Escolar Documentos
Profissional Documentos
Cultura Documentos
RETAIL BANKING
IN
BANK OF INDIA
PREPARED BY
AJAY V. ANGARKHE
FIFTH SEMESTER
SUBMITTED TO
UNIVERSITY OF MUMBAI
DATE OF SUBMISSION
28 /09/2008
ACADEMIC YEAR
2008 - 2009
DECLARATION
I, Mr. AJAY VASANT ANGARKHE student of Third Year Bachelor of Banking &
Insurance (T.Y B.com B & I) Semester Vth, here by declared that I have completed
this project on RETAIL BANK DEPOSITS in BANK OF INDIA in the academic year
2008-2009. The information submitted is true & original to the best of my
knowledge & belief.
Signature of Student
_________________
AJAY V. ANGARKHE
ACKNOWLEDGEMENT
I would also like to thank various suggestions & comments that were given by my
friends, my family members, which helped me in completing this project in a better way.
THANKING YOU
INTRODUCTORY EXPLANATION
1 INTRODUCTION IN PROJECT STUDY :-
This project comprises information about retail deposits facility given by the bank
to the different persons such as business man, salaried persons, etc. It also comprises
of various deposits, their rate of interest , eligibility for applicant, features of various
schemes.
Accepting deposits is the banks one of the major function, as banking &
insurance student we required to know what kinds of deposits facility given by the bank
to different people. So because of these reason I choose this topic for my project.
Primary data was collected with the help of books covering topic of retail bank
Secondary data was collected with the help of officials of banks.
Data was also collected from some relevant sites, Brochures & pamphlets of
banks covering the relevant information.
INTRODUCTION TO BANK
A bank is an institution that deals with money and credit. Different people
understand the meaning of a bank in different ways. For a common man
bank means a storehouse where money is stored; for a business man it is a
financial institution and for a day today customer it is an institution where he
can deposit his savings.
Banks play an important role in the economy of any country as they hold the
savings of the public. Provide means of payment for goods and services and
provide necessary finance for the development of business and trade.
Thus bank is a link in the flow of funds from savers to the users. Hence they
should render an efficient customer service in order to retain the present
customers and also to attract the potential customers.
In the past the banks did not find any attraction in the Indian economy
because of the low level of economic activities and little business prospects.
Today we find positive changes in the National business development policy.
Earlier, the money lenders had a strong hold over the rural population. This
resulted in the exploitation of small and marginal savers. The private sector
banks failed in serving the society. This resulted in the nationalisation of 14
commercial banks in 1969.
by the Reserve Bank of India. The monetary and the credit policies of RBI are
considered to be the operational constraints of the public sector Banks.
Because, these operational constraints, more or less, affect the profitability
of banks. However, for survival of the public sector banks, profitability has
been contemplated as one of the major criteria.
Banking in India
Banking in India originated in the first decade of 18th century. The first banks were The
General Bank of India, which started in 1786, and Bank of Hindustan, both of which are
now defunct. The oldest bank in existence in India is the State Bank of India, which
originated in the "The Bank of Bengal" in Calcutta in June 1806. This was one of the
three presidency banks, the other two being the Bank of Bombay and the Bank of
Madras. The presidency banks were established under charters from the British East
India Company. They merged in 1925 to form the Imperial Bank of India, which, upon
India's independence, became the State Bank of India. For many years the Presidency
banks acted as quasi-central banks, as did their successors. The Reserve Bank of India
formally took on the responsibility of regulating the Indian banking sector from 1935.
After India's independence in 1947, the Reserve Bank was nationalized and given
broader powers.
EARLY HISTORY
The first fully Indian owned bank was the Allahabad Bank, established in 1865.
However, at the end of late-18th century, there were hardly any banks in India in the
modern sense of the term. The American Civil War stopped the supply of cotton to
Lancashire from the Confederate States. Promoters opened banks banks to finance
trading in Indian cotton. With large exposure to speculative ventures, most of the banks
opened in India during that period failed. The depositors lost money and lost interest in
keeping deposits with banks. Subsequently, banking in India remained the exclusive
domain of Europeans for next several decades until the beginning of the 20th century.
Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire
d'Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in
1862; branches in Madras and Pondichery, then a French colony, followed. Calcutta
was the most active trading port in India
Around the turn of the 20th Century, the Indian economy was passing through a relative
period of stability. Around five decades had elapsed since the Indian Mutiny, and the
social, industrial and other infrastructure had improved. Indians had established a small
banks, most of which served particular ethnic and religious communities.
The presidency banks dominated banking in India. There were also some exchange
banks and a number of Indian joint stock banks. All these banks operated in different
segments of the economy. The exchange banks, mostly owned by Europeans,
concentrated on financing foreign trade. Indian joint stock banks were generally under
capitalized and lacked the experience and maturity to compete with the presidency and
exchange banks. This segmentation let Lord Curzon to observe, "In respect of banking
it seems we are behind the times. We are like some old fashioned sailing ship, divided
by solid wooden bulkheads into separate and cumbersome compartments."
By the 1900s, the market expanded with the establishment of banks such as Punjab
National Bank, in 1895 in Lahore and Bank of India, in 1906, in Mumbai - both of which
were founded under private ownership. Punjab National Bank is the first Swadeshi Bank
founded by the leaders like Lala Lajpat Rai, Sardar Dyal Singh Majithia. The Swadeshi
movement in particular inspired local businessmen and political figures to found banks
of and for the Indian community. A number of banks established then have survived to
the present such as Bank of India, Corporation Bank, Indian Bank, Bank of Baroda,
Canara Bank and Central Bank of India.
The partition of India in 1947 adversely impacted the economies of Punjab and West
Bengal, paralyzing banking activities for months. India's independence marked the end
of a regime of the Laissez-faire for the Indian banking. The Government of India initiated
measures to play an active role in the economic life of the nation, and the Industrial
Policy Resolution adopted by the government in 1948 envisaged a mixed economy.
This resulted into greater involvement of the state in different segments of the economy
including banking and finance. The major steps to regulate banking included:
• In 1948, the Reserve Bank of India, India's central banking authority, was
nationalized, and it became an institution owned by the Government of India.
• In 1949, the Banking Regulation Act was enacted which empowered the Reserve
Bank of India (RBI) "to regulate, control, and inspect the banks in India."
• The Banking Regulation Act also provided that no new bank or branch of an
existing bank may be opened without a license from the RBI, and no two banks
could have common directors.
However, despite these provisions, control and regulations, banks in India except the
State Bank of India, continued to be owned and operated by private persons. This
changed with the nationalisation of major banks in India on 19th July, 1969.
NATIONALISATION
By the 1960s, the Indian banking industry has become an important tool to facilitate the
development of the Indian economy. At the same time, it has emerged as a large
employer, and a debate has ensued about the possibility to nationalise the banking
industry. Indira Gandhi, the-then Prime Minister of India expressed the intention of the
GOI in the annual conference of the All India Congress Meeting in a paper entitled
"Stray thoughts on Bank Nationalisation." The paper was received with positive
enthusiasm. Thereafter, her move was swift and sudden, and the GOI issued an
ordinance and nationalised the 14 largest commercial banks with effect from the
midnight of July 19, 1969. Jayaprakash Narayan, a national leader of India, described
the step as a "masterstroke of political sagacity." Within two weeks of the issue of the
ordinance, the Parliament passed the Banking Companies (Acquisition and Transfer of
Undertaking) Bill, and it received the presidential approval on 9th August, 1969.
A second dose of nationalization of 6 more commercial banks followed in 1980. The
stated reason for the nationalization was to give the government more control of credit
delivery. With the second dose of nationalization, the GOI controlled around 91% of the
banking business of India. Later on, in the year 1993, the government merged New
Bank of India with Punjab National Bank. It was the first and only merger between
nationalized banks and resulted in the reduction of the number of nationalised banks
from 20 to 19. After this, until the 1990s, the nationalised banks grew at a pace of
around 4%, closer to the average growth rate of the Indian economy.
LIBERALISATION
In the early 1990s, the then Narsimha Rao government embarked on a policy of
liberalization, licensing a small number of private banks. These came to be known as
New Generation tech-savvy banks, and included Global Trust Bank (the first of such
new generation banks to be set up), which later amalgamated with Oriental Bank of
Commerce, UTI Bank(now re-named as Axis Bank), ICICI Bank and HDFC Bank. This
move, along with the rapid growth in the economy of India, revitalized the banking
sector in India, which has seen rapid growth with strong contribution from all the three
sectors of banks, namely, government banks, private banks and foreign banks.
The next stage for the Indian banking has been setup with the proposed relaxation in
the norms for Foreign Direct Investment, where all Foreign Investors in banks may be
given voting rights which could exceed the present cap of 10%,at present it has gone up
to 49% with some restrictions.
The new policy shook the Banking sector in India completely. Bankers, till this time,
were used to the 4-6-4 method (Borrow at 4%;Lend at 6%;Go home at 4) of functioning.
The new wave ushered in a modern outlook and tech-savvy methods of working for
traditional banks.All this led to the retail boom in India. People not just demanded more
from their banks but also received more.
CURRENT SITUATION
Currently (2007), banking in India is generally fairly mature in terms of supply, product
range and reach-even though reach in rural India still remains a challenge for the
private sector and foreign banks. In terms of quality of assets and capital adequacy,
Indian banks are considered to have clean, strong and transparent balance sheets
relative to other banks in comparable economies in its region. The Reserve Bank of
India is an autonomous body, with minimal pressure from the government. The stated
policy of the Bank on the Indian Rupee is to manage volatility but without any fixed
exchange rate-and this has mostly been true.
With the growth in the Indian economy expected to be strong for quite some time-
especially in its services sector-the demand for banking services, especially retail
banking, mortgages and investment services are expected to be strong. One may also
expect M&As, takeovers, and asset sales.
In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its stake
in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an investor
has been allowed to hold more than 5% in a private sector bank since the RBI
announced norms in 2005 that any stake exceeding 5% in the private sector banks
would need to be vetted by them.
Currently, India has 88 scheduled commercial banks (SCBs) - 27 public sector banks
(that is with the Government of India holding a stake)after merger of New Bank of India
in Punjab National Bank in 1993, 29 private banks (these do not have government
stake; they may be publicly listed and traded on stock exchanges) and 31 foreign
banks. They have a combined network of over 53,000 branches and 17,000 ATMs.
According to a report by ICRA Limited, a rating agency, the public sector banks hold
over 75 percent of total assets of the banking industry, with the private and foreign
banks holding 18.2% and 6.5% respectively the trade of the British Empire, and so
became a banking center.
SERVICES RENDERED BY BANKS
The range of service offered differs from bank to bank, depending mainly on
the size and type of banks, but the acceptance of deposits from the public and
provision of credit from the mainstay of the banking business. The services offered
by commercial banks may be classified into (i) services to depositors and borrowers
for providing credit to them, and (ii) ancillary services.
Banks open various types of deposit accounts and render the following
services to the depositors and borrowers:
3. Carrying out the standing instructions for the payment of insurance premium,
subscriptions, certain taxes and gift remittances.
ANCILLARY SERVICES
8. Personal tax Assistance, preparing Income Tax, Sales Tax, Wealth Tax
Returns.
Retailing consists of the sale of goods or merchandise from a fixed location, such as a
department store or kiosk, or by post, in small or individual lots for direct consumption
by the purchaser.[1] Retailing may include subordinated services, such as delivery.
Purchasers may be individuals or businesses. In commerce, a retailer buys goods or
products in large quantities from manufacturers or importers, either directly or through a
wholesaler, and then sells smaller quantities to the end-user. Retail establishments are
often called shops or stores. Retailers are at the end of the supply chain. Manufacturing
marketers see the process of retailing as a necessary part of their overall distribution
strategy.With a jump in the Indian economy from a manufacturing sector, that never
really took off, to a nascent service sector, Banking as a whole is undergoing a change.
A larger option for the consumer is getting translated into a larger demand for financial
products and customisation of services is fast becoming the norm than a competitive
advantage. With the Retail banking sector expected to grow at a rate of 30% [Chanda
Kochhar, ED, ICICI Bank] players are focussing more and more on the Retail and are
waking up to the potential of this sector of banking. At the same time, the banking sector
as a whole is seeing structural changes in regulatory frameworks and securitisation and
stringent NPA norms expected to be in place by 2004 means the faster one adapts to
these changing dynamics, the faster is one expected to gain the advantage. In this
article, we try to study the reasons behind the euphemism regarding the Retail-focus of
the Indian banks and try to assess how much of it is worth the attention that it is
attracting.
Potential for Retail in India
The Indian players are bullish on the Retail business and this is not totally unfounded.
There are two main reasons behind this. Firstly, it is now undeniable that the face of the
Indian consumer is changing. This is reflected in a change in the urban household
income pattern. The direct fallout of such a change will be the consumption patterns and
hence the banking habits of Indians, which will now be skewed towards Retail products.
At the same time, India compares pretty poorly with the other economies of the world
that are now becoming comparable in terms of spending patterns with the opening up of
our economy. For instance, while the total outstanding Retail loans in Taiwan is around
41% of GDP, the figure in India stands at less than 5%. The comparison with the West
is even more staggering. Another comparison that is natural when comparing Retail
sectors is the use of credit cards. Here also, the potential lies in the fact that of all the
consumer expenditure in India in 2001, less than 1% was through plastic, the
corresponding US figure standing at 18%.
Beginning with one office in Mumbai, with a paid-up capital of rs.50 lakh and
50 employees, the bank has made a rapid growth over the years and blossomed into
a mighty institution with a strong national presence and sizable international
operations. In business volume, the bank occupies a premier position among the
nationalized banks.
While firmly adhering to a policy of prudence and caution, the bank has been in
the forefront of introducing various innovative services and systems. Business
has been conducted with the successful blend of traditional values and ethics
and the most modern infrastructure. The bank has been the first among the
nationalized banks to establish a fully computerized branch and atm facility at
the mahalaxmi branch at Mumbai way back in 1989. The bank is also a founder
member of swift in India. It pioneered the
Introduction of the health code
system in 1982, for evaluating/ rating its credit portfolio.
The bank's association with the capital market goes back to 1921 when it
entered into an agreement with the Bombay stock exchange (BSE) to manage the BSE
clearing house. It is an association that has blossomed into a joint venture
with BSE, called the BOI shareholding ltd. to extend depository services to the
stock broking community. Bank of India was the first Indian bank to open a
branch outside the country, at London, in 1946, and also the first to open a
branch in Europe, Paris in 1974. The bank has sizable presence abroad, with a
network of 27 branches (including three representative offices) at key banking
and financial centres viz. London, newyork, Paris, Tokyo, hong-kong and Singapore.
The international business accounts for around 20.10% of bank's total
business
.
BANK OF INDIA’S MISSION & VISION
MISSION
VISION
"To Become The Bank Of Choice For Corporate, Medium Businesses And
Up Market Retail Customers And To Provide Cost Effective Developmental Banking
For Small Business, Mass Market And Rural Markets"
RETAIL BANKING
FEATURES:
4. Minimum balance Rs. 50/= in rural and semi-urban branches ; Rs. 100/= in Urban
& Metro branches.
8. Nomination compulsory.
9. Interest @ 3.50 % p.a. on balances -Min interest earning to be Rs. 5/- half yearly.
11. Free quarterly statement of account at Urban and Metro branches. Pass books
at Rural & semi-urban branches.
13. No charges for closure of account.(ATM Debit card to be surrendered at Urban &
Metro centres)
15. Branch Managers are delegated to issue one cheque book free to literate
account holders.
SALIENT FEATURES
(Effective from 1-2-2007)
BOI Savings Plus is a mix of Savings Bank Account and Term Deposit Account.
It aims at maximizing the earnings for the customer, without jeopardizing liquidity.
Any amount in excess of Rs.25,000/- in the SB portion will be auto swept out into the
SDR or DBD portion in multiples of Rs.5,000/- on daily basis.
In the SDR portion, monies can be invested for any period from 15 days to 179 days,
as per the customer's choice. In the DBD portion, monies can be invested from 6
months upto and including 10 years, as per the customer's choice.
Upon maturity, the principal in the SDR/DBD portion would be auto-renewed for an
equal period, while the interest would be credited to the SB portion on the concerned
due date. The same, if not withdrawn can be swept back again into SDR/DBD for a
period of the customer's choice.
In case the balance in the SB portion is short of the required level to meet cheques
presented in the A/c., funds from SB Plus portion will be auto swept in, into the SB
portion, in multiples of Rs.1,000/- on daily basis. Although this would amount to
Payment before Maturity, no penalty would be charged. The latest SDR/DBD deposit
would be closed before maturity (in multiples of Rs.1,000/-) to ensure that the
customer does not have to bear higher loss (i.e. LIFO principle to apply).
Rate of Interest on the SB portion would be 3.5% p.a., while the Rate of Interest on
the SDR/DBD portion will depend on the tenure for which each deposit is placed,
and at the ruling Interest Rate as on the date the deposit is placed or renewed.
Bank of India offers you 'Star Diamond Banking'. An experience that opens the doors to
a whole new world of privileged banking. One that's filled with unparalleled advantages.
The Star Diamond Banking status could be the ace up your sleeve, making transactions
hassle-free and banking that much simpler. So be a part of a new era in banking, one in
which we can share an exclusive and cherished relationship.
Presently available in all CBS branches
THE BENEFITS*
FEATURES=STAR DIAMOND SAVINGS ACCOUNT
Relationship Manager=Yes
SALIENT FEATURES:
# Conditions apply.- For TOD Facility, the employee's total deductions should not be
more than 65% of his total salary. Branch Managers to use their discretion based on the
conduct of the Salary A/c.
* At select centers only. Free Multi city Cheque would be available to those employees
whose Average Quarterly Balance is Rs.50,000/- or more }
Free fund transfer ( NEFT/RTGS) facility through Internet Banking Upto Rs.5lac
CURRENT DEPOSITS
A deposit product combining Current & Fixed deposit account with ‘ sweep-in’ and
‘sweep-out’ facility to take care of withdrawals, if any.
Available at all Fully Computerised branches.
To meet urgent requirement of funds in the Current Deposit Account portion, funds in
multiples of Rs.30,000/- will be swept-in from Fixed Deposit portion on last-in first-out
(LIFO) basis subject to availability of funds
Interest will be payable on Fixed Deposit portion only as per maturity period.
Payment before maturity will be allowed without penalty , to meet shortfall if any, subject
to availability of fund.
Penalty charges of Rs.500/- per quarter will be levied where the average quarterly
balance in Current deposit account falls below the minimum stipulated amount.
TDS as applicable.
Sweep out from current to fixed deposits will only be an 1st & 16th of every month
Other Incentives
nstant transfer of funds between Multi Branch Banking MBB/CBS branches of the Bank.
Identified eligible customers using continuous stationery cheques will continue to use
the same with suitable modification.
Relationship Manager.
Bank of India's
Bank of India offers you 'Star Diamond Plus Banking', 'Star Diamond Banking' & 'Star
Gold Banking'. An experience that opens the doors to a whole new world of privileged
banking. One that's filled with unparalleled advantages. The Star Diamond Plus, Star
Diamond & Star Gold Banking status could be the ace up your sleeve that's particularly
beneficial in the high-powered business world, making your transactions hassle-free
and trade that much simpler. So be a part of a new era in banking, one in which we can
share an exclusive and cherished relationship.
Presently available in select city branches only.
The Benefits*
International Gold Credit card and accident insurance - 1 card free 1+1
card free
Inward / Outward Doc Bills for Collection ( out of pocket Expenses Charge) No
No 25% concession
Free NEFT/RTGS through Internet Banking upto Rs 5 lac to Individials and Rs.25 lac
to Corp Orate users Same Same
Bank of India's Star Diamond &Star Gold Current Accounts.
Bank of India offers you 'Star Diamond Plus Banking', 'Star Diamond Banking' & 'Star
Gold Banking'. An experience that opens the doors to a whole new world of privileged
banking. One that's filled with unparalleled advantages. The Star Diamond Plus, Star
Diamond & Star Gold Banking status could be the ace up your sleeve that's particularly
beneficial in the high-powered business world, making your transactions hassle-free
and trade that much simpler. So be a part of a new era in banking, one in which we can
share an exclusive and cherished relationship.
Presently available in select city branches only.
The Benefits*
Multi-city cheque Book Charges Personalised , Cheque Book Charges ----- ----
25% concession
International Gold Credit card and accident insurance - 1 card free 1+1
card free
Statements Monthly Unlimited Unlimited
Inward / Outward Doc Bills for Collection ( out of pocket Expenses Charge) No
No 25% concession
Free NEFT/RTGS through Internet Banking upto Rs 5 lac to Individials and Rs.25 lac
to Corp Orate users Same Same
TERM DEPOSIT
Payment of Interest:
Interest will be paid at the time of maturity along with principal
with quarterly compounding.(The payment/credit of interest in
the account will be subject to TDS as applicable)PAN number is
essential for those accounts where TDS is deducted.
Deposits which are repayable after less than 6 months are called Short Deposits;
interest thereon is calculated on the basis of 365 days in a year for the actual number of
days the Short Deposit remains with the Bank. Deposits which are repayable after six
months or more are called Fixed Deposits; interest thereon is calculated on the basis of
365 days in a year or actual months
KYC ( Know Your Customer) for opening account is applicable for these accounts
hence proof of residence and proof of identification will be required alongwith
recent photograph of the depositor/s
It is desirable that the Term Deposit account holders also maintain Savings Bank
accounts with the Bank so as to avoid delay in disbursement of interest on term
deposits or inconvenience to the depositor to call on the Branch to collect interest.
``For the benefit and convenience, may we suggest that you open a Savings Bank
Account with us and give us instructions to credit thereto, half yearly interest on this
Term Deposit Receipt. Your interest will earn interest.''
Types of Accounts
Term Deposit accounts may be opened in the names of :
(i) Individual - Single Accounts
(ii) Two or more individuals - Joint Accounts
(iii) Sole Proprietory Concerns
(iv) Partnership Firms
(v) Illiterate Persons
(vi) Blind Persons
(vii) Minors
(viii) Limited Companies
(ix) Associations, Clubs, Societies, etc.
(x) Trusts
(xi) Joint Hindu families (accounts of non-trading nature only)
(xii) Municipalities
(xiii) Government and Quasi-Government Bodies
(xiv) Panchayats
(xv) Religious Institutions
(xvi) Educational Institutions (including Universities)
(xvii) Charitable Institutions
Minimum amount Rs.1 lac for SDR and Rs.10,000/- for FDR in Metro and Urban
Branches and Rs.5000/- in Rural and Semi urban branches in FDR/SDR .Minimum
amount per single deposit for period of 7days to 14 days will be Rs.1lac.
Minimum Amount criteria will not be applicable to Subsidy kept under GOVT
Sponsored Schemes, Margin Money, earnest money and court attached/ordered
deposits
KYC ( Know Your Customer) for opening account is applicable for these accounts
also hence proof of residence and proof of identification will be required along
with recent photograph of the depositor/s
Types of Accounts
(vii) Minors
(x) Trusts
(xii) Municipalities
(xiv) Panchayats
Amount to be Invested
Minimum amount that may be accepted for the scheme shall be Rs.10,000/-in Metro
and Urban Branches and Rs.5000/- at Rural and Semi urban Branches
A depositor may receive interest every quarter at actuals in which case the deposits
will, for all practical purposes, be treated as deposits under the Bank's Fixed Deposit
Scheme with an endorsement to the effect that the interest will be paid every quarter.
KYC ( Know Your Customer) Norms for opening account are applicable for these
accounts also hence proof of residence and proof of identification will be
required along with recent photograph of the depositor/s
Types of Accounts
only individuals are eligible to open accounts under the scheme.
Thus, the Recurring Deposit Accounts can be opened in the names of:
(i) Individual — Single Accounts
(ii) Two or more individuals — Joint Accounts
(iii) Illiterate Persons
(iv) Blind Persons
(v)Minors
Opening of Accounts
A Recurring Deposit account where the compounding of interest is to be done on
quarterly basis shall be accepted for periods in multiples of three months only upto the
maximum period of ten years..
Minimum Amount of monthly installment
Recurring Deposits will be in equal monthly instalments. The core monthly instalment
should be minimum Rs. 500/ in Metro and urban Branches and Rs.100/- or above in
Semi urban/Rural Branches and in its multiples. There is no maximum limit.
Installments of any calendar month should be paid on or before last working day of that
calendar month and if it is not so paid
Rs.1.50 for every Rs.100/- p.m. for deposits of 5 years and less
Rs.2.00 for every Rs.100/- p.m. for deposits of over 5 years. Where installments in the
account are deposited in advance, penalty payable in respect of delayed installments
may be waived by the Bank if the equal number of advance installments are deposited.
A Scheme for long term savings investments, with Income Tax Benefits..
Other Terms and Conditions=i) In the case of Joint Accounts,only the first named
Depositor will be eligible for deduction under Section 80c of the Income Tax Act.
ii) No nomination shall be made in respect of aTerm Deposit applied for and held by or
onbehalf of a Minor.iii) The Term Deposit shall not be pledged to
Non Resident Indians (NRIs) have a choice of two schemes for depositing their savings
with Bank of India.
These are: -
• COPY OF PASSPORT.
• PHOTOGRAPHS OF ACCOUNT HOLDER/S.
• SIGNATURES TO BE VERIFIED BY INDIAN EMBASSY/KNOWN BANKERS.
• FULL PARTICULARS AS PROVIDED IN THE APPLICATION FORM
NOMINATION.
• REMITTANCE SHOULD BE IN FOREIGN CURRENCY.
• (PLEASE NOTE TO GIVE OVERSEAS AND LOCAL ADDRESSES, CONTACT
PHONE/FAX NUMBERS, E.MAIL ADDRESS ETC…)
Technology Prod