodology is data collection through Primary Sources Secondary Sources Primary Sources: Survey by distributing questionnaire to the people taking sample size of 100. Interviews conducted with bankers. Secondary Sources: Data collection through books, magazines. websites, journals, etc. EXPECTED CONTRIBUTION FROM THE STUDY Expectations from the study are that it will navigate through all the aspects of the deposits schemes in India. It will discuss upon the matters with the significance of deposit schemes to the legalities involved in it. It will also
  5. 5. make people aware about the various deposit schemes available in the Indian banking industry and its various procedures and formalities. TABLE OF CONTENTS SR.NO TOPIC 1 INTRODUCTION 2 GUIDELINES OF RBI 3 VARIOUS KINDS OF DEPOSITS 4 HISTORY OF STATE BANK OF INDIA 5 VARIOUS DEPOSIT SCHEMES PROVIDED BY SBI  SAVING BANK ACCOUNT  CURRENT ACCOUNT  BASIC BANKING ‘NO FRILL ACCOUNT’  TERM DEPOSITS  RECURRING DEPOSITS 6 HISTORY OF ICICI 7 VARIOUS DEPOSIT SCHEMES PROVIDED BY ICICI BANK  SAVING ACCOUNT  FIXED DEPOSITS  RECURRING DEPOSITS  CURRENT ACCOUNT  SALARY ACCOUNT 8 SURVEY ON DEPOSIT SCHEMES 9 ANALYSIS OF THE SURVEY CONDUCTED 10 CONCLUSION 11 ANNEXURE 12 BIBLIOGRAPHY
  6. 6. DEPOSIT SCHEMES INTRODUCTION A deposit scheme is an account at a banking institution that allows money to be held on behalf of the account holder. Some banks charge a fee for this service, while others may pay the client interest on the funds deposited. The account holder retains rights to their deposit, although restrictions placed on access depend upon the terms and conditions of the account and the provider. The banking terms "deposit" and "withdrawal" actually tend to obscure the economic substance and legal essence of transactions in a deposit account. From a legal and financial accounting standpoint -- and as counter-intuitive as it may seem -- the term deposit is actually used by the banking industry in financial statements to describe the liability owed by the bank to its depositor, and not the funds (whether cash or cheques) themselves, which are shown an asset of the bank Typically, an account provider will not hold the entire sum in reserve, but will loan the money out at interest to other clients, in a process known as fractional-reserve banking. It is this process it allows providers to pay out interest on deposits. By transferring the ownership of deposits from one party to another, they can replace physical cash as a method of payment. In fact, deposits account for most of the "money supply in use today. From an economic standpoint, the bank has essentially created "economic money". There are various ways in which bank deposits arise. Customers may deposit
  7. 7. actual cash or they may deposit rights to receive cash; these rights to receive cash may be in the form of a cheque, a bill, a promissory note owing to them, etc. deposits may also arise out of loans granted by the bank or through the process of discounting customer’s bills. In this case, they are known as created deposits. In actual practice, the amount of such deposits is much larger than that of the deposits received in hard cash or in the form of rights to receive cash. Typically, an account provider will not hold the entire sum in reserve, but will loan the money out at interest to other client and it is the process which allows providers to pay out interest on deposits. So it is said “Loans are the children of deposits and deposits are the children of loans”.
  8. 8. DIFFERENT TYPES OF DEPOSIT ACCOUNTS DEMAND DEPOSIT CURRENT ACCOUNT DEPOSIT: Current account or cheque account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts. Current account is the name given to a transactional account in the UK and countries with a UK banking heritage offering various flexible payment methods to allow customers to distribute money directly to others. Most current accounts have a cheque book and offer the facility to arrange standing orders, direct debits and payment via a debit card. Current accounts may also allow borrowing via an overdraft facility. Current account providers include banks, building societies and credit unions. FEATURES AND ACCESS All transactional accounts offer itemized lists of all financial transactions, either through a bank statement or a passbook. A transactional account allows the account holder to make or receive payments by: Cash money (banknotes) Cheque and money order (paper promise to pay) Direct debit (pre-authorized debit)
  9. 9. Standing order (automatic funds transfer) ATM card or debit card (cashless direct payment at a store or merchant) SWIFT - International account to account transfer. SAVINGS DEPOSIT: Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money. These accounts let customers set aside a portion of their liquid assets that could be used to make purchases while earning a monetary return. FEATURES Obtaining funds held in a savings account may not be as convenient as from a demand account. For example, one may need to visit an ATM or bank branch, instead of writing a cheque or using a debit card. However, this transference is easy enough that savings accounts are often termed near money. Some savings accounts require funds to be kept on deposit for a minimum length of time, but most permit unlimited access to funds. True savings accounts do not offer cheque-writing privileges, although many institutions will call their higher-interest demand accounts or money market accounts "savings accounts." All savings accounts offer itemized lists of all financial transactions, traditionally through a passbook, but also through a bank statement.
  10. 10. TIME DEPOSIT FIXED DEPOSITS: A time deposit (also known as a term deposit, particularly in Canada, Australia and New Zealand is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. A certificate of deposit is a time-deposit product. RECURRING DEPOSITS: The term recurring deposit means the customer means the customer can open an account and deposit a certain sum of money every month. After a certain period of time, say 1 years, or 3 years and 5 years, the accumulated amount amount along with interest is paid to the customer. It is helpful to the middle and poor sections of the people. The interest paid on such deposits is on cumulative basis. OTHER TERMS USED IN BANKING BRANCH BANKING This refers to the practice of maintaining physical locations where customers can receive a wide array of banking and financial services, such locations are described as branches. They may provide access to a combination of cash machines, telephone banking, counter services and financial advice CASH MACHINES
  11. 11. Cash machines are electronic devices that allow bank customers to make cash withdrawals and check their account balances without the need for a human teller. Many also allow people to deposit cash or cheques, transfer money between their bank accounts, top up their mobile phones' pre-paid accounts or even buy postage stamps. INTERNET BANKING Internet or Online banking describes the use of a bank's secure website to view balances and statements, perform transactions and payments, and various other facilities. This can be very useful, especially for banking outside bank hours and banking from anywhere where internet access is available. Since the internet revolution most retail banking institutions offer access to current accounts via online banking. TELEPHONE BANKING Telephone banking is the term applied to specific provision of banking services over the telephone. In many cases such calls are to a call centre or automated service, although some institutions continue to answer such calls in their branches. Often call centre opening times are considerably longer than branches, and some firms provide these services on a 24 hour basis. OVERDRAFTS An overdraft occurs when withdrawals from a bank account exceed the available balance. This gives the account a negative balance and in effect means the account provider is providing credit. If there is a prior agreement with the account provider for an overdraft facility, and the amount overdrawn is within this authorized overdraft, then interest is normally charged at the agreed rate. If the balance exceeds the agreed facility then fees may be charged and a higher interest rate might apply.
  12. 12. GUIDELINES OF RESERVE BANK OF INDIA One of the important functions of the Bank is to accept deposits for the purpose of lending. In fact, depositors are the major stakeholders of the Banking System. With liberalization in the financial system and deregulation of interest rates, banks are now free to formulate deposit products within the broad guidelines issued by RBI: Guidelines on "Know Your Customer" norms and "Cash transactions": 1. As part of ‘Know Your Customer’ (KYC) principle, RBI has issued several guidelines relating to identification of depositors and advised the banks to put in place systems and procedures to help control financial frauds, identify money laundering and suspicious activities, and for scrutiny/monitoring of large value cash transactions. Instructions have also been issued by the RBI from time to time advising banks to be vigilant while opening accounts for new customers to prevent misuse of the banking system for perpetration of frauds. A gist of the past circulars issued on the subjects under reference is listed in the Annexure. Taking into account recent developments, both domestic and international, it has been decided to reiterate and consolidate the extant instructions on KYC norms and cash transactions. The following guidelines reinforce our earlier instructions on the subject with a view to safeguarding banks from being unwittingly used for the transfer or deposit of funds derived from criminal activity (both in respect of deposit and borrowal accounts), or for financing of terrorism. The guidelines are also applicable to foreign currency accounts/transactions.
  13. 13. 2. "Know Your Customer" (KYC) guidelines for New accounts The following KYC guidelines will be applicable to all new accounts with immediate effect. 2.1 KYC Policy (i) "Know Your Customer" (KYC) procedure should be the key principle for identification of an individual/corporate opening an account. The customer identification should entail verification through an introductory reference from an existing account holder/a person known to the bank or on the basis of documents provided by the customer. (ii) The Board of Directors of the banks should have in place adequate policies that establish procedures to verify the bonafide identification of individual/corporate opening an account. The Board should also have in place policies that establish processes and procedures to monitor transactions of suspicious nature in accounts and have systems of conducting due diligence and reporting of such transactions. 2.2 Customer identification (i) The objectives of the KYC framework should be two fold, (i) to ensure appropriate customer identification and (ii) to monitor transactions of a suspicious nature. Banks should obtain all information necessary to establish the identity/legal existence of each new customer, based preferably on disclosures by customers themselves. Typically easy means of establishing identity would be documents such as passport, driving license etc. However where such documents are not available, verification by existing account holders or introduction by a person known to the bank may suffice. It should
  14. 14. be ensured that the procedure adopted does not lead to denial of access to the general public for banking services. 3. "Know Your Customer" procedures for existing customers Banks are expected to have adopted due diligence and appropriate KYC norms at the time of opening of accounts in respect of existing customers in terms of our extant instructions referred to in the Annexure. However, in case of any omission, the requisite KYC procedures for customer identification should be got completed at the earliest. 4. Ceiling and monitoring of cash transactions The extent RBI guidelines on the subject are as under: (i) Banks are required to issue travellers cheques, demand drafts, mail transfers, and telegraphic transfers for Rs.50,000 and above only by debit to customers’ accounts or against cheques and not against cash. Further, the applicants (whether customers or not) for the above transactions for amount exceeding Rs.10, 000 should affix permanent (Income tax) account number on the applications. Since KYC is now expected to establish the identity of the customer and as the issue of demand draft etc. for Rs.50,000 and above is by debit to account, the requirement for furnishing PAN stands increased uniformly to Rs.50,000/-. (ii) The banks are required to keep a close watch of cash withdrawals and deposits for Rs.10 lakhs and above in deposit, cash credit or overdraft accounts and keep record of details of these large cash transactions in a separate register. (iii) Branches of banks are required to report all cash deposits and withdrawals of Rs.10 lakhs and above as well as transactions of suspicious
  15. 15. nature with full details in fortnightly statements to their controlling offices. Besides, controlling offices are also required to appraise their Head offices regarding transactions of suspicious nature. Early computerization of branch reporting will facilitate prompt generation of such reports. 5. Risk management and monitoring procedures In order to check possible abuse of banking channels for illegal and anti- national activities, the Board should clearly lay down a policy for adherence to the above requirements comprising the following: 5.1 Internal Control Systems Duties and responsibilities should be explicitly allocated for ensuring that policies and procedures are managed effectively and that there is full commitment and compliance to an effective KYC programmed in respect of both existing and prospective deposit accounts. Controlling offices of banks should periodically monitor strict adherence to the laid down policies and procedures by the officials at the branch level. 5.2 Terrorism Finance RBI has been circulating lists of terrorist entities notified by the Government of India to banks so that banks may exercise caution if any transaction is detected with such entities. There should be a system at the branch level to ensure that such lists are consulted in order to determine whether a person/organization involved in a prospective or existing business relationship appears on such a list. The authority to whom banks may report accounts suspected to belong to terrorist entities will be advised in consultation with Government. 5.3 Internal Audit / Inspection
  16. 16. (i) An independent evaluation of the controls for identifying high value transactions should be carried out on a regular basis by the internal audit function in the banks. (ii) Concurrent/internal auditors must specifically scrutinize and comment on the effectiveness of the measures taken by branches in adoption of KYC norms and steps towards prevention of money laundering. 5.4 Identification and Reporting of Suspicious Transactions Banks should ensure that the branches and controlling offices report transactions of suspicious nature to the appropriate law enforcement authorities designated under the relevant laws governing such activities. There should be well laid down systems for freezing of accounts as directed by such authority and reporting thereof to the controlling office and head office. Being matters of sensitive nature, there must be a quarterly reporting of such aspects to the audit committee of the board or the board of directors. 5.5 Adherence to Foreign Contribution Regulation Act (FCRA), 1976 (i) Banks should also adhere to the instructions on the provisions of the Foreign Contribution Regulation Act, 1976 cautioning them to open accounts or collect cheques only in favour of association which are registered under the Act ibid by Government of India. A certificate to the effect that the association is registered with the Government of India should be obtained from the concerned associations at the time of opening of the account or collection of cheques. (ii) Branches of the banks should be advised to exercise due care to ensure compliance and desist from opening accounts in the name of banned organizations and those without requisite registration. 6. Record Keeping
  17. 17. Financial intermediaries should prepare and maintain documentation on their customer relationships and transactions to meet the requirements of relevant laws and regulations, to enable any transaction effected through them to be reconstructed. In the case of wire transfer transactions, the records of electronic payments and messages must be treated in the same way as other records in support of entries in the account. All financial transactions records should be retained for at least five years after the transaction has taken place and should be available for perusal and scrutiny of audit functionaries as well as regulators as and when required. 7. Training of staff and management It is crucial that all the operating and management staff fully understand the need for strict adherence to KYC norms. All institutions must, therefore, have an ongoing training programme so that staffs are adequately trained for their roles and responsibilities as appropriate to their hierarchical level in complying with anti-money laundering guidelines and for implementing KYC policies consistently. 8. These guidelines are issued under Section 35 (A) of the Banking Regulation Act, 1949 and any contravention of the same will attract penalties under the relevant provisions of the Act. Banks are advised to bring the guidelines to the notice of their branches and controlling offices. 9. The steps initiated in compliance with the various guidelines contained in the circular may be advised to The Chief General Manager, Anti Money Laundering Cell, Department of Banking Operations & Development, Reserve Bank of India, Central Office, Centre 1, World Trade Centre, Cuffe
  18. 18. Parade, Mumbai 400 005 within a month from the date of receipt of this circular. The implementation of the instructions contained in the circular will be reviewed by RBI in a meeting with bankers after a period of six months and issuance of a Master Circular will be considered thereafter. 10. Please acknowledge receipt.
  19. 19. DEPOSITORS' RIGHTS Deposits being the basic financial raw materials, depositors form the core for banking business. There is now an awakening on depositors' rights, rightly so, in the banks, as it is fulfillment of such rights which can enable an effective resource management mechanism in Banks. Further, the depositor, being a consumer of various products and services offered by the Bank, is entitled to the following rights: • RIGHT TO INFORMATION A depositor will have right to information about price, quality, quantity and standard of the products/services offered by the Bank to enable him / her to take an independent decision. • RIGHT TO CHOOSE A depositor will have the absolute freedom to choose among the various products and services offered by the Bank to suit his / her requirements. • RIGHT TO AVAIL/UTILISE THE PRODUCTS AND SERVICES A depositor will have the right to avail/utilize the products/services chosen by him / her without any intervention / obstacle. • RIGHT TO BE HEARD AND REDRESSAL OF GRIEVANCES A depositor will have the right to be heard and seek redressal against deficient service / poor quality of products and services, unfair Trade practices and unscrupulous exploitation. This includes his/ her right to fair redressal of any genuine grievance relating to products / services which he /she has chosen to utilize.
  20. 20. STATE BANK OF INDIA (SBI) HISTORY OF SBI ( STATE BANK OF INDIA) State Bank of India (SBI) is India's largest commercial bank. SBI has a vast domestic network of over 9000 branches (approximately 14% of all bank branches) and commands one-fifth of deposits and loans of all scheduled commercial banks in India. The State Bank Group includes a network of eight banking subsidiaries and several non-banking subsidiaries offering merchant banking services, fund management, factoring services, primary dealership in government securities, credit cards and insurance. The eight banking subsidiaries are: 1-State Bank of Bikaner and Jaipur (SBBJ) 2-State Bank of Hyderabad (SBH) 3-State Bank of India (SBI) 4-State Bank of Indore (SBIR) 5-State Bank of Mysore (SBM) 6-State Bank of Patiala (SBP) 7-State Bank of Saurashtra (SBS) 8-State Bank of Travancore (SBT) The origins of State Bank of India date back to 1806 when the Bank of
  21. 21. Calcutta (later called the Bank of Bengal) was established. In 1921, the Bank of Bengal and two other Presidency banks (Bank of Madras and Bank of Bombay) were amalgamated to form the Imperial Bank of India. In 1955, the controlling interest in the Imperial Bank of India was acquired by the Reserve Bank of India and the State Bank of India (SBI) came into existence by an act of Parliament as successor to the Imperial Bank of India. SBI TODAY Today, State Bank of India (SBI) has spread its arms around the world and has a network of branches spanning all time zones. SBI's International Banking Group delivers the full range of cross-border finance solutions through its four wings - the Domestic division, the Foreign Offices division, the Foreign Department and the International Services division.
  22. 22. STATE BANK OF INDIA. DEPOSIT SCHEMES Whatever your needs - an investment of your surplus funds or to create a fund for your children’s' education and marriage. You will find a product from SBI that suits your requirement, delivered at a branch close to you. Open an account with any of SBI branches, all of them are fully computerised, and realise the advantage of our vast network. Want to build up savings slowly? Discover Recurring Deposit Account. You can save a little every month to build up the desired corpus to meet your future requirement of funds. SBI products are designed with flexibility to suit your personal requirements. Enjoy 24 hour banking facility through our Internet Banking, widest network of ATMs.
  23. 23. SOME OF THE MOST POPULAR DEPOSIT SCHEMES PROVIDED BY SBI ARE: SAVINGS BANK ACCOUNT Our Savings Bank Account helps you to plan and save for your future financial requirements. Your savings remain liquid, safe and earn moderate interest. BENEFITS CARD CONVENIENCE Get your Free ATM cum Debit Card and have access to the widest network of ATMs across the country to withdraw cash, enquire about your balance, etc. Moreover, your card enables you to shop at a large number of Merchant Establishments in India. You can also avail yourself of our International ATM-cum-Debit Card, which can be used within as well as outside India, at a nominal fee. EASY AND WIDE ACCESSIBILITY Transact at your convenience, saving time and cost through Banking. You can also withdraw cash from Maestro endorsed ATMs of other banks under bilateral sharing, at a nominal fee. MONITORING YOUR ACCOUNT
  24. 24. Monitor and control your funds through SBI Internet Banking or/ and through Passbook/ statement of account facility. Alternatively, access your account by downloading Instants on your computer. MODERATE EARNING Our Savings Bank Account earns you an interest at the rate of 3.5% p.a., compounded half yearly. MONEY MULTIPLIERS Earn Interest at Term Deposit rates through Savings Plus Account. Link your Savings Bank Account to your Multi Option Deposit (MOD) Account to earn additional interest on your surplus money and get the facility of automatic unitised break up of MOD in case there is a shortfall in your SB account to honour the cheque drawn by you. VALUE ADDED FEATURES Transfer of accounts between our wide network of branches without any charge. Nomination facility – Available 25 cheque leaves free, in a year Minimum balance requirements and charges per quarter for violation of the stipulations, as mentioned in brackets there against - centre wise:-
  25. 25. Centres Cheque operated account Ordinary account Metro/Urban/ Semi-Urban Rs.1000 (Rs.300) Rs. 500 (Rs.300) Rural Rs.500 (Rs.150) Rs. 250 (Rs.150)
  26. 26. CURRENT ACCOUNT BENEFITS: CARD CONVENIENCE Get your Free ATM cum Debit Card and have access to the widest network of ATMs across the country to withdraw cash, enquire about your balance, etc. Moreover, your card enables you to shop at a large number of Merchant Establishments in India. You can also avail yourself of our International ATM-cum-Debit Card which can be used within as well as outside India, at a nominal fee. EASY AND WIDE ACCESSIBILITY Transact at your convenience, saving time and cost through SBI Internet Banking. You can also withdraw cash from Maestro endorsed ATMs of other banks under bilateral sharing, at a nominal fee. MONITORING YOUR ACCOUNT Monitor and control your funds through SBI Internet Banking or/ and through Passbook/ statement of account facility. Alternatively, access your account by downloading InstantSBI on your computer.
  27. 27. TRANSACTION EASE Unlimited number of payments Make payments by giving us standing instructions Remit funds from any part of the country to your account. Upcountry Cheque Collection facility. OTHER BENEFITS Overdraft facility. Transfer of accounts between our wide network of branches without any charge. Nomination Facility - Available. Low minimum balance requirements
  28. 28. BASIC BANKING -NO FRILLS ACCOUNT This account comes with very low minimum balances as well as low/ nil charges, to cater to the needs of individuals from the vast sections of population who are, otherwise, not fulfilling certain conditions of our existing Savings Bank account requirements. Details are as under: ELIGIBILITY: Individuals of 18 years and above earning a gross income of Rs.5000/- p.m or less. MODE OF OPERATION: Single/ joint INITIAL DEPOSIT AMOUNT: Rs.50/- to open the account MINIMUM BALANCE: NIL MAXIMUM BALANCE/ AMOUNT: Rs.10,000/-, being the total value of business connection of the account holder, including other deposit accounts. RATE OF INTEREST: As applicable to Savings Bank accounts, if a minimum balance of Rs.500/- or more is maintained. CHEQUE FACILITY: Available. ATM-CUM-DEBIT CARD: Will be issued free of charge. INTERNET BANKING FACILITY: Not available NUMBER OF ACCOUNTS: Ordinarily, a customer will not be allowed to open more than one basic banking 'no-frills' account. PASS BOOK: Will be issued, updation will be permitted between 11th and 20th of the month. Charges for availing services other than those covered here: The schedule of charges for availing services other than those covered in this product is being displayed in the branch premises/ notice board. NOMINATION FACILITY: Available
  29. 29. TERM DEPOSITS Now you can earn a higher income on your surplus funds by investing those with us. We provide security, trust and competitive rate of interest. Flexibility in period of term deposit from 7 days to 10 years. Affordable Low Minimum Deposit Amount: You can open a term deposit with SBI for a nominal amount of Rs.1000/- only. Please check our Interest Rates online or simply email through our Helpline. Flexibility in choosing the amount you wish to invest and the maturity period. HIGHLIGHTS SAFETY - We understand the value of your hard earned money and continue to deliver on our promise of safety and security over 200 years. LIQUIDITY LOAN /OVERDRAFT FACILITY: You can avail a loan/overdraft against your deposits provides you loan / overdraft up to 90% of your deposit amount at nominal cost. So you continue to earn interest in your deposit and still can meet your urgent financial requirements. PREMATURE WITHDRAWAL Interest to be charged on premature withdrawal of term deposits at 0.5% below the rate applicable for the period deposit has remained with the Bank.
  30. 30. AUTOMATIC RENEWALS There is no need for you to keep track of the maturity of your deposits. Your deposits with us will be renewed automatically, post maturity. And you continue to earn interest for same period as that of your matured deposit, at the interest rate prevailing at the time of maturity. Automatic renewals take place where there are no standing instructions for renewal. Flexibility to covert your Special Term Deposit to Term Deposit and vice versa You can convert your special Term Deposit to a Term Deposit to receive monthly/quarterly interest payments to match your financial requirements. You can also convert your Term Deposit to a Special Term Deposit, which provides compounded rate of interest to multiply your money faster.
  31. 31. RECURRING DEPOSIT Want to create a fund for your children's education or marriage or to buy a car or for a dream holiday? Whatever may be your financial goals, through our Recurring Deposit Scheme you can save a little every month so that at the time of need you have sufficient funds to achieve your financial goals. Recurring Deposit provides you the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access that savings any time. So set aside a small amount every month and earn at compounded rates of interest. WIDE CHOICE IN PERIOD OF DEPOSIT Flexibility in period of deposit with maturity ranging from 12 months to 120 months. Low minimum monthly deposit amount. You can start a Recurring Deposit with SBI for a monthly instalment of Rs.100/- only. SBI TERM DEPOSIT RATES APPLY Check out our Interest Rates Online or simply email through our Helpline Choose the amount you wish to invest and the maturity period. HIGHLIGHTS SAFETY We understand the value of your hard earned money and continue to deliver on our promise of safety and security over two centuries. Liquidity
  32. 32. LOAN /OVERDRAFT FACILITY: You can avail a loan/overdraft against your deposit.SBI provides you loan / overdraft upto 90% of your deposit amount at nominal cost. So you continue to earn interest in your deposit and still can meet your urgent financial requirements. TRANSFERABILITY Transfer of Recurring Deposit accounts between our wide network of branches without any charge. Regular Instalments to your Account Now you have motivation/compulsion to save a chosen amount every month and create a fund, which helps you to meet your future financial needs. Recurring Deposits are available at all SBI Branches Easy and convenient access of information at SBI Internet Banking OTHER BENEFITS Nomination Facility - Available Regular Instalments to your Account –Save in your account through Fixed Monthly Instalments. –Monthly Instalments can be deposited on any working day of the month. –Delayed monthly instalments attract penalty. –Instalments payable in multiples of Rs.10/- FREE FUND TRANSFER Free transfer of your funds through standing instructions from your Current or Savings Bank Account to your Recurring Deposit Account every month for the payment of your instalments, so that you do not have to worry about regular payments.
  33. 33. ICICI BANK (INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA) HISTORY OF ICICI BANK ICICI Bank is India's second-largest bank. The Bank has a network of about 573 branches and extension counters and over 2,000 ATMs. ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. In 2001, ICICI bank acquired Bank of Madura Limited. ICICI Bank set up its international banking group in fiscal 2002 to cater to
  34. 34. the cross border needs of clients and leverage on its domestic banking strengths to offer products internationally. ICICI Bank currently has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. ICICI BANK TODAY Today, ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management.
  35. 35. SOME OF THE MOST POPULAR DEPOSIT SCHEMES PROVIDED BY ICICI BANK SAVINGS ACCOUNT FEATURES The ICICI Bank International debit card is a debit-cum-ATM card providing you with the convenience of acceptance at merchant establishments and cash withdrawals at ATMs. The next time you want to withdraw cash from your ICICI Bank Savings account, just walk into any bank's ATM and use your ICICI Bank ATM- cum-Debit card for free. The above benefit is available to individual domestic Savings Account holders on maintenance of a quarterly average balance of more than Rs.10, 000 in the savings account in a quarter. The above benefit can be availed in the same quarter. Money Multiplier Facility Internet Banking is offered free of cost. Anywhere Banking - This facility entitles the account holder to withdraw or deposit cash upto a limit of Rs.50, 000 across all ICICI Bank branches. You can give us various types of standing instructions like transferring to fixed deposit accounts at regular intervals. An average quarterly balance of Rs. 5,000 only. Nomination facility is available.
  36. 36. MINIMUM BALANCE: For opening the saving account minimum Rs.5,000 Non-maintenance of the minimum average quarterly balance attracts a fee of Rs. 750 per quarter ELIGIBILITY Resident Indian. VALUE ADDED SERVICES Debit-cum-ATM card Money Multiplier Facility Phone Banking Anywhere Banking Standing instructions Nomination facility DOCUMENTATION Applicants must satisfy the following documentation requirements: Identity proof Proof of communication address Self cheque (if the applicant is not visiting the branch for account opening) Identity proof: driving license, Voters Identity Card, Employees Identity Card, PAN Card, Dependent’s card, Bar council/ Indian medical association card/ senior citizen card, etc. Proof of communication address: Latest electricity bill, Certificate from the postal office confirming address of applicant, Telephone bills from any telephone service providers and mobile service providers, Premium Receipt from any life insurance company, etc.
  37. 37. FIXED DEPOSIT FEATURES Wouldn't you like a Fixed Deposit that allows you to deposit your money for just as long as you wish? Our Fixed Deposit allows you just that - deposits can be opened for periods ranging from 15 days to 10 years . OTHER FEATURES INCLUDE: Choice of two investment plans: TRADITIONAL Interest payable monthly or quarterly as per your convenience Maturity period ranges from 15 days to 10 years. REINVESTMENT Interest is compounded quarterly and reinvested with principal amount Maturity period ranges from 6 months to 10 years MINIMUM BALANCE You can avail of ICICI Bank Fixed Deposits for a minimum deposit of Rs 10,000. NOMINATION Nomination facility is available for relationships in the names of individuals. Unless otherwise specifically, given in writing by depositors, nomination in deposit accounts will be at Customer ID level. Depositor(s) however has/have the right to specify different nominations at account level by completing appropriate forms.
  38. 38. Further, the applicant(s) is/are at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the relationship accounts with the Bank. BENEFITS A wide range of tenures, ranging from 15 days to 10 years, to suit your investment plan. Partial withdrawal is permitted in units of Rs 1,000. The balance amount earns the original rate of interest. Safe custody of your fixed deposit receipts. Auto renewal is provided. Loan facility is available up to 90% of principal and accrued interest. ELIGIBILITY Resident Indian DOCUMENTATION Applicants must satisfy the following documentation requirements: Identity proof Proof of communication address Self cheque (if the applicant is not visiting the branch for account opening) Identity proof: driving license, Voters Identity Card, Employees Identity Card, PAN Card, Dependent’s card, Bar council/ Indian medical association card/ senior citizen card, etc. Proof of communication address: Latest electricity bill, Certificate from the postal office confirming address of applicant, Telephone bills from any
  39. 39. telephone service providers and mobile service providers, Premium Receipt from any life insurance company, etc. VALUE ADDED SERVICES Wide range of tenures Choice of investment plans Partial withdrawal permitted Safe custody of fixed deposit receipts Auto renewal possible Loan facility available
  40. 40. RECURRING DEPOSIT ICICI Bank's Recurring Deposits are the ideal way to invest small amounts of money every month and end up with a large saving on maturity. FEATURES Encourages savings without stress on your finances. High rates of interest (identical to the fixed deposit rates). Non-applicability of Tax Deduction at Source (TDS). MINIMUM BALANCE The minimum balance of deposit is Rs. 500 per month and thereafter, in multiples of Rs. 100. PERIOD OF DEPOSIT The minimum period is 6 months, and thereafter in multiples of 3 months. NOMINATION The facility of Nomination is available for relationships in the names of individuals. Unless otherwise specifically given in writing by depositors, nomination in deposit accounts will be at Customer ID level. A depositor(s) however has / have the right to specify different nominations at account level by completing the appropriate forms. Further, the applicant(s) is / are at liberty to change the nominee during the currency of the relationship accounts with the Bank, through a declaration to the effect in the appropriate form.
  41. 41. ELIGIBILITY Resident Indian. The minimum balance of deposit is Rs. 500 per month and thereafter, in multiples of Rs. 100. DOCUMENTATION Applicants must satisfy the following documentation requirements: Identity proof Proof of communication address Self cheque (if the applicant is not visiting the branch for account opening) Identity proof: driving license, Voters Identity Card, Employees Identity Card, PAN Card, Dependent’s card, Bar council/ Indian medical association card/ senior citizen card, etc. Proof of communication address: Latest electricity bill, Certificate from the postal office confirming address of applicant, Telephone bills from any telephone service providers and mobile service providers, Premium Receipt from any life insurance company, etc. VALUE ADDED SERVICES Encourages savings High interest rates of interest Loans against deposits available Non-applicability of Tax Deduction at Source (TDS)
  42. 42. CURRENT ACCOUNT WHAT IS CURRENT ACCOUNT? A running account supporting unlimited withdrawals and deposits A current account is meant for convenience and not to save money WHO NEEDS A CURRENT ACCOUNT? Businessman, Joint stock companies, Institutions, Public authorities, public corporations etc. Any business that has numerous banking transactions need a current account BENEFITS OF CURRENT ACCOUNT Unlimited Withdrawal and Deposit Unlimited Cheque book Demand Drafts and Pay orders Funds Transfer (Local or Anywhere) Collection of Cheques/ Drafts Statements, Advices, Daily statement by e-mail Cash withdrawal and Deposits Call center Internet Banking ADDED FEATURES OF CURRENT ACCOUNT Multicity Cheque payment facility at over 155 centers Anywhere Banking facility Doorstep Banking - Pick up and delivery of Currency / Cheque Mobile Banking
  43. 43. HOW TO OPEN A CURRENT ACCOUNT? Account Opening Requirements to Open a Current Account Completed duly signed AOF AOA & MOA All Form 32 for change in director Certificate of Incorporation Certificate of Commencement Board Resolution in bank format Photograph of each authorized signatory List of Directors with residential address Proof of PAN or completed Form 60 Declaration if no credit from other banks NOC from other bank if the bank enjoys credit from any other bank
  44. 44. SALARY ACCOUNT WHAT'S SO SPECIAL ABOUT ICICI BANK SALARY ACCOUNT? ICICI Bank Salary Account is a benefit-rich payroll account for Employers and Employees. As an organization, you can opt for our Salary Accounts to enable easy disbursements of salaries and enjoy numerous other benefits too. BENEFITS TO EMPLOYEES With ICICI Bank Salary Accounts your employees will enjoy the convenience of: Having the largest network of ATMs at their command, Free 24 hour Phone Banking, Free Internet Banking All you would require to do is to send ICICI Bank an advice (in form of a cheque/debit instruction, ECS, etc) for the total salary amount along with the salary details of the designated employees in a soft and hard copy format and we will credit the respective employees' accounts as per your statement of advice ICICI Bank Salary Accounts benefits you in more than one ways:- Reduces your paperwork. Saves remittance costs. Employees receive instant credit of salaries. More convenient than ECS.
  45. 45. ELIGIBILITY The organization needs to have a minimum of 25 employees and a payout of Rs 36.0 lacs per annum and average salary per account of Rs. 12,000 per month. ADVANTAGES TO EMPLOYEES Your employees automatically become ICICI Bank Salary Account holders with special benefits and privileges and receive instant salary credit. The benefits include International debit card, corporate card with Individual Liability (CCIL), access to Phone Banking and Internet Banking, Demat accounts, and a host of other services to complement their savings account. Here are some of the features of ICICI Bank Salary Account: - WELCOME-KIT No more waiting for weeks to get your chequebook and debit cards. ICICI Bank Salary Account customers will have the facility of filling up a form and getting their chequebooks and debit cards immediately. MONEY MULTIPLIER : The Money Multiplier feature gives you the liquidity of a Savings Account coupled with high earnings of a Fixed Deposit. This is achieved by creating a Fixed Deposit linked to your Savings Account providing you the following unique facilities. DEBIT CARD We offer an International “N-Cash” Debit card to our Salary Account customers to provide them access to our extensive ATM network. The card also allows them to shop at over 11,000 merchant establishments. N-Cash is a Visa electron card, which gives the cardholder access to more than a million merchant establishments and Visa ATMs all over the world. FREE INTERNET BANKING ICICI Bank Internet Banking, ICICI Bank's Internet Banking facility gives your employees the freedom to operate their account from the convenience of their home, office or from anywhere in the world.
  46. 46. ONLINE FUNDS TRANSFER No need for cash withdrawals and cheque deposits. We give your employees the facility to transfer funds online from any part of the world. MOBILE BANKING Your employees can receive alerts on their mobile handsets providing them information about their ICICI Bank Accounts and ICICI Credit Cards Account. Now customers can also know the balance and other details of their accounts by requisitioning for it through SMS. PHONE BANKING Your employees can use our phone banking facility to do banking transactions through our customer care centres. FREE UTILITY BILL PAYMENTS No queues. No wasted minutes. Now your employees can pay utility bills like electricity, phone bills etc. using ICICI Bank Internet Banking. REIMBURSEMENT ACCOUNT If you opt to disburse/reimburse the travel, food etc. expenses via reimbursement accounts, a reimbursement account can be opened simultaneously along with the Salary Account savings bank account, which would be linked together with the debit card already held by your employee. FREE REMITTANCE FACILITIES Salary Account customers can avail of free remittance (demand drafts, cheques, pay orders) up to Rs.25,000 on ICICI Bank network. OVERDRAFT FACILITY Employees get an emergency overdraft facility on request, based on their take-home salary. This would be adjusted in their following salary credit (available subject to employees satisfying the eligibility criteria). CARDS & LOANS
  47. 47. CCIL - SILVER CARD Salary Account holders have the privilege of receiving the ICICI Bank Silver credit card (Corporate Card with Independent Liability), free for the first year(available subject to employees satisfying the eligibility criteria). PERSONAL LOANS As a special offering, our Salary Account customers would be extended personal loans. HOME LOANS Home Loans from ICICI Bank comes to you with attractive interest rates and personalized service in the comfort of your home. CAR LOANS Car Loans from ICICI Bank come to you with instant approval, hassle-free documentation and competitive interest rates. TWO WHEELER LOANS Two-Wheeler loans from ICICI Bank come to you at attractive interest rates coupled with a flexible financing option. LOANS AGAINST SECURITIES ICICI Bank will advance loans to Salary Account holders against securities and mutual funds owned by them. INVESTMENT SERVICES DEMAT SERVICES A Demat Account will let your employees transact in shares instantaneously in a safe and secure manner. RELIEF BONDS/ MUTUAL FUNDS/ INSURANCE Salary Account customers can now invest in Government of India relief and savings bonds, a basket of mutual funds, foreign exchange facilities and Insurance products through ICICI Bank.
  48. 48. GOLD COIN Employees can buy 24 karats Pure Gold, which ICICI Bank brings to you. Each coin comes to you straight from Switzerland. Refined to 99.99% fine gold and sealed with a unique Certificate of Authenticity- guaranteeing you its purity SURVEY FOR PROJECT ON DEPOSIT SCHEMES (COVERED BY SBI & ICICI BANK) NAME: AGE: DESIGNATION: CONTACT NO: SIGNATURE: 1) For which purpose would you like to invest in deposit schemes? 2) Which bank would you prefer for investing in deposit schemes? Private Public Foreign 3) What type of interest rate do you prefer? Fixed Floating
  49. 49. 4) In which account are you more interested to invest your funds? Savings Recurring Fixed Deposit Current 5) Do you plan to invest in deposit schemes in future? Yes No 6) According to you the procedure for deposit schemes is? Convenient Lengthy 7) Are you aware of the various deposit schemes provided by SBI/ ICICI Bank? Yes No 8) Do you like the service provided by SBI /ICICI Bank? Yes No 9) Do you think the number of ATM’s operating is sufficient? Yes No 10) SBI, being a Public bank would you like to switch to a private sector bank? And ICICI being a private sector bank would you like to switch to public bank? If yes, then why? If no, then why? COMMENTS:
  50. 50. Project Guide: Mrs. Vaishali. Kurhekar Survey conducted by: Signature: Anusha Shetty TY.B.B.I. Roll No:46 ANALYSIS OF THE SURVEY CONDUCTED ON DEPOSIT SCHEMES (COVERED BY SBI & ICICI BANK) SAMPLE SIZE: 80 TARGETED AGE GROUP: Working class between age group of 21-50 TARGETED PEOPLE: People who have their accounts in SBI and ICICI Bank Respectively & also people who are planning to invest their money in deposit schemes in future. 1. For which purpose, the public prefers to invest in deposit schemes? More than 85% the public invest in deposit schemes for safety of their investments, savings and to earn some returns.
  51. 51. 2. What type of interest rate is more preferred by the public? 80% of the public prefers fixed rate of interest, only 20% of the public prefers floating rate of interest. 3. Does the public plan to invest in deposit schemes in future? 93% of the public plans to invest their funds in deposit schemes in future. 4. According to the public, the procedure for deposit schemes is? 80% of the public finds the procedure convenient while 20% finds it lengthy, 5. WHICH BANK IS MORE PREFERRED BY THE PUBLIC FOR INVESTING IN DEPOSIT SCHEMES?
  52. 52. PRIVATE PUBLIC FOREIGN This indicates that PRIVATE SECTOR IS 40% PUBLIC SECTOR IS 55% FOREIGN SECTOR IS 5% 6. IN WHICH ACCOUNT THE PUBLIC IS MORE INTERESTED TO INVEST THEIR FUNDS?
  53. 53. SAVINGS RECURRING FIXED DEPOSIT CURRENT This pie chart indicates that SAVINGS DEPOSIT IS 45% RECURRING DEPOSIT IS 6% FIXED DEPOSIT IS 43% CURRENT ACCOUNT IS 6% This shows that savings deposit and fixed deposit is the most popular deposit schemes. 7. IS THE PUBLIC AWARE OF THE VARIOUS DEPOSIT SCHEMES PROVIDED?
  54. 54. 52% 53% 54% 55% 56% 57% 58% 59% 60% SBI ICICI 8. IS THE PUBLIC SATISFIED WITH THE SERVICES PROVIDED BY THE BANKS?
  55. 55. 0 10 20 30 40 50 60 70 80 90 SBI ICICI YES NO 9.a. In case of SBI, when asked whether the public would like to switch to the private sector only 10% of the publics were willing to move towards the private sector.
  56. 56. 9.b. In case of ICICI, when asked whether the public would like to switch to the public sector, only 9% of the people were willing to move towards the public sector. COMMENTS:  IN CASE OF SBI: SBI is the best bank in the public sector. It is the most trusted and popular bank in the public sector. According to the public, the interest rates should be increased a little and the services should be more professionalized.  IN CASE OF ICICI BANK: ICICI is the best bank in the private sector and the most popular one in India. According to the public, ICICI bank provides very good services. Their transactions are fully professionalized and easy and hence, it is less time consuming for the public.
  57. 57. ANSWERS ON QUESTIONNAIRE FOR SBI BANKER I had visited SBI bank at Andheri Branch and there I had interview with the Relationship Manager. Mrs. Mithila. Jadhav instead of her busy schedule tried to give answers to my questions. 1) What are the different deposit schemes provided by your bank? Ans: Fixed deposit, saving deposit, current accounts,etc. 2) Which is the main document needed to open an account in your bank? Ans: Any identity Proof 3) Which is the main document needed in case of a minor to open an account? Ans: A birth certificate is a must. 4) Who determines the interest rate for different deposit schemes? Ans: It is centralized by the Reserve bank of India. 5) What is the interest rate given to senior citizens? Ans: Bank provides 0.5% interest rate higher than the normal rate. 6) Does your bank charge any service fees for opening the account? Ans: No service fees are charged. 7) If people have any complaints regarding your service, what should they do? Ans: They should go to the higher authority. 8) From a broader perspective, according to you what is the relevance of deposit schemes today? Ans: They are highly liquid instruments so are extremely popular. 9) What are the value added services provided by your bank along with deposit schemes? Ans: Internet banking, Mobile banking, etc
  58. 58. ANSWERS ON QUESTIONNAIRE FOR ICICI BANKER I had visited ICICI bank at Chandivali Branch and there I had interview with the Operations Manager Vijay. Anand who instead of his busy schedule tried to give answers to my questions. 1)What are the different deposit schemes provided by your bank? Ans: Fixed deposit, saving deposit, current account, recurring deposit,etc. 2) Which is the main document needed to open an account in your bank? Ans: Any identity Proof. 3) Which is the main document needed in case of a minor to open an account? Ans: A birth certificate is a must along with a stand guarantor. 4) Who determines the interest rate for different deposit schemes? Ans: It is centralized by the Reserve bank of India. 5) What is the interest rate given to senior citizens? Ans: Bank provides 0.5% interest rate higher than the normal rate. 6) Does your bank charge any service fees for opening the account? Ans: No service fees are charged. 7)If people have any complaints regarding your service, what should they do? Ans: They should go to the higher authority or there is a 24 hour customer service number given. 8)From a broader perspective, according to you what is the relevance of deposit schemes today? Ans: They are highly liquid instruments so are extremely popular and safe. 9)What are the value added services provided by your bank along with deposit schemes? Ans: Internet banking, Mobile banking, anywhere banking, etc.
  59. 59. ANNEXURE QUESTIONNAIRE FOR BANKER 1)What are the different deposit schemes provided by your bank? 2)Which is the main document needed to open an account in your bank? 3)Which is the main document needed in case of a minor to open an account? 4)Who determines the interest rate for different deposit schemes? 5)What is the interest rate given to senior citizens? 6)What are the interest rates for different deposit schemes in your bank? 7)Does your bank charge any service fees for opening the account? 8)Is nominal facility available for all the deposit schemes? 9)For opening an account, how much balance amount does the person has to maintain with the bank? 10)Does your bank provide ATM facilities for all the deposit schemes? 11)Which deposit schemes is more demanded by the public in your bank? Why? 12)If people have any complaints regarding your service, what should they do? 13)From a broader perspective, according to you what is the relevance of deposit schemes today? 14)What are the value added services provided by your bank along with deposit schemes?
  60. 60. BIBILIOGRAPHY  WEBSITES - www.statebankof india.com - www.icici.com  VISITED SBI BANK AT ANDHERI (EAST) BRANCH  VISITED ICICI BANK AT CHANDIVALI BRANCH.  BOOKS Indian banking- By S Natrajan & R. Parmaswaran Banking Theory and Practice- Dr. P.K Srivastava

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