Presentation on Allahabad bank


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Presentation on Allahabad bank

  2. 2.  Allahabad Bank has been operating since the 24th of April 1865 and is the oldest of the banks in regards to the joint stock.  Over the years they have grown and are catering to the banking needs of many customers every day.  The bank has also spread its operations to international locations like china in 2006 in the month of June and opened its first ever branch in Hong Kong in the year 2007 in the month of February.
  3. 3.  Interest Rates: The Allahabad Bank savings account interest rate is 4% and they offer this interest on the savings bank account yearly.  Deposit Amount Required: Anybody can open an Allahabad Bank savings account by depositing a minimum of 500/ and this is without cheque book and debit card facility and for people who wish to have cheque book facility and also a debit card then they can do so by depositing a minimum of 1000/.  Eligibility Criteria: Any citizen who has the required documents can open an Allahabad Bank savings account without any issues.
  4. 4. ADVANTAGES OF HAVING A SAVINGS ACCOUNT  free access to internet and mobile banking  , can get loan easily with less or no documentation,  Concessions And Attractive Offers - good discounts for their debit card used at their mentioned outlets
  5. 5. Types of savings account
  6. 6. Rs. 5 Banking  The account can be opened with a minimum initial deposit of Rs. 5.  No charge is applicable if the amount of minimum deposit falls by Rs. 5.  Duplicate passbook will be issued with a charge of Rs. 10.  This account can be converted to a normal Savings Bank account after depositing minimum account balance in the account.  No cheque book or ATM facilities are available with this account.
  7. 7. All Bank Premium SB Account  The account holder can avail 25% discount on all service charges.  Instant credit available for all outstation cheques upto Rs. 25,000.  International debit cum ATM card as well as cheque Book will be issued to the account holder.  Account holder will also be eligible for free personal accident cover of Rs. 1,00,000.  Minimum AQB (Average Quarterly Balance)  For Rural branches - Rs. 5000 For Other branches - Rs. 20000  25% discount on Processing Fees across the board for all types of Retail Loans from the branch.
  8. 8. AllBank Mahila Sanchay Account  This savings bank account can be opened and maintained with a minimum balance of Rs. 1.  Demand Drafts and cheques up to Rs. 1,000 meant for educational purposes of the wards of the account holder would not attract any charges.  On request the account holder can also avail a Piggy Bank free of cost to garner small savings in it and to then deposit a lump sum in her bank account at once.  The account will not have the cheque book and ATM card facility below minimum balance of Rs.500 as in the case of general SB account but will enjoy such facilities if account balance isRs.500 or more.
  9. 9. AllBank Vikash SB Account  This account is meant for various local organisations and Non-Government Organisations which are engaged in social causes and development services.  The organisation is required to maintain a minimum balance of Rs. 50,000.  Discount of 25% will be provided on all service charges.  Facility of instant credit of outstation cheques Up to Rs. 25,000 will be provided.
  10. 10. Sishu Mangal Deposit Scheme  Any citizen of India who falls in the age group of 1 to 15 years can get this account under guardianship.  The amount needs to be deposited on predetermined basis, the bank will provide a chart and according to that the amount needs to be deposited in the account.  The amount to be deposited in the account will increase in accordance to the maturity value.
  11. 11. PENALTIES ON SAVINGS ACCOUNT Rs. 5 Banking:  No charge is applicable if the amount of minimum deposit falls by Rs. 5.  Duplicate passbook will be issued with a charge of Rs. 10. AllBank Premium SB Account:  If a customer is unable to maintain minimum balance in his Premium SB Account then a penalty of Rs. 25 will be levied and if continues for three continuous months then the account will be ceased AllBank Mahila Sanchay Account:  DD cancellation/Revalidation - 10% of the amount (rounded upto nearest Rupees)
  12. 12. LOANS • Housing Loan • Furnishing Loan • Dream Car Loan • Gyan Dipika Scheme • Educational Loan • Commercial Vehicle Finance • Personal Loan for Pensioners • Property Scheme
  13. 13. HOUSING LOAN Eligibility : Salaried persons, Professionals & Self-Employed and Businessmen having regular income to liquidate the loans Age Minimum : 21 years Maximum : Age of retirement for salaried class & 70 years for others. Purpose : For construction of residential house on land already owned. For purchase of New / Old / Unfinished house/flat and renovation /extension /repair of the same. For purchase of plot and construction of house thereon For renovation / extension / repair of residential house already owned. Loan amount : For salaried persons : Up to 60 times of monthly gross salary (Maximum: Rs. 500 Lac) For others : Up to 5 times of gross annual Income (Maximum: Rs. 500 Lac) Nature of Loan : Term Loan
  14. 14. Security : Equitable / Registered Mortgage of the property Rate of Interest Up to Rs. 30 Lac Above Rs. 30 Lac and up to Rs. 75 Lac Above Rs. 75 Lac and up to Rs. 300 Lac Above Rs. 300 Lac and up to Rs. 500 Lac BR BR+0.25% BR+0.50% BR+0.75% Tenure Up to 25 lacs 25-75 lacs 75 lacs & above Up to 5 years 10.20% 10.45% 10.70% 5-10 years 10.20% 10.45% 10.70% 10-15 years 10.20% 10.45% 10.70% 15-20 years 10.20% 10.45% 10.70% 20-25 years 10.20% 10.45% 10.70%
  15. 15. EDUCATION LOAN Eligibility : Indian National who has secured admission to professional/ technical courses in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection Process after completion of H.S.C. (10 plus 2 OR equivalent). Courses Eligible : For study in India :  Approved courses recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.  Courses like ICWA, CA, CFA etc.  Courses conducted by IIMs, IITs/ IISc, XLRI, NIFT, NID etc.  Regular Degree/ Diploma Courses like Aeronautical, Pilot Training, Shipping etc. approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India.  Approved courses offered in India by reputed Foreign Universities. For Study abroad :  Graduation: For Job oriented professional/technical courses offered by reputed Universities.  Post Graduation: MCA, MBA, MS etc.  Courses conducted by CIMA London, CPA in USA etc.  Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., the Institute duly recognized by the Competent University/ State Body/ Local Aviation/ Shipping Authority.
  16. 16. Quantum of Loan : Studies in India/Abroad : Maximum Rs. 20.00 lac. Collateral  Assignment of Future income  Co-obligation of parents / guardians If the loan amount is above Rs.10 Lac  Full Tangible Collateral Security Rate of interest Education Loan: Interest Rates as per Bank’s Base Rate (BR) (i) For IIT/ IIM/ ISB (loan upto 10.00 Lacs) (ii) For Others (a) Loan upto 4.00 Lacs (b) Loan above Rs.4.00 Lacs 10.50% +2.25% = 12.75% 10.50% +3.00% = 13.50% 10.50% +3.00% = 13.50% @ For girl students, rebate @1% will be allowed under each slab. Rebate of 1.00% on the interest charged in the moratorium period will be provided if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.
  17. 17. DREAM CAR Eligibility Salaried Person : Minimum gross monthly income of Rs. 25,000/- Agriculturist : Minimum 5 acres of irrigated land holding Professional & Self-Employed / Businessmen : An IT assesee. With full collateral security, IT assessment order / IT return may be waived. Retired individuals : Drawing monthly pension of Rs. 15,000/= and above. Firm/ Companies: Net profit is sufficient to meet repayment of Car Loan Security In both cases (New / Pre-owned Vehicle) : Primary : Hypothecation of Vehicle Collateral :  For Loan up to Rs. 20 Lac : ○ Spouse should be a co-borrower if his/her income is considered for eligibility. No Collateral, No guarantee.  For Loan above Rs. 20 Lac : ○ Guarantee of one person and Collateral security in form Mortgage of House/Flat. ○ If margin offered is more than 25%, no guarantee and collateral security is required.
  18. 18. Repayment Period : For New Vehicle :  Individuals: Maximum 84 Months  For Firm/ Companies: Maximum 60 Months  For Pre-owned Vehicle : Maximum 60 months / Residual life of the vehicle, whichever is lower (i) In case of Salary tie-up & Full Collateral security, Doctors/Medical Practitioners - 10.50%+0.50% = 11.00% (ii) In case of Others 10.50%+0.50% = 11.00% Car loan Interest Rates on Allahabad Bank:-
  19. 19. FURNISHING LOAN Housing Finance Scheme For Furnishing and/or Renovation / Repairing of Existing / New Flats / Houses Eligibility : Existing Allahabad Bank Housing Loan customers, owners of flats/houses having regular income to liquidate the loan amount. Total monthly deduction including proposed loan instalments should not exceed 60% of the monthly income. Repayment : Repayment to start from the next month of disbursement.  For Salaried Person: To be repaid within a maximum period of 7 years or length of remaining service, whichever is less.  For Others: Within 7 years or attainment of 70 years of age whichever is earlier. Security :  Equitable / Supplemental mortgage of flat / house
  20. 20. Rate of Interest The current base rate for furnishing loan is 10.40% Upto 25 years NORMAL / CARD RATE RATE UNDER FESTIVAL BONANZA (Valid upto 31.03.2013) Up to Rs 30 lacs BR BR Above Rs.30-75 lacs BR+0.50% BR+0.35% Above Rs.75 lacs- Rs. 3.00 Crores BR+0.75% BR+0.60% Above Rs. 3.00 Crores Interest rate shall be decided on case to case basis.
  21. 21. GYAN DIPIKA SCHEME Loan Criteria :  Need based finance subject to the repaying capacity of the parents,  Maximum limit limit of the quantum of finance - Rs.1 lac, including all types of expenses or any of the expenses under the scheme as mentioned above,  Net combined income of the parents'/guardians' should be above 40% of gross income, after considering the EMI of the proposed loan. Loan Limit : Maximum Rs. 1,00,000/- Security :  No tangible/collateral security is required,  However, a concession of 100 basis points would be allowed for 100% security cover of the loan amount by way of immovable property/other liquid security,  Personal guarantee of the parents/guardian/s
  22. 22. COMMERCIAL VEHICLE FINANCE  Age :  Individuals - 21-65 years  Partnership Firms, Companies & Association of persons – should have been in existence for at least 2 years  Loan Amount :  Maximum Rs. 200.00 Lacs (Term Loan + Working Capital) Primary security : Hypothecation of the vehicle
  23. 23. Collateral Security & Guarantee : For Loans up to Rs. 10.00 Lac  NIL For Loans above Rs. 10.00 Lac and up to Rs. 100.00 Lac  An option to the borrower shall be provided between Coverage under Credit Guarantee Fund Trust for Micro and Small Enterprises or providing Equitable Mortgage of property, Pledge of Banks deposit, etc covering full value of loan. For Loans above Rs. 100.00 Lac and below Rs. 200.00 Lac  The Loan amount should be covered by the Personal Guarantee of TWO Guarantors whose net worth should cover the entire Loan Amount.  Suitable Collateral Security in the form of Equitable Mortgage of Property, Pledge of Banks deposits, etc
  24. 24. INTERNATIONAL BANKING  OVERSEAS BRANCHES AND OFFICES Hongkong Representative. Shenzhen Representative Office.  Targetted to non resident indians who can open accounts under Repatriable and Non- Repatriable deposit schemes.
  25. 25. What is FCNR (B) A/c ? - It means ‘Foreign Currency Non-Resident (Bank)’Account. LOAN FACILITIES Housing loans to NRI’s/ PIO’s Education loans for studying abroad upto 20 lacs
  26. 26. FIXED DEPOSITS  Fixed deposits are deposits payable after a fixed period of time.  It carries only simple interest payable monthly /quarterly/ half yearly annually.  The minimum period of Fixed Deposit is 15 Days and maximum period is 10 Years.  However bank may accept deposit for period exceeding 10 Years in terms of order of the competent court or where interest of minors are involved and where there is valid reason for accepting the deposit for a longer period
  27. 27. TYPES OF FIXED DEPOSITS FLEXI FIX DEPOSIT ACCOUNT:  The scheme gives maximum return without sacrificing the liquidity.  Under the scheme, a depositor is required to make an initial deposit of Rs.25,000/- or more in multiples of Rs.5,000/- as Fixed Deposit/ Double Deposit Plan for a fixed period of one year. Thereafter, the depositor can make any number of deposits in multiples of Rs.5,000/- each at any time in the account for a period of one year. Every Rs.5,000/- in the account will be treated as a separate unit of deposit.  The depositor will be required to maintain a minimum principal outstanding of Rs.25,000/- i.e. 5 units of Rs.5,000/- each at all points of time. In case of fall in principal outstanding in the account below Rs.25000/-, the facility of further deposit of units in the account will stand withdrawn.  No loan will be allowed against this deposit.
  28. 28.  Diamond Jubilee Deposit Schemes: To commemorate the diamond jubilee of India's independence, Allahabad Bank offers a deposit scheme with an initial deposit of Rs.15, 000 for a fixed period of 550 days at 9.25% interest and an additional interest of 0.50% for senior citizens. - See more at: bank/#sthash.vH0cDBdU.dpuf
  29. 29.  "Allahabad Bank Tax Benefit Term Deposit Scheme" offering the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses). Investment : Any amount not exceeding Rupees one lakh in a year commencing on the 1st day of April of respective years. Types of the Deposit : Can be opened in the following types, namely : -  Single holder Type Deposits : Individual for himself or in the capacity of the "Karta" of a Hindu Undivided Family.  Joint holder type deposits : Jointly in the name of two or more persons payable to either of the holders or to the survivor. Deduction from income under section 80C of Income Tax Act shall be available only to the first holder of the deposit. Tenure of Deposit : Five years. Encashment option : Premature encashment is not permissible. Rate of interest : The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be @ 8.75% p.a. for everyone. TDS on interest : Interest is liable to tax under section 194A or section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee. Pledging of the Deposit : Can not be pledged to secure loan or as security to any other asset. Nomination : Available Transfer from one branch to another : The deposit may be transferred from the issuing branch to another branch but not transferable from one bank to another bank
  30. 30. Additional interest for seniors is 0.5% in each and every case. Maturity Period Deposit Amount INTEREST RATE (% p.a.) 7 days to 14 days Less than Rs. 5 cr 5.00 15 days to 29 days Less than Rs. 5 cr 5.50 30 days to 45 days Less than Rs. 5 cr 6.00 46 days to 60 days Less than Rs. 5 cr 7.00 61 days to 90 days Less than Rs. 5 cr 7.00 91 days to 179 days Less than Rs. 5 cr 7.30 180 days to 269 days Less than Rs. 5 cr 8.25 270 days to 364 days Less than Rs. 5 cr 8.50 1 year to less than 2 years Less than Rs. 5 cr 9.00 2 years to less than 3 years Less than Rs. 5 cr 9.00 3 years to less than 5 years Less than Rs. 5 cr 8.75 5 years and upto 10 years Less than Rs. 5 cr 8.75
  31. 31. For NRO Fixed Deposit - Less than Rs. 5 cr (last revised on Dec 18, 2012 Maturity Period Deposit Amount INTEREST RATE (% p.a.) 7 days to 14 days Less than Rs. 5 cr 5.00 15 days to 29 days Less than Rs. 5 cr 5.50 30 days to 45 days Less than Rs. 5 cr 6.00 46 days to 60 days Less than Rs. 5 cr 7.00 61 days to 90 days Less than Rs. 5 cr 7.00 91 days to 179 days Less than Rs. 5 cr 7.30 180 days to 269 days Less than Rs. 5 cr 8.25 270 days to 364 days Less than Rs. 5 cr 8.50 1 year to less than 2 years Less than Rs. 5 cr 9.00 2 years to less than 3 years Less than Rs. 5 cr 9.00 3 years to less than 5 years Less than Rs. 5 cr 8.75 5 years and upto 10 years Less than Rs. 5 cr 8.75
  32. 32.  Non-Resident (Ordinary) Rupee Term Deposits & Saving Bank A/c : The Interest rates of NRO deposits is at par with the Interest Rates for Domestic Deposits. Differential Rate of Interest/ Additional Rate for Senior Citizens : No Differential Rate on interest as also Additional Interest for Senior Citizens is allowed for Non-Resident Deposits.
  33. 33. a) For NRE Fixed Deposit - Less than Rs. 5 cr (last revised on Dec 18, 2012) Maturity Period Deposit Amount INTEREST RATE (% p.a.) 1 year to less than 2 years Less than Rs. 5 cr 9.00 2 years to less than 3 years Less than Rs. 5 cr 9.00 3 years to less than 5 years Less than Rs. 5 cr 8.75 5 years and upto 10 years Less than Rs. 5 cr 8.75
  34. 34. PENAL RATE OF INTEREST FOR PREMATURE WITHDRAWAL OF DOMESTIC TERM DEPOSITS Period of Deposit Amount of Deposit Penal Rate of Interest Premature closure of term deposits for reinvestment in our bank Any amount No penal rate to be charged 15 days and upto 1 (one) year* Any amount No penal rate to be charged All others All others 1 % penal interest to be charged *The period of Deposit agreed upon at the time of making the deposit.
  35. 35. Campus Ahmedabad Campus: Karnavati Knowledge Village, A/907,Uvarsad, S.G.Highway, Gandhinagar Kolkata Campus: Infinity Benchmark Tower 10th Floor, Plot - G1, Block - EP& GP, Sec - V, Salt Lake, Kolkata. Reg. Office: 407, Zodiac Square, 4th Floor Opp. Gurudwara, S.G. Road, Bodakdev, Ahmedabad.