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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 Mature 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. Below poverty line Accounts • Account will be opened in the names of heads of the households as mentioned in the BPL list • Name should be in the BPL list • Open with minimum balance • No restriction on the balance of amounts • New block numbers may be allotted

  12. Below poverty line Accounts(SB Order NO 34/2011) • Normal procedure for opening of savings account be followed. • Remark ‘BPL’ in SB 26, BOSB journal and SS book • A self attested (attested by a Gazetted officer/sarpanch/postmaster in case of illiterate individuals) copy of any doument issued by the state/District authority identifying the individual as member of BPL household should be taken in addition to ID and address proof prescribed in the KYC norms and attached with SB-3

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

  14. Exercise • Each BPM to pick up one of the POSB facilities in the BO and bring out plus and minus of these services with reference to other Bank schemes • List out three best features of each SB scheme offered in the BO

  15. SB-Forms • Opening of account-SB 3 & SB 103 • Subsequent deposits – SB 103 • Withdrawals- SB 7 • Closure – SB 7(a) • Transfer-SB 10b • Application for issue of duplicate pass book-SB41

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

  17. 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

  18. 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.

  19. 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.

  20. 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

  21. 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

  22. 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

  23. Documents for opening of A/c

  24. Documents for opening of A/c

  25. Documents for opening of A/c

  26. Customer information for filling up SB- 3 card • Present joint photograph of depositors for opening of joint account • Indicate date of opening and type of account correctly • Produce PAN Card or declaration in From No-60/61 in duplicate if amount of deposit is Rs 50000/ and above • Write full name and address in block letter House number, street, ward and PIN code should be mentioned

  27. Customer information for filling up SB- 3 card • Write date of birth in case of RD account for protected savings scheme ( 18-53) • All depositors have to sign at the time of opening, withdrawal, transfer and closing in case of Joint –A • All depositors have to sign at the time of opening and transfer but any of them can sign for withdrawal or closure of account. In case of Joint- B account

  28. Customer information for filling up SB- 3 card • if the account is opened by two joint holders, both will have equal share in the balance of account • if the account is opened by three joint holders, the share of each holder will be 1/3rd in the balance of account. • Opening of account with Cheque facility is not available in BO. • Write date of birth for opening of minor account • Nomination facility for easy settlement of claims & it is registered at account office

  29. Opening of account • Activities • Customer presents filled SB 3 card, payinslip, photos and cash • BPM check the SB3,SB 103 • Count cash and preserve • prepare SB 26 receipt in triplicate, hand over first copy to customer • Make entry in SS book, affix photo • Make entry in BO SB journal • Incorporate the amount in to BO account • Send second copy of SB 26,SB3,SB103,SS slip,phto to AO duly invoiced in the Daily account

  30. Exercise on opening of new account • Fill up SB 3 for joint SB account for Rs 5000/, RD account for Rs 45/ for a person aged 25 and TD account for Rs 1,00,000/ amount tendered in cheque. • Instructions to fill up SB-3 card is given in handout in word file

  31. Subsequent deposit • Activity • Check the payinslip with reference to passbook • Check DLT & BAT written on SB103 • Count cash & secure • Make entry in the passbook impress date stamp return to the depositor • Make entry in BO SB journal • Incorporate the amount in to BO account • Send SB 103 duly entered in the BO daily account

  32. Withdrawal • Activity • Check SB-7 to know whether properly filled up • Check the pass book and know whether sufficient balance is available in the account • Check the specimen signature, initial on the application side for having verified the SS • Pass the withdrawal if amount is less than Rs 5000/,impress date stamp &write DLT & BAT on the payment order,

  33. Withdrawal • Activity • Make entry in the pass book, impress date stamp, initial and hand over to the depositor • Obtain aquittance of the depositor and pay the amount • Make entry in the BO SB journal • Incorporate the amount in to BO account • Send the SB7 to AO duly entered in the Daily account

  34. Withdrawal above Rs 5000/ • Activity • Check the pass book and SB 7 and confirm sufficient balance is available in the account • Check specimen signature and initial in the application side for having checked the SS • Impress date stamp on the application side of SB7 • Prepare SB 28 receipt in duplicate, hand over one first copy to the customer keeping pass book and SB7

  35. Withdrawal above Rs 5000/ • Activity • Send passbook and SB7 to the AO duly entered in the remarks column of BO journal and in BO daily account • On receipt of passed payment order from AO, obtain SB 28 receipt from the depositor ,paste it to the office copy • Pay the amount obtaining his aquittance in the payment side of SB7 • Make entry in the passbook, impress date stamp • Make entry in the BO SB journal • Incorporate the amount in to BO account • Send SB7 to the AO duly entered the transaction in the daily account

  36. Addition of interest • Activity • Collect pass books from the depositors • Issue SB 28 receipt • Send the pass book to the AO duly invoiced in the remarks column of BO journal and in the daily account • On receipt of the pass book, enter the amount of interest to the last balance of the account in the SB journal • Return the passbook obtaining SB 28 receipt back

  37. Questions by trainees?

  38. Thank You

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