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Welcome To Savings Bank in PO

Welcome To Savings Bank in PO. TYPES OF SAVINGS SCHEMES. Saving Account (SB) Recurring Deposit (RD) Time Deposits ( 1/2/3/5 – TD) Monthly Income Scheme ( MIS) Public Provident Fund ( PPF) Senior citizen savings scheme ( SCSS) National Savings certificates ( NSC). Small savings schemes.

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Welcome To Savings Bank in PO

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  1. Welcome To Savings Bank in PO

  2. TYPES OF SAVINGS SCHEMES • Saving Account (SB) • Recurring Deposit (RD) • Time Deposits ( 1/2/3/5 – TD) • Monthly Income Scheme ( MIS) • Public Provident Fund ( PPF) • Senior citizen savings scheme ( SCSS) • National Savings certificates ( NSC)

  3. Small savings schemes Savings Accounts:-- Deposits and withdrawals permitted every day Rate of interest :-3.5% up to 30-11-11 With effect from 01-12-2011rate of interest is 4% per annum. Minimum Rs. 50/- Maximum Single A/C:- Joint A/C:- NO LIMIT

  4. Recurring Deposit:--- • Monthly deposit of fixed Amount for 5 years • Min. of Rs. 10 and multiples of Rs.5/- • Maturity Value for Dn Rs 10/- for accounts opened on or after 01.12.2011 is Rs 738.62 • 8.4% interest w.e.f 01.04.12 • Maximum limit :-No limit. • Pre Matured Closure is allowed after completion of 3 years

  5. Time Deposit:----- • 1/2/3/5 yr accounts • Only one deposit in an account • Minimum amount of deposit Rs.200/- or in multiples of Rs. 200/- • Maximum limit :-No limit. • Joint account is permissible • Pre Matured Closure is allowed. • Interest is compounded quarterly and paid annually

  6. TD rate of interest

  7. MIS accounts • Period of the account -5 years • Rate of interest will be 8.2% per annum w.e.f 01.12.11, 8.5% w.e.f 01.04.12 • Minimum Deposit amount is Rs.1500/-or multiples of Rs. 1500/- • Maximum.:-Single A/C-4.5 lacs. • Joint A/C—9.00 lacs. • No Bonus for MIS accounts. • Interest will be paid on the date of opening • Pre Matured Closure is allowed

  8. PPF accounts opened with effect from 01-12-2011 • Minimum amount of deposit is Rs.500/- in a financial year and in multiples of Rs.5/- • Maximum limit of subscription in a financial year shall be Rs 100000 • Rate of interest wef 01-12-2011 will be 8.6% per annum , 8.8% w.e.f 01.04.12 • Period of account :-15 Years from the end of the year in which account is opened. • PPF accounts can be continued after maturity

  9. Senior Citizen Savings scheme : • Opened by an adult age of 60 years and above. • Minimum Deposit is Rs.1000/- and in multiples of Rs.1000/- • Maximum Deposit :-------Rs.15 Lacs. • Rate of Interest:----9% up to 31.03.12 • Rate of interest 9.3% w.e.f 01.04.12 • Interest will be payable quarterly basis.

  10. Change of interest rates

  11. Exercise 1.1 to 1.3

  12. Savings schemes available at BOs • Saving Account (SB) • Below poverty line (BPL) account • Recurring Deposit (RD) • Time Deposits ( 1/2/3/5 – TD)

  13. Process flow • Opening of account • Subsequent deposits • Withdrawals • Closure • Transfer • Misc (issue of duplicate pass book)

  14. Forms • SB-3 card ( Application) • SB-103 ( Pay in slip) • SB-7 ( withdrawal form) • SB-7(a) ( Closure form) • SB-10 (b) (Transfer application form) • SB-5 ( pass book)

  15. Documents • SB- Journal • RD – Journal • TD - Journal • Specimen Signature Book

  16. What is Money Laundering?.... People want to legitimize the ill – gotten money through money laundering which is gained through criminal means such as Illegal arms sales, Smuggling, Prostitution rings, Embezzlement, Insider trading, Bribery, Computer frauds, Fake Currency Notes circulation, Drugs trafficking etc. • The money so generated is tainted and is in the nature of ‘dirty money’. • Processing of conversion of such proceeds of crime, the ‘dirty money’ to make it appear ‘Legitimate Money’ is Money Laundering

  17. Actions which can be taken against persons involved in Money Laundering? • Attachment of property. The attached properties may be confiscated and disposed off. • Persons found guilty are punishable with imprisonment for a term which shall not be less than three years but may extend up to seven years and shall also liable to a fine up to Rs.5 lakhs.

  18. What is PMLA and its Objective? • Prevention of Money Laundering Act 2002. • It has come into effect from 1st July 2005 amended on 1.6.2009 • It extends to whole India including Jammu & Kashmir. • To prevent money- laundering and to provide for confiscation of property derived from, or involved in, money – laundering.

  19. Know Your Customer • Purpose • To prevent money laundering and combating of financing in terrorism under PML Act-2002 and CFT • Deposits are classified under three categories • (1) Monthly average balance below Rs.50000/- It includes • (A) (i) All types of accounts opened in their name • (ii)Accounts opened in the name of minor(s) as guardian • (B) (i) All types of certificates in their name • (ii) Certificates purchased in the name of minor(s) as guardian

  20. Know Your Customer • (2) Monthly average balance between Rs.50,000/- and Rs.10 lakhs • (A) (i) All types of accounts opened in their name • (ii)Accounts opened in the name of minor(s) as guardian • (B) (i) All types of certificates in their name • (ii) Certificates purchased in the name of minor(s) as guardian

  21. Know Your Customer • (3) Monthly average balance above Rs10 lakhs • (A) (i) All types of accounts opened in their name • (ii)Accounts opened in the name of minor(s) as guardian • (B) (i) All types of certificates in their name • (ii) Certificates purchased in the name of minor(s) as guardian

  22. Documents for opening of A/c

  23. Documents for opening of A/c

  24. Documents for opening of A/c

  25. Opening Of Savings Bank Account… If minor of 10 years age , he can open independently Minimum deposit Rs. 50/- ordinary account & Rs.500/- for cheque account Maximum deposit – No Limit Rate of interest 3.5 % up to 30-11-11 WEF 01-12-2011 Rate of interest 4% per annum

  26. Single account by an adult and by a Minor who is aged 10 years and above. • Joint account by two or three adults • In case of Joint A/c all the depositor to sign • In case of Minor a/c date of birth and maturity should be mentioned in application form.

  27. Opening Of Savings Bank Account • Customer to present • filled Up Form I (SB-3 card ) • Pay In Slip (SB 103) • 2 specimen signature slip • Cash • Introducer details is compulsory in SB-3 • Customer should furnish the details of witness in case of nomination

  28. Opening Of Savings Bank Account • The following documents are to be submitted compulsorily - • 3 copies of recent photograph • Identity Proof • Address Proof

  29. Opening Of Savings Bank Account (continued) • For ID Proof any one of the following accepted • Electoral Photo Identity Card • Ration Card • Passport • Identity card from Central/State Govt or PSU • POSB Identity card • Post Office Identity Card

  30. Opening Of Savings Bank Account (continued) • For Address Proof the following be accepted • Electoral Photo Identity Card • Bank or PO Passbook • Current Electricity Bill • Current Telephone Bill • Letter from any recognized authority

  31. Role of BPM – Opening Of Savings Bank Account Scrutiny of form 1 (SB-3) & pay in slip(SB-103). Collect cash & Check w.r.t SB 103 Check eligibility for opening of account See that all information furnished by the depositor in SB-3 is correct.

  32. Role of BPM – Opening Of Savings Bank Account • Prepare following documents • Specimen Signature Book (S S Book) • Issue SB 26 receipt • Make deposit entry in BO SB journal showing account as new account in remark column along with SB 26 receipt number.

  33. SB-26 Receipt Book • It is issued to a depositor who opens SB/RD/TD accounts at BO • 50 receipts in triplicate in each book • 1st copy given to depositor • 2nd copy sent to Account office along with new account documents • 3rd receipt will be office copy

  34. SB-26 Receipt Book • On receipt of new a/c pass book from AO, it should be given to depositor by collecting back SB-26 receipt • It should be pasted along with office copy of SB-26 • Acquittance for receipt of PB by depositor obtained on reverse of SB-26 • Account number should be noted in SS book, SB journal • Date of delivery of PB is to be noted on SB journal

  35. Opening of BPL account • Normal procedure for opening of Savings Bank account should be followed • In addition to the ID and Address proof prescribed in the KYC norms, a self attested (attested by a Gazetted Officer/Sarpanch/Postmaster in case of illiterate individuals) copy of any document issued by the State/District Authority identifying the individual as member of the BPL household should be taken and attached with SB-3.

  36. Opening of BPL account • Documentary proof of BPL household should be attached with SB-3 and a remark in red ink as “BPL” should be recorded in SS Book. • Remark “BPL” should be recorded in the SB-26, BOSB Journal .

  37. Exercise 1.4 & 1.5

  38. Subsequent Deposit Depositor has to fill up the pay in slip (SB-103) properly. Depositor should hand over the cash, SB-103 & passbook to BPM. Pass Book & counterfoil of SB-103 should be handed over to the depositor after completion of the transaction.

  39. Minimum amount of deposit Rs. 5/- Mode of deposits – Cash, DD, Cheque, Refund Vouchers, Dividend warrant, Interest warrant, Maturity Instrument, Crossed IPO. A/c becomes silent if no transaction made during last three financial years

  40. Role of BPM(Subsequent Deposit) • Examine passbook and pay in slip (SB-103). • Check the cash tendered with SB-103. • Make entry in following record • Passbook • BO SB journal • Return passbook & counter foil to depositor

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