varun_singhal73
New member
CONTENTS
1. ACKNOWLEDGEMENT
2. PREFACE
3. INTRODUCTION
4. Indian Banking – a background
5. Title of the study
6. Objective of the study
7. Company profile
8. Old wine new bottle
9. LI report/CA report
INTRODUCTION
The changes in Indian banking since liberalization have been no less marked than those in the financial markets. In relatively less conspicuous but equally certain ways, the banking sector has moved towards greater privatization and globalization in the decade and a half since liberalization. As in the case of financial markets, the ride has not been free of bumps, but on the whole, it has stayed on course. Larger private banks – often floated by public institutions – as well as foreign banks have entered the arena and several new financial products are being offered. While mishaps like the Global Trust Bank collapse have occasionally shaken the confidence of depositors and the financial system, timely intervention and bail-out, regardless of their feared long-term effects, have avoided them from boiling over to crisis proportions.
With total deposits of over 11 lakh crores (roughly over $245 billion dollars) in 2001-02, the Indian commercial banking sector is one of the largest in the world. Over the decades, the Indian banking sector has grown steadily in size, measured in terms of total deposits, at a fairly uniform average annual growth rate of about 18% (see figure 1). Liberalization did not create a noticeable rise in the growth rate. If anything, the growth rate has declined marginally. Nevertheless, other changes in the nature of banking in India have continued to occur over the years.
Indian Banking – a background
Banking is an ancient business in India with some of oldest references in the writings of Manu. Bankers played an important role during the Mogul period. During the early part of the East India Company era, agency houses were involved in banking. Modern banking (i.e. in the form of joint-stock companies) may be said to have had its beginnings in India as far back as in 1786, with the establishment of the General Bank of India. Three Presidency Banks were established in Bengal, Bombay and Madras in the early 19th century. These banks functioned independently for about a century before they were merged into the newly formed Imperial Bank of India in 1921. The Imperial Bank was the forerunner of the present State Bank of India. The latter was established under the State Bank of India Act of 1955 and took over the Imperial Bank. The Swadeshi movement witnessed the birth of several indigenous banks including the Punjab National Bank, Bank of Baroda and Canara Bank. In 1935, the Reserve Bank of India was established under the Reserve Bank of India Act as the central bank of India.
In spite of all these developments, independent India inherited a rather weak banking and financial system marked by a multitude of small and unstable private banks whose failures frequently robbed their middle-class depositors of their life’s savings. After independence, the Reserve Bank of India was nationalized in 1949 and given wide powers in the area of bank supervision through the Banking Companies Act (later renamed Banking Regulations Act). The nationalization of the Imperial bank through the formation of the State Bank of India and the subsequent acquisition of the state owned
banks in eight princely states by the State Bank of India in 1959 made the government the dominant player in the banking industry. In keeping with the increasingly socialistic leanings of the Indian government, 14 major private banks, each with deposits exceeding Rs. 50 crores, were nationalized in 1969. This raised the proportion of scheduled bank branches in government control from 31% to about 84%. In 1980, six more private banks each with deposits exceeding Rs 200 crores, were privatized further raising the proportion of government controlled bank branches to about 90%.
As in other areas of economic policy-making, the emphasis on government control began to weaken and even reverse in the mid-80s and liberalization set in firmly in the early 90’s. The poor performance of the public sector banks, which accounted for about 90% of all commercial banking, was rapidly becoming an area of concern. The continuous escalation in non-performing assets (NPAs) in the portfolio of banks posed a significant threat to the very stability of the financial system. Banking reforms, therefore, became an integral part of the liberalization agenda. The first Narasimham Committee set the stage for financial and bank reforms in India. Interest rates, previously fixed by the Reserve Bank of India, were liberalized in the 90’s and directed lending through the use of instruments of the Statutory Liquidity Ratio was reduced. While several committees have looked into the ailments of commercial banking in India, three of them – the Narasimham committee I (1992) and II (1998) and the Verma committee – have aimed at major changes in the banking system. Nevertheless, more than a decade since the beginning of economic reforms, the banking sector is still struggling under the burden of considerable NPAs and the poor performance of public sector banks continues to be a major issue.
The financial reform process is often thought of as comprising two stages – the first phase guided broadly by the Narasimham Committee I report while the second is based on the Narasimham Committee II recommendations. The aim of the former was to bring about “operational flexibility” and “functional autonomy” so as to enhance “efficiency, productivity and profitability”. The latter focused on bringing about structural changes so as to strengthen the foundations of the banking system to make it more stable.
During the 90’s quite a few new private sector banks made their appearance, predominantly floated by public sector or quasi-public sector financial institutions. Among the completely private sector banks that made their debut during this period, the Global Trust Bank ended in a major failure in 2004 and its depositors had to be bailed out by the RBI through a merger with the Oriental Bank of Commerce. Several foreign banks also made their entry into the Indian banking scenario while the existing foreign banks expanded their operations. Meanwhile, the performance of public sector banks continued to be saddled with operational and lending inefficiencies. The Verma Committee identified three public sector banks – Indian Bank, UCO Bank and United Bank of India – as the weakest of the twenty-seven public sector banks, in terms of NPAs and accumulated losses. In March 2002, the gross NPAs of scheduled commercial banks amounted to Rs. 71,000 crores out of which Rs. 57,000 crores or roughly 80% came from the public sector banks. The following year witnessed a marginal improvement in the situation.
Financial liberalization has, however, had a predictable effect in the distribution of scheduled commercial banking in India. The reforms era growth in banking have focused on the more profitable urban and metro areas of the country. Between 1969 and 1991 for instance, the share of the rural branches increased from about 22% to over 58%. In 2004, the corresponding figure stood at a much lower 46%. The number of rural bank braches actually declined from the 1991 figure of over 35,000 branches by about 3000 branches. Between 1969 and 1991 the share of urban and metro branches fell from over 37% to less than 23%. In the years since it has crawled back up to over 31
TITLE OF THE STUDY
OBJECTIVE OF THE STUDY
The first objective of mine was to do a project in one of the blooming , growing banking organization.
The second thought which came in my mind was to work on such things, where I learn a lot & the best option is which I observe is current account , and LI product
The reason for choosing such place because it will provide vast exposure & scope for my better future.
STATEMENT OF THE PROBLEM
No such problem was faced by my side as most of the work was done in the office itself as my work was related with the data analysis. But I have to face lots of problem when I was asked to visit to different banks for collecting the data because no one give so much information which have to need for an research project & the rest of the problems are very minor which should be listed in the project.
METHODOLOGY
The methodology adopted by me is to collect data ,than refining it collecting data through asking questions and as a demy customer.
TOOLS FOR DATA COLLECTION
No such tools were there for data collection except telephone & mail .
LIMITATION OF THE STUDY
During my project report I faced certain problems which limited my scope of research. The limitations where
As I was in a very short period project so that I do not work so deeply.
Not even that I didn’t get enough time to visit the banks & take the feedback of the customer.
COMPANY PROFILE
Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation Ltd. and other four PSU companies, i.e. National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd.
The Bank today is capitalized to the extent of Rs. 357.48 crore with the public holding (other than promoters) at 57.03%.
The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of more than 608 branch offices and Extension Counters. The Bank has a network of over 2595 ATMs providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country.
The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.
COMPETITORS
HDFC BANK
ICICI BANK
IDBI BANK
STANDARD CHARTED
Old wine new bottle
By that definition, UTI Bank's re-branding is a bit of a paradox, because while the new visual identity begs renewed brand perception, its service proposition is to stay the same. Kaul doesn't agree.
"We were correcting the earlier mismatch," he says. "Our first concern was to reassure 6.5 million existing customers that besides our name and logo, nothing from our network, our technology platform or our management had changed."
Beginning August 1, the marketing machinery for communicating the change to Axis Bank swung into motion. Ubiquitous billboards with striking photographs of identical twins stated "Everything is the same except the name".
Viewer reactions to the Axis Bank TVC on YouTube unanimously declare it "eye catching" and "simple".
Ironically, this what UTI Bank was most concerned about. "There was a worry that something as serious as financial services was being reduced to such simplicity," says Chattopadhyay.
"But people have an innate fascination with twins. And when you combine simplicity of message with an emotional connect, it works."
Meanwhile, deliberation on what visual elements of brand identity should be maintained resulted in a new logo derived from the alphabet "A", but which retained the house colour, burgundy.
"Legacy issues with visual equity need to be tested carefully because often companies can be quite wrong about what audiences remember about the brand," warns Malhotra.
While redesigning Hindustan Unilever's coffee brand Bru, Ray+Keshavan found that the colour green was strongly associated with the brand, so it was retained. On the other hand, while redesigning ACC cement, the consultancy found there was no clear colour association but people remembered the capital letters.
The brief from Axis to O&M was clear -- once the communication campaign served its purpose, there would be no more mention of the legacy brand.
?"The effort was 360 degrees in one short, intensive burst, across mass media, 2,500 ATMs, the internet and mobile channels," reveals Chattopadhyay. While the outdoor media campaign ran for three weeks, the television commercial will be on air a few weeks longer.
Meanwhile, O&M has begun work on a subsequent television-led campaign, which will focus on each of the bank's key products, minus the twins. "The consensus was that there needn't be any reinforcement of the change of name," says Chattopadhyay.
Lozito supports this, "Our bias is to have a company make a clean, rapid change, and do so in a dramatic way by employing all elements of the marketing mix. In most cases, consumers have a hard time recalling the preceding company name."
LI report/CA report
Introduction-
“LI”
On-the-job training is nothing but a situation, where a student can get a real taste of ever demanding, ultra-competitive corporate world, while still continuing as student to make him battle hardened to meet his long nourished ambition.
Here I am explaining the environment that I am exposed to during my OJT in Insurance industry with Axis Bank ( Metlife india Insurance.)
EXECUTIVE SUMMARY
The outlook of the modern day investors has undergone a dramatic change. In the changed fiscal scenario with drastic fall in the interest for investment and the volatile capital market with limited investment option, ULIP comes to the rescue of the prudent investor. Investment in insurance has become the style of the day. The individual looks at buying an insurance policy more of an investment, which comes with the additional benefits of life cover and tax benefit also.
Unit Linked provides you with not only an effective protection against individual investment risks and inflation but above all it bring along a long- term growth potential of financial means.
Everyone decides on their own what is the right method of investment for them, which predetermines evaluation of deposited money .
Felt this concept is very innovative and interesting .So I was being assigned two project entitled : 1.unit link market in India
2. Insurance: invest or insure.
For the first topic ,I have made a comparative study of all the unit linked plans offered by all the major players in Indian industry . Based on the different features, I have been asked to make suggestion as well as recommendation .
As far as the second topic assigned to me is related to incorporation in insurance because insurance in its early days was as security. But later on new concept was incorporated i.e investment concept this project is “more of subjective kind, in this regard ,I have been asked to make a study about the perception of people in insurance : how they take insurance as investment and how they consider it as security.
This is the brief idea about my project.
Final project report
Concept
A project provides the platform to the student to fill the gap between his theoretical knowledge & practical on the job training at the corporate world.
“A study on comparative analysis of Marketing Communication Mix of Met life India Insurance and other insurance co” .Like what are the various marketing issues related to the insurance products and how does it affect the occupation and income level and how it is different from other insurance product with reference to Met life India Insurance. This is one of the topic that I am going to concentrate during my 15 days OJT. Here I am going to find out what type of customers are preferring the policies according to their occupation and income level and also let me understand the efforts that an insurance company make to meet the customers demands/requirements as well as making reasonable business.
Objectives
• To understand the organization culture.
• A study of the consumer behavior regarding insurance policies.
• To observe and analyze the marketing policies of Met life insurance’s with respect to its competitors.
Research Methodology
Research is a common parlance refers to a search for knowledge. One can also define as a scientific and systematic search for pertinent information on specific topic.
“A careful investigation (or) inquiry especially through search for new facts in any branch of knowledge”
Research Design
“A research design is an arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure.”
Source of data
Both primary and secondary data are used for this project.
Primary data
The primary data was collected from the respondents through questionnaire and observation.
Secondary data
The secondary data were collected from the books, magazines and also internet.
Life Insurance Product offered by Insurance company
Insurance companies offering basically two types of products in the market, to cater the need of people.
Traditional plan
ULIP
Traditional plan- The traditional plans can be categorized as according to their features.
1 Term Plan- Life insurance Plans, which provide only risk cover during a specified period without any survival benefits are called Term Insurance.
2 Endowment Plan- Life insurance plans, which provide for payment of policy monies only on survival of the period, are called endowment plan.
3 Whole life plan- The risk is cover for the entire life of the policyholder, which is why they are known as whole life policies. The policy monies and the bonus are payable only to the nominee or the beneficiary upon the death of the policyholder
4 Annuity Plan: An annuity plan is a pure endowment plan with the condition that the sum assured is payable in installments over a specified period time.
Unit Linked Insurance Plan (ULIP):
Imagine an ideal combination of insurance and life savings that will help you in the future to finance lofty plans, whether referring to purchase of a car, contribution to education of children and grandchildren or just some extra income when retired.
Unit linked provides you with not only an effective protection against individual investment risks and inflation but above all it brings along a long term growth potential of financial means. Everybody decides on their own what is the right method of investment for them, which predetermines evaluation of deposited money.
Financial means invested into the unit linked are evaluated in the course of insurance period through six financial funds. It is you yourselves that decide on division of the invested means. You can at any time relocate your money among the funds. The six funds for investments vary in term of a risk level and, at the same time, a rate of return.
Types of riders offered:
• Dread disease rider
• Accidental death rider
• Accidental Waiver of premium
• Death and disability rider
• Accidental full disability annuity rider
• Specified accidents and accidental disability rider for a child
• Hospitalization rider
• Hospitalization resulting from an accident rider
• Rider for accidents short-term disability to work
Withdrawal Facility
• In the course of insurance period you can make partial withdrawal of the saved means.
• After the insurance period is over, you will be paid out the invest sum increased by evaluation, this as a lump-sum payment or regular annuity.
• In case of death in the course of insurance period, the sum assured agreed upon or the fund value is immediately paid out to a beneficiaries. The investment value is paid out if it higher than the sum assured agreed upon.
Tax Rebate
• A contract on life insurance has to be concluded for the minimum of 5 years. Simultaneously, the insurance maturity has to be determined for the age when the insured reaches 60 years of age, if appropriate later. The policyholder – natural parson – can deduct at maximum CZK 12000 a year from his tax base.
Premium Paying Mode
• Premium can be paid in regular monthly installments: monthly, quarterly, semi-annually, and annually.
• Top-ups, thus reinforcing the investment part of insurance.
Fund Allocation
The outlook of the modern day investor has undergone a dramatic change. In the changed fiscal scenario with drastic fall in the intrest for investment and the volatile capital market with limited investment options, ULIP comes to the rescue of the prudent investor. Investment in insurance has become the style of the day. The individual looks at buying an insurance policy more of an investment, which comes with the additional benefits of life cover and tax benefit also.
ULIP – Unit linked Insurance policy –ULIP is a unique, multiple benefit plan which combines the basic benefit of life insurance, tax benefit and accident insurance cover . The plan offers tax rebate of 20% on the amount invested under section 88 of the Income Tax Act within the overall limit of Rs.1 lakh.
With the insurance Insurance industry booming up in the Indian economy following liberalized regulations from the IRDA, the ULIP have regained their strength .This way further boosted by the private insurance companies with foreign partners.
Under ULIPs, the premiums are invested after deducting the charges and fees on a fund similar to that of a mutual fund along with a life insurance cover.
The IRDA regulates a unit linked plan must be offers to the investor with an option to select among debt, balanced and equity funds. For example, if an investor opts for a unit- linked endowment policy, he can choose to invest his premiums in debt, balance or equity funds.
An overview of India’s insurance market
Insurance in India used to be tightly regulated and monopolized by state-run insurers. Following the move towards economic reform in the early 1990s, various plans to revamp the sector finally resulted in the passage of the Insurance Regulatory and Development Authority (IRDA) Act of 1999. Significantly, the insurance business was opened on two fronts. Firstly, domestic private-sector .Companies were permitted to enter both life and non-life insurance business. Secondly, foreign Companies were allowed to participate, albeit with a cap on shareholding at 26%. With the Introduction of the 1999 IRDA Act, the insurance sector joined a set of other economic sectors on the growth march. During the 2003 financial year1, life insurance premiums increased by an estimated 12.3% in real terms to INR 650 billion (USD 14 billion) while non-life insurance premiums rose 12.2% to INR 178 billion (USD 3.8 billion). The strong growth in 2003 did not come in isolation. Growth in insurance premiums has been averaging at 11.3% in real terms over the last decade.
History of insurance development in India
Insurance in its modern form first arrived in India through a British called the oriental Life Insurance Company in 1818, followed by the Bombay Assurance Company in 1823, and the Madras Equitable Life Insurance Society in 1829. They insured the lives of Europeans living in India. The first company that sold policies to Indians with “fair value” was the Bombay Mutual Life Assurance Society starting in 1871. The first general insurance company, Triton Insurance Company Limited, was established in 1850. For the next hundred years, both life and non-life insurance were confined mostly to the wealthy living in large metropolitan areas.
Need for Life Insurance
Risks and uncertainties are part of life's great adventure -- accident, illness, theft, natural disaster - they're all built into the working of the Universe, waiting to happen.
Insurance then is man's answer to the vagaries of life. If you cannot beat man-made and natural calamities, well, at least be prepared for them and their aftermath.
Insurance is a contract between two parties - the insurer (the insurance company) and the insured (the person or entity seeking the cover) - wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of "premium".
These unforeseen events are defined as "risk" and that is why insurance is called a risk cover.
Hence, insurance is essentially the means to financially compensate for losses that life throws at people - corporate and otherwise.
MET LIFE INDIA INSURANCE COMPANY
A vision $ 100,000 and a two and half Roomed office space on broad way , NY.
That was the genesis of Metropolitan life insurance company, way back in 1868.
Did you Know:
We were the largest private contributor to the Allied cause during World War II?
We bought the first public bond issue of the World Bank in 1947 and was its largest lender for foreign projects?
We were the first insurance company to go global with operations in Korea and Taiwan in 1989?
We were the first insurance company to pay claims following the attacks on September 11, 2001?
We provided our headquarters to the Red Cross and its administrative relief centre for survivors of the Titanic?
We financed the Empire State Building?
We rehabilitated foreclosed farms throughout the Great Depression in the US?
We helped fund the construction of Rockefeller Centre?
Who is Met Life
Customer Reach
Currently holding 36th rank in the Fortune 500 list
Serves approximately 13 million individuals in the U.S.
Provides benefits to 37 million employees and family members through plan sponsors
Serves Top 88 of the Fortune 100 Companies
Serves approximately 8 million customers outside of US
India Fact
• Key Partners
– UTI Bank
– J & K Bank
– Dhanalakshmi Bank
– Karnataka Bank
• Number of Employees : In excess of 2300
• Commencement of operations on 14th Jan 2000
• Presence in 29 locations through 44 Offices & growing
• Widest product basket in the market
– Met Ultimate is case in point
• eseg: A highly sophisticated underwriting system
Laying a firm foundation for a great future!
• Covering over 5 lacs lives
• Presence in multiple channels of distribution
• State of the art training technologies
• Experience and backing of 137 years!
MetLife: The Organisation
Lets understand the
organization structure
The Insurance Potential in India
Life Insurance Penetration indices:
The Potential
SWOT Analysis of Metlife insurance
Strength :-
Ethical Product
Higher returns
Tax Benefit U/S 80C 10 (10 D)
Weakness:-
As the premium for life insurance is high many people are reluctant investing in Metlife insurance.
Opportunities:-
After 12th or graduation youngsters gets a chance to get employed for their future as a career.
Threats:-
As an insurance company Metlife has to face many threats in the form of competitions from companies like LIC, Bajaj Allianz & ICICI Pru .
The Competition:-
• LIC
• ING Vysya
• Bajaj Allianz
• Prudential ICICI
• Aviva Life Insurance
• Birla Sun Life Insurance
• Kotak Mahindra
Market Share
Profile of ICICI Prudential
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and prudential plc, a leading international financial services group headquartered in the United Kingdom.
ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 675 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively.
In the year ended March 31st 2004, the company issued in excess of 430,000 policies, with a total sum assured of over Rs. 8000 crores and a premium income in excess of Rs. 980 crores. In terms of distribution strength, the company has about 30,000 advisors and some 12 Bancassurance tie-ups.
ICICI Prudential Life Insurance Company is the country's leading private life insurance company.
ICICI Bank has tied up with ICICI Prudential Life Insurance Company Limited (a 74: 26 joint venture between India’s largest Private Bank – ICICI Bank and Prudential Plc, UK, which is one of the leading Life Insurance companies in the world).
ICICI Prudential offers a comprehensive range of life insurance solutions, right from Protection plans to Savings Plans to Investment plans, which cater to your needs at every stage in life.
COMPARISION OF PENSION PLAN OF MET LIFE AND HDFC Std LIFE
MetLife Advantage Plus
HDFC Std.Life – Pension
Plan
Death Benefit is 110% of FV Death Benefit is Fund Value
8 Annuity options incl. unique increasing life annuity
Annuity options not stated
Lower effective charges
Initial allocation charges are
high leading to lower IRR net of
all charges
Met Life HDFC Std Life
Minimum entry age 20 18
Maximum vesting age 65 60
Grace period 30 days 15 days
Fund Mgt Charges (FMC) 1.25% p.a .80% p.a
Surrender of policy within 1st three years Not permitted allowed
No. of investment fund 6 5
Comparison of unit link plan between Metlife & ICICI Pru
Met life ICICI
Death Benefit 1).If age at death less then 7 years .
100% of the fund value in the unit account.
2.)If age at death equal to or more then 7 years
higher of sum Assured or 100% of the fund value in the Unit Account. In the unfortunate event of death during the term of the policy,the nominee shall receive the higher of Sum Assured or the fund value.
Partial Withdrt awals Three policy years have elapsed
The amount requested is less then the surrender value of the withdrawable part
Minimum amount retained in the account after withdrawal being 10%of the single premium Partial withrtawl will be allowed after completion of the 3 policy years and n payment of full 3 years premium . the minimum partial withdrawl amount is Rs 2000
Eligibility criteria
Minimum age
Maximum age
Minimum single premium
Mnimum sum assured
Maximum sum assured
0 (age last birthday , 3 months to be completed )
55 ( age last birthday)
Rs 50000
1.25 times x single premium
5.00 times x Single premium
0 – 65 years
75 years
18000 per annum
Annual premium x term/.2, subject to aminimum of Rs 1 lakh
QUESTIONNAIRE ON INVESTMENT
Name : ……………………………………………..
Age: ……………… Occupation : ……………….
Address ……………………………………………..
Phone/ Mobile No ……………………………………………..
Q1. Have you planned your Financial Goals / have you set Financial Objectives?
Yes No No
Q2. Give Ranking to the investment avenues: (1 being most preferred 5 being least preferable)
S. No Investment Avenue Rank
1. Insurance
2. Fixed Deposit /NSC
3. LIC/ PF
4. Stock market
5. Mutual Funds
6. Others (Mention)
Q3. If you invest in Insurance, write the style of Investment you prefer.
Q4. Kindly name the Asset Management Companies in whose Life Insurance you have invested.
Q5. Name the plan in which you have invested before. Are you Happy with its Performance?
Q6. Where do you invest to save tax?
Q7. Are there any reasons for your not investing in Life Insurance as yet? Kindly mention the reason.
Q8. Would you like us to give a Demo on Unit linked fund. Kindly Give the details of the time suitable to contact you.
Signature: …………………………………………
Conclusion & Recommendations
I have been given the companies having unit link plans, so that I can make the comparative study of the different unit linked plans and the traditional plans offered by them
The mains plans covered by me are:
• Endowment plan
• Whole life plan
• Pension plan
• Unit linked Insurance plan
Endowment Plan
After comparing endowment plan of four companies, I found that Met life, offers unit linked whole life plan, ICICI Pru life offers Unit Linked plan with variable universal life feature while SBI Life & Tata AIG offers their traditional plan: as far as features are concerns, I can’t say that yes this plan of a particular company is the master plan. I ca n only state which feature I liked better than other companies offer.
When I studied different plan I felt that choosing one plan better than the other totally depends upon the acceptance &feasibility of the buyer .still I have found some characteristics which according to me were better then other plan’s characters, so I will name them as billow:
• Age wise if you see then SBI Life is better option.
• Premium wise Tata AIG is better then other & Birla sun life gives variety frequency.
• Birla’s death benefit is comparatively a better option.
• Riders offered maximum in case of ICICI then comes in descending order: Birla Tata AIG, SBI Life respectively.
• According to Alocation Charges the MetLife has advantage against their rival.
Whole life plan
After comparing whole life plan of three companies, I can conclude the following:
• Two companies mainly offer whole life unit linked plan in market. These are Birla’s &ICICI Prudential. Other two companies i.e.: Tata AIG & SBI Life have there traditional plans only.
• This plan’s performance can be differentiated by its features i.e. Birla’s offers the better option when through age wise &frequency of premium paid.
• SBI Life gives the option of lowest minimum premium &better duration.
Feature wise ,Metlife as well as ICICI prulife both offer good number of choice.
Pension plan
• Comparision of these compnies give the following chrucks:
• ICICI gives better option among the vesting age .
• In the similar fashion ,met life also allows from the very 1st year .
• When we see the investment option ,both met life & ICICI gives investment option in which the insured can invest in the fund depending upon his risk taking capability and the required returns.
ALLOCATION CHARGES:
Acording to me the best thing about MET LIFE is that the allocation charges is very less comparison to any insurance co., which make them distinguish to others.
Conclusion:
From this comparative study I can say that everyone has/ her own perception ,when it comes to their priorities regarding the different feature .Well I can say that deciding factor mainly depends upon perceiving criteria which is different for each and every person , it is also dependent upon buying capacity ,risk taking ability ,profession ,age ,dependability on members of the family ,income and many more. .So I can’t conclude the only plan which I feel the best .I have mainly compared and listed the features may be better than the others.
CA Report
BUSINESS BANKING
CURRENT ACCOUNTS GROWTH
Wide Range of Products
Customised offerings for various business segments
Growth aided by “Channel One” – a high-end premium product
Broad-based sales strategy
Focused approach for Corporates, Institutions & Government
Nature of product in current schedule
Analysis of current schedule
FOR AVERAGE BALANCE OF 10000/-
AXIS BANK
Name of the product Normal
Minimum Average Balance is Rs. 10000/- (MONTHLY)
Non Maintenance charges
DEPOSIT
Home branch Free limit is 1 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Minimum daily limits For interbranch deposits (intercity & intracity) is 50000.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
Name of the product Regular
Minimum Average Balance is Rs. 10,000/- (QUATERLY)
Non-Maintenance Charges per quarter Charge of Rs.750/- per quarter, if AQB is less than
Rs.10,000/-
DEPOSIT
Cash Deposit in Home Branch Location Free upto Rs.2 lacs per month or 25 transactions which ever is lower,Deposit in excess of Rs.2 lacs or 25 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 10,000/- per account per day) .In Non Home location Not Allowed.
IDBI BANK
Name of the product Basic
Minimum Average balance is Rs. 10000/- (QUATERLY)
Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) Rs 10,000 Between Rs 10,000 - Rs 5,000 -Rs 565 per quarter
Less than Rs 5,000 - Rs 1,125 per quarter
DEPOSIT
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery.
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to > Rs 20,000 Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60) Rs 20,000 per day
Rs 1 lac per month (excess cash deposit charges at Rs 2.20 per thousand)
(Minimum Rs 60) Rs 1,100 per month (FREE if MAB of Rs 1 lac or more is maintained)
ICICI BANK
Name of the product Standard
Minimum balance (Average quaterly balance) Rs. 10000/-
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% or AQB is greater than 50% but less than 100% it is 750/- per quarter.
DEPOSIT
Cash deposit at base branch location is free upto 80000/- per month or 25 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
They do not provide this product
WITHDRAWALS
AXIS BANK
WITHDRAWALS
There is no limit for home branch for withdrawals , transaction charges are free upto 50 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 1 lakh per day & transaction charges 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
WITHDRAWALS
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity Cash withdrawals charges @ Rs.2/1000, min Rs. 50 Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
WITHDRAWALS
Cash withdrawal in ATM it is 25000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount withdrawn per day (Minimum Rs 60).
ICICI BANK
WITHDRAWALS
Cash withdrawals at base branch upto 50 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 25 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
AXIS BANK
In PO the value base charges are Rs. 1.00 on per 1000 Rs. and transaction charges are Rs. 50 per PO. In DD which is payable at axis bank location the value base charges are 1.50 Rs. / Rs. 1000 & transaction charges are 25 per DD and in payable at correspondent bank locations is Rs. 2.50 / 1000 minimum & Rs. per DD. If DD purchased from other banks there is 0.50 Rs. is extra, minimum Rs. 50 per DD.
HDFC BANK
Demand Drafts payable HDFC Bank Locations (Issued from any branch) / Duplicate DD It is Amount Up to Rs. 50,000 charges Rs. 40/- per DD, Above Rs. 50,000 and up to Rs. 100,000- Rs. 25/-, Above Rs. 100,000it is Free. In PO HDFC Bank Locations (Issued from Any Branch) / Duplicate PO the amount Up to Rs. 50,000 charges Rs. 40/- per PO, Above Rs. 50,000 and up to Rs. 100,000 - Rs. 25/-, Above Rs. 100,000 it is Free .
Issuance of DD/ PO through PhoneBanking Rs. 50 through Phonebanking
Cancellation or Revalidation of DD & PO is Rs.50/- per instrument
**Only DD amount upto Rs 100000 for Preferred & Rs 50000 for other customers accepted at Phonebanking. All standard charges for DD are applicable as above.
IDBI BANK
The charges of Demand Drafts on branch locations in RBI Centers it is Rs 2.25 per thousand (Min. Rs 60) in Non - RBI centers it is Rs 2.25 per thousand (Minimum Rs 60)
Pay orders (A service charges of Rs 115 will be applicable for non-customers) & general it is Rs 1.25 per thousand (Minimum Rs 60 and maximum Rs 6000)
Demand drafts on over 300 Non-Branch locations (Commission to be paid for local other bank arrangement) Rs 2.80 per thousand (Min Rs 60 )
Foreign currency demand drafts and international money orders are charges Rs 3 per thousand (min. Rs 300 & max Rs 1250) , in Demand drafts / pay order cancellation / revalidation charges in Local Rs 60 in Foreign currency Rs 170 and Issue of duplicate drafts is Rs 115.
ICICI BANK
In PO , if PO issued form Base branch only charges are Rs. 1/-per Rs. 1000/- ;min Rs. 50/- per instrument . In DD , if it is payable at own location charges are Rs. 1/- per Rs. 1000/- , min Rs. 50/- per instrument & if DD drawn on correspondent banks / others banks the charges are Rs. 2.50/-per Rs. 1000/- , min Rs. 50/- per instrument & if DD/PO issued from non- base location they charges as above plus Fund transfer charges as applicable.
AXIS BANK
Cheques deposited at any branch in the same city for local clearing there is no charges, but the Ad valorem charges are Rs. 1.50/- Rs. 1000/- & transaction charges are Rs. 25/- per cheque . In case of cheques deposited at any AXIS bank branch for outstation collection, drawn on AXIS bank locations the charges are Rs. 2.50/- per Rs. 1000/-minimum Rs. 30/- per cheque and the postage charges are 30/- per cheque. If drawn on non AXIS bank locations the charges are Rs. 4.00/-per Rs. 1000/- min. Rs. 50/- per cheque . And the postage charges are same 30/- Rs. .
HDFC BANK
Cheque Collection in Outstation through own bank the charges are Rs.2.50 per Rs.1000 for Cheques drawn on HDFC Bank Locations, min Rs. 50 per instrument. In case of Outstation through another bank Correspondent bank locationsthey charge Rs.4/- per Rs.1,000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) & Non-MICR Cheques they charge Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25)
In Bouncing of cheques- Local Cheques Drawn on us if they bounce due to Insufficient Funds they charge Rs.300/- per Instrument & Due to Technical Reasons they do not Charge. In bouncing of cheques- outstation- through own bank they charge Rs.100/- per Instrument and in case of through another bank they also charge Rs.100/- per Instrument.
IDBI BANK
Out Station Cheque Collection on branch locations (on realisation basis) the charges are Rs 2.80 per thousand of the cheque amount + Rs 30 as postage) & (Minimum Rs 30). In the case of out station cheque collection on non branch locations (on realisation basis) ( other bank charges extra) Rs 4.50 per thousand of the cheque amount + Rs 30 as postage
(Minimum Rs 60). In Foreign Currency cheque collection the charges are Rs 2.50 per thousand (min. Rs 150 & max. Rs 1500) & (Handling charges per transaction
Rs 25+postage). Cheque deposited and returned (O/W Cheque) in Local cheques the charges are Rs. 60/- and in the case of outstation cheque these charges are Rs. 115/-. Cheque stop payment instructions Per cheque it is Rs. 60/- and in Range of cheques it is
Rs 115.
ICICI BANK
Local cheque collection through branches , in the case of base location (intra city) it is free of cost & in the case of non base branch they charge Rs. 1 per 1000/-, min Rs. 30 per cheque. In the case of upcountry cheque collection the charges are if it is ICICI bank locations Rs. 2 per 1000/- , min Rs. 50/- (postage Rs. 25/- per cheque) & in non ICICI bank locations they will charge Rs. 4/- per 1000/- , min Rs. 50 and the postage charges are same Rs. 25/- per cheque. In the case of cheque return they charge if cheque deposited by Account holder Rs. 100/- plus correspondent bank charges at actuals , if cheque issued by account holder the charges are Rs. 350/-.
AXIS BANK
In the case of fund transfer ( if it is intercity between AXIS bank accounts ) the Ad valorem charges are Rs. 1/- per Rs. 1000/- and transaction charges are Rs. 25/- per transfer.
HDFC BANK
Account to Account Fund Transfer within HDFC Bank it is free of cost . In Anynhwere Transactions Account to Account Fund Transfer within HDFC Bank the charges are Rs.15/- per transaction. Transactions through PhoneBanking in Interactive Voice Response (IVR) is Free of cost , in Non-IVR-Agent assisted-For accounts maintaining AQB it is also Free of cost.
In Non-IVR- Agent assisted - For accounts NOT maintaining AQB as of previous quarter and for transactions that are available on IVR the charges are Rs.50/- per call
IDBI BANK
The charges for Electronic Funds Transfers (EFT-Clearing /other credits from non home branch) ( RBI Br locations) are Rs 1.25 per thousand (min. Rs 60) & in non RBI Br locations they will charge Rs 1.75 per thousand (min. Rs 60)
(Intra city transactions are free)
ICICI BANK
In the case of internet banking , fund transfer within ICICI bank it is free up to Rs. 10 lakh per month , above that Rs. 0.20/- per Rs. 1000/- ; min Rs. 5/- per transaction.
FOR AVERAGE BALANCE OF 25000/-
DEPOSITS
AXIS BANK
Name of the product BUSINESS ADVANTAGE
Minimum Average Balance is Rs. 25000/- (MONTHLY)
Non Maintenance charges
DEPOSIT
Home branch Free limit is 3 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Minimum daily limits For interbranch deposits (intercity & intracity) is 75000/-.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
Name of the product PREMIUM
Minimum Average Balance is Rs. 25,000/- (QUATERLY)
Non-Maintenance Charges per quarter Charge of Rs.900/- per quarter, if AQB is less than
Rs.25,000/-
DEPOSIT
Cash Deposit in Home Branch Location Free upto Rs.3 lacs per month or 25 transactions which ever is lower, Deposit in excess of Rs.3 lacs or 25 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 25,000/- per account per day) .In Non Home location max. Rs. 25000/- per day. Charges@ Rs. 3 per 1000, min Rs. 50. .
IDBI BANK
Name of the product TRADE PLUS
Minimum Average balance is Rs. 25000/- (QUATERLY)
Charges for Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) Between Rs. 25,000 to Rs.10,000 they charge Rs 1010 per quarter &if it is Less than Rs 10,000 they charge Rs 1125 per quarter.
DEPOSIT
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery. Rs 2.5 lacs per month (excess cash deposit charges at Rs 2.20 per thousand)(Minimum Rs 60) Rs 950 per month (FREE if MAB of Rs 1 lac or more is maintained)
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to> Rs 20,000 Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60) Rs 20,000 per day
ICICI BANK
Name of the product Standard
Minimum balance (Average quaterly balance) Rs. 25000/-
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% or AQB is greater than 50% but less than 100% it is 750/- per quarter.
DEPOSIT
Cash deposit at base branch location is free upto 2 lakh per month or 35 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
Name of the product Business plus
Minimum Quarterly balance (AQB)
Account maintenance charges >=Rs. 25000/- to < Rs. 50000/- <Rs. 25000/- ---------Rs. 1500/-
Cash deposit into current accounts will be charged on a monthly basis at Rs. 1 per Rs. 1000 of cash deposited. This charge will apply only if the total cash deposited in a month exceeds Rs. 10 lakh.
WITHDRAWALS
AXIS BANK
There is no limit for home branch for withdrawals , transaction charges are free upto 75 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 2 lakh per day & transaction charges free upto 2 transactions per month above free limit Rs. 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity Cash withdrawals charges @ Rs.2/1000, min Rs. 50/- (only for incremental amount) Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
Cash withdrawal in ATM it is 50000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount above Rs. 1 lakh per day (Minimum Rs 60).
ICICI BANK
Cash withdrawals at base branch upto 75 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 50 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
STANDARD CHARTED
Cash withdrawal charges are 50/-in the case of other ATMs within India . In the case of VISA ATMs outside india Cash withdrawals charges are 140/-.
AXIS BANK
In PO there is no value base charges and transaction charges are Rs. 25 per PO above 3 POs per day which are free of cost. In DD which is payable at axis bank location the value base charges are 1 Rs. / Rs. 1000 & it is free upto Rs. 3 lakhs per month & transaction charges are 25 per DD and 10 DD per month are free. In case of in payable at correspondent bank locations is Rs. 2 / 1000 minimum & Rs. 25 per DD . If DD purchased from other banks there is 0.50 Rs. is extra, minimum Rs. 50 per DD.
HDFC BANK
Demand Drafts payable HDFC Bank Locations (Issued from any branch) / Duplicate DD It is Amount Up to Rs. 50,000 charges Rs. 40/- per DD, Above Rs. 50,000 and up to Rs. 100,000- Rs. 25/-, Above Rs. 100,000it is Free. In PO HDFC Bank Locations (Issued from Any Branch) / Duplicate PO the amount Up to Rs. 50,000 charges Rs. 40/- per PO, Above Rs. 50,000 and up to Rs. 100,000 - Rs. 25/-, Above Rs. 100,000 it is Free .
Issuance of DD/ PO through PhoneBanking Rs. 50 through Phonebanking
Cancellation or Revalidation of DD & PO is Rs.50/- per instrument
**Only DD amount upto Rs 100000 for Preferred & Rs 50000 for other customers accepted at Phonebanking. All standard charges for DD are applicable as above.
IDBI BANK
The charges of Demand Drafts on branch locations in RBI Centers it is free of cost , in Non - RBI centers it is Free up to Rs 5 lacs per month > Rs 5 lacs per month charges at Rs 1.25 per thousand (Min Rs 60 )
Pay orders (A service charges of Rs 115 will be applicable for non-customers) & general it is Rs 1.25 per thousand (Minimum Rs 60 and maximum Rs 6000)
Demand drafts on over 300 Non-Branch locations (Commission to be paid for local other bank arrangement) Rs 2.50 per thousand (Min Rs 60 )
Foreign currency demand drafts and international money orders are charges Rs 3 per thousand (min. Rs 300 & max Rs 1250) , in Demand drafts / pay order cancellation / revalidation charges in Local Rs 60 in Foreign currency Rs 170 and Issue of duplicate drafts is Rs 115.
ICICI BANK
In PO , if PO issued form Base branch it is free upto Rs. 1 lakh per day , above that only charges are Rs. 1/-per Rs. 1000/- ;min Rs. 50/- per instrument . In DD , if it is payable at own location it is free upto 1 lakh per day above that charges are Rs. 1/- per Rs. 1000/- , min Rs. 50/- per instrument & if DD drawn on correspondent banks / others banks the charges are Rs. 2.50/-per Rs. 1000/- , min Rs. 50/- per instrument & if DD/PO issued from non- base location they charges as above plus Fund transfer charges as applicable.
STANDARD CHARTED
In PO it is free upto 2 per day or 75 per Qtr. ( 75 includes DD charges @ Rs. 75/- per PO to apply thereafter.
In DD , draft drawn on any of our branches the charges are 0.25% ( min fee Rs. 50 , Max is Rs. 1500/-, 75 includes PO charges @ 0.25% to apply thereafter). If draft drawn on correspondent bank the free limit is in the case of no. of location and in value it is NIL .Charges applicable above limit are 0.30% (min fee Rs. 250/-). If foreign Currency draft the charges are 750/-.
AXIS BANK
Cheques deposited at any branch in the same city for local clearing there is no charges, but the Ad valorem charges are Rs. 1/- per Rs. 1000/- & it is free upto Rs. 10 lakh per month. The transaction charges are Rs. 25/- per cheque and it is free upto 10 transaction per month . In case of cheques deposited at any AXIS bank branch for outstation collection, drawn on AXIS bank locations the charges are Rs. 1.50/- per Rs. 1000/-minimum Rs. 30/- per cheque and the postage charges are 30/- per cheque. If drawn on non AXIS bank locations the charges are Rs. 3.00/-per Rs. 1000/- min. Rs. 50/- per cheque . And the postage charges are same 30/- Rs. .
HDFC BANK
Cheque Collection in Outstation through own bank the charges are Rs.2.50 per Rs.1000 for Cheques drawn on HDFC Bank Locations, min Rs. 50 per instrument. In case of Outstation through another bank Correspondent bank locations they charge Rs.4/- per Rs.1,000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) & Non-MICR Cheques they charge Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25)
In Bouncing of cheques- Local Cheques Drawn on us if they bounce due to Insufficient Funds they charge Rs.300/- per Instrument & Due to Technical Reasons they do not Charge. In bouncing of cheques- outstation- through own bank they charge Rs.100/- per Instrument and in case of through another bank they also charge Rs.100/- per Instrument.
IDBI BANK
Out Station Cheque Collection on branch locations (on realisation basis) the charges are Rs 1.70/- per thousand of the cheque amount + Rs 30 as postage) & (Minimum Rs 30). In the case of out station cheque collection on non branch locations (on realisation basis) ( other bank charges extra) Rs 3.50/- per thousand of the cheque amount + Rs 30 as postage (Minimum Rs 60). In Foreign Currency cheque collection the charges are Rs 2.50 per thousand (min. Rs 150 & max. Rs 1500) & (Handling charges per transaction
Rs 25+ postage). Cheque deposited and returned (O/W Cheque) in Local cheques the charges are Rs. 60/- and in the case of outstation cheque these charges are Rs. 115/-. Cheque stop payment instructions Per cheque it is Rs. 60/- and in Range of cheques it is
Rs 115.
ICICI BANK
Local cheque collection through branches , in the case of base location (intra city) it is free of cost & in the case of non base branch they charge Rs. 1 per 1000/-, min Rs. 30 per cheque & it is free upto Rs 8 lakhs per month . In the case of upcountry cheque collection the charges are if it is ICICI bank locations Rs. 2 per 1000/- , min Rs. 50/- (postage Rs. 25/- per cheque) & in non ICICI bank locations they will charge Rs. 4/- per 1000/- , min Rs. 50 and the postage charges are same Rs. 25/- per cheque. In the case of cheque return they charge if cheque deposited by Account holder Rs. 100/- plus correspondent bank charges at actuals , if cheque issued by account holder the charges are Rs. 350/-.
STANDARD CHARTED
It is free of cost if cheque drawn on any of SC branch. If cheque drawn on another bank , if it is our branch locations the charges are Rs. 50/- & in the case of other specific locations they charges 0.30% (min fee are Rs. 150/-). In the case of foreign currency cheque the charges are (Min fee is Rs. 100/-). In outstation cheque pick-up for , handling charges are in the case of correspondent with other banks , for local currency cheque collection the charges are Rs. 50/-, and in foreign currency cheque collection the charges are Rs. 100/-
AXIS BANK
In the case of fund transfer ( if it is intercity between AXIS bank accounts ) the Ad valorem charges are Rs. 0.75/- per Rs. 1000/- & the free limit is up to 10 lakh and transaction charges are Rs. 25/- per transfer & the free limit is up to 12 transfers.
HDFC BANK
Account to Account Fund Transfer within HDFC Bank it is free of cost . In Anynhwere Transactions Account to Account Fund Transfer within HDFC Bank the charges are Rs.15/- per transaction. Transactions through PhoneBanking in Interactive Voice Response (IVR) is Free of cost , in Non-IVR-Agent assisted-For accounts maintaining AQB it is also Free of cost.
In Non-IVR- Agent assisted - For accounts NOT maintaining AQB as of previous quarter and for transactions that are available on IVR the charges are Rs.50/- per call
IDBI BANK
The charges for Electronic Funds Transfers (EFT-Clearing /other credits from non home branch) ( RBI Br locations) are Free up to Rs 15 lacs > Rs 15 lacs per month
Rs 1 per thousand (min. Rs 60) & in non RBI Br locations they will charge Rs 1.25 per thousand (min. Rs 60) Free up to Rs 10 lacs > Rs 10 lacs per month
(Intra city transactions are free)
ICICI BANK
In the case of internet banking , fund transfer within ICICI bank it is free up to Rs. 25 lakh per month , above that Rs. 0.20/- per Rs. 1000/- ; min Rs. 5/- per transaction.
STANDARD CHARTED
In fund transfer the transfer of funds across STANDARD CHARTED bank branches are free of cost .
FOR AVERAGE BALANCE OF 1 lakh/-
DEPOSIT
AXIS BANK
Name of the product BUSINESS CLASSIC
Minimum Average Balance is Rs. 1 lakh (MONTHLY)
Non Maintenance charges __________________________
Home branch Free limit is 10 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Max. daily limits For interbranch deposits (intercity & intracity) is 1 lakh.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
Name of the product PLUS
Minimum Average Balance is Rs.1 lakh/- (QUATERLY)
Non-Maintenance Charge of Rs.6,000/- per quarter, if AQB is less than Rs.50,000/-
Charge of Rs.1,500/- per quarter, if AQB is less than Rs. 100,000/- but > = Rs. 50,000/-
Cash Deposit in Home Branch Location Free upto Rs.10 lacs per month or 50 transactions which ever is lower, Deposit in excess of Rs.10 lacs or 50 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 1 lakh per account per day) .In Non Home location max. Rs. 1 lakh per day. Charges@ Rs. 3 per 1000, min Rs. 50. .
IDBI BANK
Name of the product BRONJE PLUS
Minimum Average balance is Rs. 1 lakh (QUATERLY)
Charges for Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) Between Rs. 1 lakh to Rs.50,000 they charge Rs 2805 per quarter & if it is Less than Rs 50,000 they charge Rs 4530 per quarter.
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery. Rs 6 lacs per month (excess cash deposit charges at Rs 2.20 per thousand) (Minimum Rs 60) Rs 675 per month (FREE if MAB of Rs 1 lac or more is maintained)
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to> Rs 20,000 Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60) Rs 20,000 per day
ICICI BANK
Name of the product GOLD
Minimum balance (Average quaterly balance) Rs. 100000/-
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% the charges are 4500/- per quarter and if AQB is greater than 50% but less than 100% it is 2000/- per quarter.
Cash deposit at base branch location is free upto 10 lakh per month or 60 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
Name of the product Enhanced Business plus. Account maintenance charges >=Rs. 75000/- to < Rs. 100000/----750, >Rs. 50000/- to <Rs. 75000/- <Rs. 50000/------1000,
>Rs. 25000/- to < Rs. 50000/------Rs. 1250/-, <25000/- ----------1500.
Cash deposit into current accounts will be charged on a monthly basis at Rs. 1 per Rs. 1000 of cash deposited. This charge will apply only if the total cash deposited in a month exceeds Rs. 10 lakh.
WITHDRAWALS
AXIS BANK
There is no limit for home branch for withdrawals , transaction charges are free upto 100 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 3 lakh per day & transaction charges free upto 4 transactions per month above free limit Rs. 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity the free cash withdrawals upto Rs. 50000/- per day Cash withdrawals charges @ Rs.2/1000, &, charges are min Rs. 50/- (only for incremental amount) Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
Cash withdrawal in ATM it is 50000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount above Rs. 1 lakh per day (Minimum Rs 60).
ICICI BANK
Cash withdrawals at base branch upto 125 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 100 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
STANDARD CHARTED
Cash withdrawal charges are 50/-in the case of other ATMs within India . In the case of VISA ATMs outside india Cash withdrawals charges are 140/-.
AXIS BANK
In PO there is no value base charges and transaction charges are Rs. 25 per PO above 5 POs per day which are free of cost. In DD which is payable at axis bank location the value base charges are nil & transaction charges are 25 per DD and 10 DD per month are free. In case of in payable at correspondent bank locations is Rs. 1.50 / 1000 minimum & Rs. 25 per DD . If DD purchased from other banks there is 0.50 Rs. is extra, minimum Rs. 50 per DD.
HDFC BANK
Demand Drafts payable HDFC Bank Locations (Issued from any branch) / Duplicate DD It is Amount Free up to 50 DDs per month. Above 50 transactions, charges @ Rs. 25/- per Demand draft
. In PO HDFC Bank Locations (Issued from Any Branch) / Duplicate PO they Free up to 50 POs per month. Above 50 transactions, charges @ Rs. 25/- per Pay-order Issuance of DD/ PO through PhoneBanking Rs. 25 through Phonebanking
Cancellation or Revalidation of DD & PO is Rs.50/- per instrument
**. Only DD amount upto Rs 300,000 for Current Plus Accountholders accepted at Phonebanking. All standard charges for DD are applicable as above.
IDBI BANK
The charges of Demand Drafts on branch locations in RBI Centers it is free of cost , in Non - RBI centers it is Free up to Rs 5 lacs per month > Rs 5 lacs per month charges at Rs 1 per thousand (Min Rs 60 )
Pay orders (A service charges of Rs 115 will be applicable for non-customers) & general it is free of cost.
Demand drafts on over 300 Non-Branch locations (Commission to be paid for local other bank arrangement) Free upto Rs 7 lacs per month ,> Rs 7 lacs charged
at Rs 2.50 per thousand (Min Rs 60 )
Foreign currency demand drafts and international money orders are charges Rs 3 per thousand (min. Rs 300 & max Rs 1250) , in Demand drafts / pay order cancellation / revalidation charges in Local Rs 60 in Foreign currency Rs 170 and Issue of duplicate drafts is Rs 115.
ICICI BANK
In PO , if PO issued form Base branch it is free of cost . In DD , if it is payable at own location it is free upto 25 lakh per day above that charges are Rs. 1/- per Rs. 1000/- , min Rs. 50/- per instrument & if DD drawn on correspondent banks / others banks the charges are Rs. 2 /-per Rs. 1000/- , min Rs. 50/- per instrument & if DD/PO issued from non- base location they charges as above plus Fund transfer charges as applicable.
STANDARD CHARTED
In PO it is free of cost.
In DD , draft drawn on any of our branches it is free of cost . If draft drawn on correspondent bank the free limit is in the case of no. of location is 100 and in value it is 15 lacs .Charges applicable above limit are 0.10% (min fee Rs. 250/-). If foreign Currency draft the charges are 750/-.
AXIS BANK
Cheques deposited at any branch in the same city for local clearing there is no charges, but the Ad valorem charges are Rs. 0.50/- per Rs. 1000/- & it is free upto Rs. 50 lakh per month. The transaction charges are Rs. 25/- per cheque and it is free upto 20 transaction per month .
In case of cheques deposited at any AXIS bank branch for outstation collection, drawn on AXIS bank locations it is free of cost , and the postage charges are 30/- per cheque. If drawn on non AXIS bank locations the charges are Rs. 2.00/-per Rs. 1000/- min. Rs. 50/- per cheque . And the postage charges are same 30/- Rs. .
HDFC BANK
Cheque Collection in Outstation through own bank the charges are Rs.2.50 per Rs.1000 for Cheques drawn on HDFC Bank Locations, min Rs. 50 per instrument. In case of Outstation through another bank Correspondent bank locations they charge Rs.4/- per Rs.1,000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) & Non-MICR Cheques they charge Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25)
In Bouncing of cheques- Local Cheques Drawn on us if they bounce due to Insufficient Funds they charge Rs.300/- per Instrument & Due to Technical Reasons they do not Charge. In bouncing of cheques- outstation- through own bank they charge Rs.100/- per Instrument and in case of through another bank they also charge Rs.100/- per Instrument.
IDBI BANK
Out Station Cheque Collection on branch locations (on realisation basis) the charges are Rs 1.70/- per thousand of the cheque amount + Rs 30 as postage) & (Minimum Rs 30). In the case of out station cheque collection on non branch locations (on realisation basis) ( other bank charges extra) Rs 3.50/- per thousand of the cheque amount + Rs 30 as postage (Minimum Rs 60). In Foreign Currency cheque collection the charges are Rs 2.50 per thousand (min. Rs 150 & max. Rs 1500) & (Handling charges per transaction
Rs 25+ postage). Cheque deposited and returned (O/W Cheque) in Local cheques the charges are Rs. 60/- and in the case of outstation cheque these charges are Rs. 115/-. Cheque stop payment instructions Per cheque it is Rs. 60/- and in Range of cheques it is
Rs 115.
ICICI BANK
Local cheque collection through branches , in the case of base location (intra city) it is free of cost & in the case of non base branch they charge Rs. 1 per 1000/-, min Rs. 30 per cheque & it is free upto Rs 8 lakhs per month . In the case of upcountry cheque collection the charges are if it is ICICI bank locations Rs. 2 per 1000/- , min Rs. 50/- (postage Rs. 25/- per cheque) & in non ICICI bank locations they will charge Rs. 4/- per 1000/- , min Rs. 50 and the postage charges are same Rs. 25/- per cheque. In the case of cheque return they charge if cheque deposited by Account holder Rs. 100/- plus correspondent bank charges at actuals , if cheque issued by account holder the charges are Rs. 350/-.
STANDARD CHARTED
It is free of cost if cheque drawn on any of SC branch. If cheque drawn on another bank , if it is our branch locations the charges are Rs. 50/- & in the case of other specific locations they charges 0.30% (min fee are Rs. 150/-). In the case of foreign currency cheque the charges are (Min fee is Rs. 100/-). In outstation cheque pick-up for , handling charges are in the case of correspondent with other banks , for local currency cheque collection the charges are Rs. 50/-, and in foreign currency cheque collection the charges are Rs. 100/-
AXIS BANK
In the case of fund transfer ( if it is intercity between AXIS bank accounts ) the Ad valorem charges are Rs. 0.30/- per Rs. 1000/- & the free limit is up to 50 lakh and transaction charges are Rs. 25/- per transfer & the free limit is up to 20 transfers.
HDFC BANK
Account to Account Fund Transfer within HDFC Bank it is free of cost . In Anynhwere Transactions Account to Account Fund Transfer within HDFC Bank it is also free of cost. Transactions through PhoneBanking in Interactive Voice Response (IVR) is Free of cost , in Non-IVR-Agent assisted-For accounts maintaining AQB it is also Free of cost.
In Non-IVR- Agent assisted - For accounts NOT maintaining AQB as of previous quarter and for transactions that are available on IVR the charges are Rs.50/- per call
IDBI BANK
The charges for Electronic Funds Transfers (EFT-Clearing /other credits from non home branch) ( RBI Br locations) are Free up to Rs 60 lacs > Rs 60 lacs per month
Re 1 per thousand (min. Rs 60) & in non RBI Br locations they will charge Rs 1.25 per thousand (min. Rs 60) Free up to Rs 40 lacs > Rs 40 lacs per month
(Intra city transactions are free)
ICICI BANK
In the case of internet banking , fund transfer within ICICI bank it is free of cost..
STANDARD CHARTED
In fund transfer the transfer of funds across STANDARD CHARTED bank branches are free of cost .
FOR AVERAGE BALANCE OF 5 lakh/-
DEPOSIT
AXIS BANK
Name of the product BUSINESS PRIVILEGE
Minimum Average Balance is Rs. 5 lakh/- (MONTHLY)
Non Maintenance charges _________________________________
Home branch Free limit is 30 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Minimum daily limits For interbranch deposits (intercity & intracity) is 2 lakh.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
They do not have provide this type of product in their sales basket.
IDBI BANK
Name of the product GOLD
Minimum Average balance is Rs. 5lakh (QUATERLY)
Charges for Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) the charges schedules are given below.
Between Rs 5,00,000 - Rs 4,00,000- Rs 2,245 per quarter
Less than Rs 4,00,000 - Rs 2,00,000- Rs 3,365 per quarter
Less than Rs 2,00,000 - Rs 1,00,000- Rs 4,530 per quarter
Less than Rs 1,00,000- Rs 5,615 per quarter
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery. Rs 40 lacs per month (excess cash deposit charges at Rs 2.20 per thousand)(Minimum Rs 60) Rs 950 per month (FREE if MAB of Rs 1 lac or more is maintained)
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to Rs 50,000 per day > Rs 50000/- Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60)
ICICI BANK
Name of the product Platinum
Minimum balance (Average quaterly balance) Rs. 5 lakh
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% the charges are Rs. 10000/- per quarter & if AQB is greater than 50% but less than 100% it is 5000/ per quarter.
Cash deposit at base branch location is free upto 40 lacs per month or 100 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
Name of the product Enhanced usiness plus 500
WITHDRAWALS
AXIS BANK
There is no limit for home branch for withdrawals , transaction charges are free upto 100 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 3 lakh per day & transaction charges free upto 4 transactions per month above free limit Rs. 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity the free cash withdrawals upto Rs. 50000/- per day Cash withdrawals charges @ Rs.2/1000, &, charges are min Rs. 50/- (only for incremental amount) Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
Cash withdrawal in ATM it is 50000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount above Rs. 1 lakh per day (Minimum Rs 60).
ICICI BANK
Cash withdrawals at base branch upto 125 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 100 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
STANDARD CHARTED
Cash withdrawal charges are 50/-in the case of other ATMs within India . In the case of VISA ATMs outside india Cash withdrawals charges are 140/-.
OTHER SERVICES
Other services provided by banks in his current account are almost same some differences are written below-
SWOT ANALYSIS OF AXIS BANK
Conclusion & Recommendations
1. ACKNOWLEDGEMENT
2. PREFACE
3. INTRODUCTION
4. Indian Banking – a background
5. Title of the study
6. Objective of the study
7. Company profile
8. Old wine new bottle
9. LI report/CA report
INTRODUCTION
The changes in Indian banking since liberalization have been no less marked than those in the financial markets. In relatively less conspicuous but equally certain ways, the banking sector has moved towards greater privatization and globalization in the decade and a half since liberalization. As in the case of financial markets, the ride has not been free of bumps, but on the whole, it has stayed on course. Larger private banks – often floated by public institutions – as well as foreign banks have entered the arena and several new financial products are being offered. While mishaps like the Global Trust Bank collapse have occasionally shaken the confidence of depositors and the financial system, timely intervention and bail-out, regardless of their feared long-term effects, have avoided them from boiling over to crisis proportions.
With total deposits of over 11 lakh crores (roughly over $245 billion dollars) in 2001-02, the Indian commercial banking sector is one of the largest in the world. Over the decades, the Indian banking sector has grown steadily in size, measured in terms of total deposits, at a fairly uniform average annual growth rate of about 18% (see figure 1). Liberalization did not create a noticeable rise in the growth rate. If anything, the growth rate has declined marginally. Nevertheless, other changes in the nature of banking in India have continued to occur over the years.
Indian Banking – a background
Banking is an ancient business in India with some of oldest references in the writings of Manu. Bankers played an important role during the Mogul period. During the early part of the East India Company era, agency houses were involved in banking. Modern banking (i.e. in the form of joint-stock companies) may be said to have had its beginnings in India as far back as in 1786, with the establishment of the General Bank of India. Three Presidency Banks were established in Bengal, Bombay and Madras in the early 19th century. These banks functioned independently for about a century before they were merged into the newly formed Imperial Bank of India in 1921. The Imperial Bank was the forerunner of the present State Bank of India. The latter was established under the State Bank of India Act of 1955 and took over the Imperial Bank. The Swadeshi movement witnessed the birth of several indigenous banks including the Punjab National Bank, Bank of Baroda and Canara Bank. In 1935, the Reserve Bank of India was established under the Reserve Bank of India Act as the central bank of India.
In spite of all these developments, independent India inherited a rather weak banking and financial system marked by a multitude of small and unstable private banks whose failures frequently robbed their middle-class depositors of their life’s savings. After independence, the Reserve Bank of India was nationalized in 1949 and given wide powers in the area of bank supervision through the Banking Companies Act (later renamed Banking Regulations Act). The nationalization of the Imperial bank through the formation of the State Bank of India and the subsequent acquisition of the state owned
banks in eight princely states by the State Bank of India in 1959 made the government the dominant player in the banking industry. In keeping with the increasingly socialistic leanings of the Indian government, 14 major private banks, each with deposits exceeding Rs. 50 crores, were nationalized in 1969. This raised the proportion of scheduled bank branches in government control from 31% to about 84%. In 1980, six more private banks each with deposits exceeding Rs 200 crores, were privatized further raising the proportion of government controlled bank branches to about 90%.
As in other areas of economic policy-making, the emphasis on government control began to weaken and even reverse in the mid-80s and liberalization set in firmly in the early 90’s. The poor performance of the public sector banks, which accounted for about 90% of all commercial banking, was rapidly becoming an area of concern. The continuous escalation in non-performing assets (NPAs) in the portfolio of banks posed a significant threat to the very stability of the financial system. Banking reforms, therefore, became an integral part of the liberalization agenda. The first Narasimham Committee set the stage for financial and bank reforms in India. Interest rates, previously fixed by the Reserve Bank of India, were liberalized in the 90’s and directed lending through the use of instruments of the Statutory Liquidity Ratio was reduced. While several committees have looked into the ailments of commercial banking in India, three of them – the Narasimham committee I (1992) and II (1998) and the Verma committee – have aimed at major changes in the banking system. Nevertheless, more than a decade since the beginning of economic reforms, the banking sector is still struggling under the burden of considerable NPAs and the poor performance of public sector banks continues to be a major issue.
The financial reform process is often thought of as comprising two stages – the first phase guided broadly by the Narasimham Committee I report while the second is based on the Narasimham Committee II recommendations. The aim of the former was to bring about “operational flexibility” and “functional autonomy” so as to enhance “efficiency, productivity and profitability”. The latter focused on bringing about structural changes so as to strengthen the foundations of the banking system to make it more stable.
During the 90’s quite a few new private sector banks made their appearance, predominantly floated by public sector or quasi-public sector financial institutions. Among the completely private sector banks that made their debut during this period, the Global Trust Bank ended in a major failure in 2004 and its depositors had to be bailed out by the RBI through a merger with the Oriental Bank of Commerce. Several foreign banks also made their entry into the Indian banking scenario while the existing foreign banks expanded their operations. Meanwhile, the performance of public sector banks continued to be saddled with operational and lending inefficiencies. The Verma Committee identified three public sector banks – Indian Bank, UCO Bank and United Bank of India – as the weakest of the twenty-seven public sector banks, in terms of NPAs and accumulated losses. In March 2002, the gross NPAs of scheduled commercial banks amounted to Rs. 71,000 crores out of which Rs. 57,000 crores or roughly 80% came from the public sector banks. The following year witnessed a marginal improvement in the situation.
Financial liberalization has, however, had a predictable effect in the distribution of scheduled commercial banking in India. The reforms era growth in banking have focused on the more profitable urban and metro areas of the country. Between 1969 and 1991 for instance, the share of the rural branches increased from about 22% to over 58%. In 2004, the corresponding figure stood at a much lower 46%. The number of rural bank braches actually declined from the 1991 figure of over 35,000 branches by about 3000 branches. Between 1969 and 1991 the share of urban and metro branches fell from over 37% to less than 23%. In the years since it has crawled back up to over 31
TITLE OF THE STUDY
OBJECTIVE OF THE STUDY
The first objective of mine was to do a project in one of the blooming , growing banking organization.
The second thought which came in my mind was to work on such things, where I learn a lot & the best option is which I observe is current account , and LI product
The reason for choosing such place because it will provide vast exposure & scope for my better future.
STATEMENT OF THE PROBLEM
No such problem was faced by my side as most of the work was done in the office itself as my work was related with the data analysis. But I have to face lots of problem when I was asked to visit to different banks for collecting the data because no one give so much information which have to need for an research project & the rest of the problems are very minor which should be listed in the project.
METHODOLOGY
The methodology adopted by me is to collect data ,than refining it collecting data through asking questions and as a demy customer.
TOOLS FOR DATA COLLECTION
No such tools were there for data collection except telephone & mail .
LIMITATION OF THE STUDY
During my project report I faced certain problems which limited my scope of research. The limitations where
As I was in a very short period project so that I do not work so deeply.
Not even that I didn’t get enough time to visit the banks & take the feedback of the customer.
COMPANY PROFILE
Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation Ltd. and other four PSU companies, i.e. National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd.
The Bank today is capitalized to the extent of Rs. 357.48 crore with the public holding (other than promoters) at 57.03%.
The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of more than 608 branch offices and Extension Counters. The Bank has a network of over 2595 ATMs providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country.
The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.
COMPETITORS
HDFC BANK
ICICI BANK
IDBI BANK
STANDARD CHARTED
Old wine new bottle
By that definition, UTI Bank's re-branding is a bit of a paradox, because while the new visual identity begs renewed brand perception, its service proposition is to stay the same. Kaul doesn't agree.
"We were correcting the earlier mismatch," he says. "Our first concern was to reassure 6.5 million existing customers that besides our name and logo, nothing from our network, our technology platform or our management had changed."
Beginning August 1, the marketing machinery for communicating the change to Axis Bank swung into motion. Ubiquitous billboards with striking photographs of identical twins stated "Everything is the same except the name".
Viewer reactions to the Axis Bank TVC on YouTube unanimously declare it "eye catching" and "simple".
Ironically, this what UTI Bank was most concerned about. "There was a worry that something as serious as financial services was being reduced to such simplicity," says Chattopadhyay.
"But people have an innate fascination with twins. And when you combine simplicity of message with an emotional connect, it works."
Meanwhile, deliberation on what visual elements of brand identity should be maintained resulted in a new logo derived from the alphabet "A", but which retained the house colour, burgundy.
"Legacy issues with visual equity need to be tested carefully because often companies can be quite wrong about what audiences remember about the brand," warns Malhotra.
While redesigning Hindustan Unilever's coffee brand Bru, Ray+Keshavan found that the colour green was strongly associated with the brand, so it was retained. On the other hand, while redesigning ACC cement, the consultancy found there was no clear colour association but people remembered the capital letters.
The brief from Axis to O&M was clear -- once the communication campaign served its purpose, there would be no more mention of the legacy brand.
?"The effort was 360 degrees in one short, intensive burst, across mass media, 2,500 ATMs, the internet and mobile channels," reveals Chattopadhyay. While the outdoor media campaign ran for three weeks, the television commercial will be on air a few weeks longer.
Meanwhile, O&M has begun work on a subsequent television-led campaign, which will focus on each of the bank's key products, minus the twins. "The consensus was that there needn't be any reinforcement of the change of name," says Chattopadhyay.
Lozito supports this, "Our bias is to have a company make a clean, rapid change, and do so in a dramatic way by employing all elements of the marketing mix. In most cases, consumers have a hard time recalling the preceding company name."
LI report/CA report
Introduction-
“LI”
On-the-job training is nothing but a situation, where a student can get a real taste of ever demanding, ultra-competitive corporate world, while still continuing as student to make him battle hardened to meet his long nourished ambition.
Here I am explaining the environment that I am exposed to during my OJT in Insurance industry with Axis Bank ( Metlife india Insurance.)
EXECUTIVE SUMMARY
The outlook of the modern day investors has undergone a dramatic change. In the changed fiscal scenario with drastic fall in the interest for investment and the volatile capital market with limited investment option, ULIP comes to the rescue of the prudent investor. Investment in insurance has become the style of the day. The individual looks at buying an insurance policy more of an investment, which comes with the additional benefits of life cover and tax benefit also.
Unit Linked provides you with not only an effective protection against individual investment risks and inflation but above all it bring along a long- term growth potential of financial means.
Everyone decides on their own what is the right method of investment for them, which predetermines evaluation of deposited money .
Felt this concept is very innovative and interesting .So I was being assigned two project entitled : 1.unit link market in India
2. Insurance: invest or insure.
For the first topic ,I have made a comparative study of all the unit linked plans offered by all the major players in Indian industry . Based on the different features, I have been asked to make suggestion as well as recommendation .
As far as the second topic assigned to me is related to incorporation in insurance because insurance in its early days was as security. But later on new concept was incorporated i.e investment concept this project is “more of subjective kind, in this regard ,I have been asked to make a study about the perception of people in insurance : how they take insurance as investment and how they consider it as security.
This is the brief idea about my project.
Final project report
Concept
A project provides the platform to the student to fill the gap between his theoretical knowledge & practical on the job training at the corporate world.
“A study on comparative analysis of Marketing Communication Mix of Met life India Insurance and other insurance co” .Like what are the various marketing issues related to the insurance products and how does it affect the occupation and income level and how it is different from other insurance product with reference to Met life India Insurance. This is one of the topic that I am going to concentrate during my 15 days OJT. Here I am going to find out what type of customers are preferring the policies according to their occupation and income level and also let me understand the efforts that an insurance company make to meet the customers demands/requirements as well as making reasonable business.
Objectives
• To understand the organization culture.
• A study of the consumer behavior regarding insurance policies.
• To observe and analyze the marketing policies of Met life insurance’s with respect to its competitors.
Research Methodology
Research is a common parlance refers to a search for knowledge. One can also define as a scientific and systematic search for pertinent information on specific topic.
“A careful investigation (or) inquiry especially through search for new facts in any branch of knowledge”
Research Design
“A research design is an arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure.”
Source of data
Both primary and secondary data are used for this project.
Primary data
The primary data was collected from the respondents through questionnaire and observation.
Secondary data
The secondary data were collected from the books, magazines and also internet.
Life Insurance Product offered by Insurance company
Insurance companies offering basically two types of products in the market, to cater the need of people.
Traditional plan
ULIP
Traditional plan- The traditional plans can be categorized as according to their features.
1 Term Plan- Life insurance Plans, which provide only risk cover during a specified period without any survival benefits are called Term Insurance.
2 Endowment Plan- Life insurance plans, which provide for payment of policy monies only on survival of the period, are called endowment plan.
3 Whole life plan- The risk is cover for the entire life of the policyholder, which is why they are known as whole life policies. The policy monies and the bonus are payable only to the nominee or the beneficiary upon the death of the policyholder
4 Annuity Plan: An annuity plan is a pure endowment plan with the condition that the sum assured is payable in installments over a specified period time.
Unit Linked Insurance Plan (ULIP):
Imagine an ideal combination of insurance and life savings that will help you in the future to finance lofty plans, whether referring to purchase of a car, contribution to education of children and grandchildren or just some extra income when retired.
Unit linked provides you with not only an effective protection against individual investment risks and inflation but above all it brings along a long term growth potential of financial means. Everybody decides on their own what is the right method of investment for them, which predetermines evaluation of deposited money.
Financial means invested into the unit linked are evaluated in the course of insurance period through six financial funds. It is you yourselves that decide on division of the invested means. You can at any time relocate your money among the funds. The six funds for investments vary in term of a risk level and, at the same time, a rate of return.
Types of riders offered:
• Dread disease rider
• Accidental death rider
• Accidental Waiver of premium
• Death and disability rider
• Accidental full disability annuity rider
• Specified accidents and accidental disability rider for a child
• Hospitalization rider
• Hospitalization resulting from an accident rider
• Rider for accidents short-term disability to work
Withdrawal Facility
• In the course of insurance period you can make partial withdrawal of the saved means.
• After the insurance period is over, you will be paid out the invest sum increased by evaluation, this as a lump-sum payment or regular annuity.
• In case of death in the course of insurance period, the sum assured agreed upon or the fund value is immediately paid out to a beneficiaries. The investment value is paid out if it higher than the sum assured agreed upon.
Tax Rebate
• A contract on life insurance has to be concluded for the minimum of 5 years. Simultaneously, the insurance maturity has to be determined for the age when the insured reaches 60 years of age, if appropriate later. The policyholder – natural parson – can deduct at maximum CZK 12000 a year from his tax base.
Premium Paying Mode
• Premium can be paid in regular monthly installments: monthly, quarterly, semi-annually, and annually.
• Top-ups, thus reinforcing the investment part of insurance.
Fund Allocation
The outlook of the modern day investor has undergone a dramatic change. In the changed fiscal scenario with drastic fall in the intrest for investment and the volatile capital market with limited investment options, ULIP comes to the rescue of the prudent investor. Investment in insurance has become the style of the day. The individual looks at buying an insurance policy more of an investment, which comes with the additional benefits of life cover and tax benefit also.
ULIP – Unit linked Insurance policy –ULIP is a unique, multiple benefit plan which combines the basic benefit of life insurance, tax benefit and accident insurance cover . The plan offers tax rebate of 20% on the amount invested under section 88 of the Income Tax Act within the overall limit of Rs.1 lakh.
With the insurance Insurance industry booming up in the Indian economy following liberalized regulations from the IRDA, the ULIP have regained their strength .This way further boosted by the private insurance companies with foreign partners.
Under ULIPs, the premiums are invested after deducting the charges and fees on a fund similar to that of a mutual fund along with a life insurance cover.
The IRDA regulates a unit linked plan must be offers to the investor with an option to select among debt, balanced and equity funds. For example, if an investor opts for a unit- linked endowment policy, he can choose to invest his premiums in debt, balance or equity funds.
An overview of India’s insurance market
Insurance in India used to be tightly regulated and monopolized by state-run insurers. Following the move towards economic reform in the early 1990s, various plans to revamp the sector finally resulted in the passage of the Insurance Regulatory and Development Authority (IRDA) Act of 1999. Significantly, the insurance business was opened on two fronts. Firstly, domestic private-sector .Companies were permitted to enter both life and non-life insurance business. Secondly, foreign Companies were allowed to participate, albeit with a cap on shareholding at 26%. With the Introduction of the 1999 IRDA Act, the insurance sector joined a set of other economic sectors on the growth march. During the 2003 financial year1, life insurance premiums increased by an estimated 12.3% in real terms to INR 650 billion (USD 14 billion) while non-life insurance premiums rose 12.2% to INR 178 billion (USD 3.8 billion). The strong growth in 2003 did not come in isolation. Growth in insurance premiums has been averaging at 11.3% in real terms over the last decade.
History of insurance development in India
Insurance in its modern form first arrived in India through a British called the oriental Life Insurance Company in 1818, followed by the Bombay Assurance Company in 1823, and the Madras Equitable Life Insurance Society in 1829. They insured the lives of Europeans living in India. The first company that sold policies to Indians with “fair value” was the Bombay Mutual Life Assurance Society starting in 1871. The first general insurance company, Triton Insurance Company Limited, was established in 1850. For the next hundred years, both life and non-life insurance were confined mostly to the wealthy living in large metropolitan areas.
Need for Life Insurance
Risks and uncertainties are part of life's great adventure -- accident, illness, theft, natural disaster - they're all built into the working of the Universe, waiting to happen.
Insurance then is man's answer to the vagaries of life. If you cannot beat man-made and natural calamities, well, at least be prepared for them and their aftermath.
Insurance is a contract between two parties - the insurer (the insurance company) and the insured (the person or entity seeking the cover) - wherein the insurer agrees to pay the insured for financial losses arising out of any unforeseen events in return for a regular payment of "premium".
These unforeseen events are defined as "risk" and that is why insurance is called a risk cover.
Hence, insurance is essentially the means to financially compensate for losses that life throws at people - corporate and otherwise.
MET LIFE INDIA INSURANCE COMPANY
A vision $ 100,000 and a two and half Roomed office space on broad way , NY.
That was the genesis of Metropolitan life insurance company, way back in 1868.
Did you Know:
We were the largest private contributor to the Allied cause during World War II?
We bought the first public bond issue of the World Bank in 1947 and was its largest lender for foreign projects?
We were the first insurance company to go global with operations in Korea and Taiwan in 1989?
We were the first insurance company to pay claims following the attacks on September 11, 2001?
We provided our headquarters to the Red Cross and its administrative relief centre for survivors of the Titanic?
We financed the Empire State Building?
We rehabilitated foreclosed farms throughout the Great Depression in the US?
We helped fund the construction of Rockefeller Centre?
Who is Met Life
Customer Reach
Currently holding 36th rank in the Fortune 500 list
Serves approximately 13 million individuals in the U.S.
Provides benefits to 37 million employees and family members through plan sponsors
Serves Top 88 of the Fortune 100 Companies
Serves approximately 8 million customers outside of US
India Fact
• Key Partners
– UTI Bank
– J & K Bank
– Dhanalakshmi Bank
– Karnataka Bank
• Number of Employees : In excess of 2300
• Commencement of operations on 14th Jan 2000
• Presence in 29 locations through 44 Offices & growing
• Widest product basket in the market
– Met Ultimate is case in point
• eseg: A highly sophisticated underwriting system
Laying a firm foundation for a great future!
• Covering over 5 lacs lives
• Presence in multiple channels of distribution
• State of the art training technologies
• Experience and backing of 137 years!
MetLife: The Organisation
Lets understand the
organization structure
The Insurance Potential in India
Life Insurance Penetration indices:
The Potential
SWOT Analysis of Metlife insurance
Strength :-
Ethical Product
Higher returns
Tax Benefit U/S 80C 10 (10 D)
Weakness:-
As the premium for life insurance is high many people are reluctant investing in Metlife insurance.
Opportunities:-
After 12th or graduation youngsters gets a chance to get employed for their future as a career.
Threats:-
As an insurance company Metlife has to face many threats in the form of competitions from companies like LIC, Bajaj Allianz & ICICI Pru .
The Competition:-
• LIC
• ING Vysya
• Bajaj Allianz
• Prudential ICICI
• Aviva Life Insurance
• Birla Sun Life Insurance
• Kotak Mahindra
Market Share
Profile of ICICI Prudential
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and prudential plc, a leading international financial services group headquartered in the United Kingdom.
ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 675 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively.
In the year ended March 31st 2004, the company issued in excess of 430,000 policies, with a total sum assured of over Rs. 8000 crores and a premium income in excess of Rs. 980 crores. In terms of distribution strength, the company has about 30,000 advisors and some 12 Bancassurance tie-ups.
ICICI Prudential Life Insurance Company is the country's leading private life insurance company.
ICICI Bank has tied up with ICICI Prudential Life Insurance Company Limited (a 74: 26 joint venture between India’s largest Private Bank – ICICI Bank and Prudential Plc, UK, which is one of the leading Life Insurance companies in the world).
ICICI Prudential offers a comprehensive range of life insurance solutions, right from Protection plans to Savings Plans to Investment plans, which cater to your needs at every stage in life.
COMPARISION OF PENSION PLAN OF MET LIFE AND HDFC Std LIFE
MetLife Advantage Plus
HDFC Std.Life – Pension
Plan
Death Benefit is 110% of FV Death Benefit is Fund Value
8 Annuity options incl. unique increasing life annuity
Annuity options not stated
Lower effective charges
Initial allocation charges are
high leading to lower IRR net of
all charges
Met Life HDFC Std Life
Minimum entry age 20 18
Maximum vesting age 65 60
Grace period 30 days 15 days
Fund Mgt Charges (FMC) 1.25% p.a .80% p.a
Surrender of policy within 1st three years Not permitted allowed
No. of investment fund 6 5
Comparison of unit link plan between Metlife & ICICI Pru
Met life ICICI
Death Benefit 1).If age at death less then 7 years .
100% of the fund value in the unit account.
2.)If age at death equal to or more then 7 years
higher of sum Assured or 100% of the fund value in the Unit Account. In the unfortunate event of death during the term of the policy,the nominee shall receive the higher of Sum Assured or the fund value.
Partial Withdrt awals Three policy years have elapsed
The amount requested is less then the surrender value of the withdrawable part
Minimum amount retained in the account after withdrawal being 10%of the single premium Partial withrtawl will be allowed after completion of the 3 policy years and n payment of full 3 years premium . the minimum partial withdrawl amount is Rs 2000
Eligibility criteria
Minimum age
Maximum age
Minimum single premium
Mnimum sum assured
Maximum sum assured
0 (age last birthday , 3 months to be completed )
55 ( age last birthday)
Rs 50000
1.25 times x single premium
5.00 times x Single premium
0 – 65 years
75 years
18000 per annum
Annual premium x term/.2, subject to aminimum of Rs 1 lakh
QUESTIONNAIRE ON INVESTMENT
Name : ……………………………………………..
Age: ……………… Occupation : ……………….
Address ……………………………………………..
Phone/ Mobile No ……………………………………………..
Q1. Have you planned your Financial Goals / have you set Financial Objectives?
Yes No No
Q2. Give Ranking to the investment avenues: (1 being most preferred 5 being least preferable)
S. No Investment Avenue Rank
1. Insurance
2. Fixed Deposit /NSC
3. LIC/ PF
4. Stock market
5. Mutual Funds
6. Others (Mention)
Q3. If you invest in Insurance, write the style of Investment you prefer.
Q4. Kindly name the Asset Management Companies in whose Life Insurance you have invested.
Q5. Name the plan in which you have invested before. Are you Happy with its Performance?
Q6. Where do you invest to save tax?
Q7. Are there any reasons for your not investing in Life Insurance as yet? Kindly mention the reason.
Q8. Would you like us to give a Demo on Unit linked fund. Kindly Give the details of the time suitable to contact you.
Signature: …………………………………………
Conclusion & Recommendations
I have been given the companies having unit link plans, so that I can make the comparative study of the different unit linked plans and the traditional plans offered by them
The mains plans covered by me are:
• Endowment plan
• Whole life plan
• Pension plan
• Unit linked Insurance plan
Endowment Plan
After comparing endowment plan of four companies, I found that Met life, offers unit linked whole life plan, ICICI Pru life offers Unit Linked plan with variable universal life feature while SBI Life & Tata AIG offers their traditional plan: as far as features are concerns, I can’t say that yes this plan of a particular company is the master plan. I ca n only state which feature I liked better than other companies offer.
When I studied different plan I felt that choosing one plan better than the other totally depends upon the acceptance &feasibility of the buyer .still I have found some characteristics which according to me were better then other plan’s characters, so I will name them as billow:
• Age wise if you see then SBI Life is better option.
• Premium wise Tata AIG is better then other & Birla sun life gives variety frequency.
• Birla’s death benefit is comparatively a better option.
• Riders offered maximum in case of ICICI then comes in descending order: Birla Tata AIG, SBI Life respectively.
• According to Alocation Charges the MetLife has advantage against their rival.
Whole life plan
After comparing whole life plan of three companies, I can conclude the following:
• Two companies mainly offer whole life unit linked plan in market. These are Birla’s &ICICI Prudential. Other two companies i.e.: Tata AIG & SBI Life have there traditional plans only.
• This plan’s performance can be differentiated by its features i.e. Birla’s offers the better option when through age wise &frequency of premium paid.
• SBI Life gives the option of lowest minimum premium &better duration.
Feature wise ,Metlife as well as ICICI prulife both offer good number of choice.
Pension plan
• Comparision of these compnies give the following chrucks:
• ICICI gives better option among the vesting age .
• In the similar fashion ,met life also allows from the very 1st year .
• When we see the investment option ,both met life & ICICI gives investment option in which the insured can invest in the fund depending upon his risk taking capability and the required returns.
ALLOCATION CHARGES:
Acording to me the best thing about MET LIFE is that the allocation charges is very less comparison to any insurance co., which make them distinguish to others.
Conclusion:
From this comparative study I can say that everyone has/ her own perception ,when it comes to their priorities regarding the different feature .Well I can say that deciding factor mainly depends upon perceiving criteria which is different for each and every person , it is also dependent upon buying capacity ,risk taking ability ,profession ,age ,dependability on members of the family ,income and many more. .So I can’t conclude the only plan which I feel the best .I have mainly compared and listed the features may be better than the others.
CA Report
BUSINESS BANKING
CURRENT ACCOUNTS GROWTH
Wide Range of Products
Customised offerings for various business segments
Growth aided by “Channel One” – a high-end premium product
Broad-based sales strategy
Focused approach for Corporates, Institutions & Government
Nature of product in current schedule
Analysis of current schedule
FOR AVERAGE BALANCE OF 10000/-
AXIS BANK
Name of the product Normal
Minimum Average Balance is Rs. 10000/- (MONTHLY)
Non Maintenance charges
DEPOSIT
Home branch Free limit is 1 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Minimum daily limits For interbranch deposits (intercity & intracity) is 50000.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
Name of the product Regular
Minimum Average Balance is Rs. 10,000/- (QUATERLY)
Non-Maintenance Charges per quarter Charge of Rs.750/- per quarter, if AQB is less than
Rs.10,000/-
DEPOSIT
Cash Deposit in Home Branch Location Free upto Rs.2 lacs per month or 25 transactions which ever is lower,Deposit in excess of Rs.2 lacs or 25 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 10,000/- per account per day) .In Non Home location Not Allowed.
IDBI BANK
Name of the product Basic
Minimum Average balance is Rs. 10000/- (QUATERLY)
Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) Rs 10,000 Between Rs 10,000 - Rs 5,000 -Rs 565 per quarter
Less than Rs 5,000 - Rs 1,125 per quarter
DEPOSIT
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery.
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to > Rs 20,000 Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60) Rs 20,000 per day
Rs 1 lac per month (excess cash deposit charges at Rs 2.20 per thousand)
(Minimum Rs 60) Rs 1,100 per month (FREE if MAB of Rs 1 lac or more is maintained)
ICICI BANK
Name of the product Standard
Minimum balance (Average quaterly balance) Rs. 10000/-
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% or AQB is greater than 50% but less than 100% it is 750/- per quarter.
DEPOSIT
Cash deposit at base branch location is free upto 80000/- per month or 25 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
They do not provide this product
WITHDRAWALS
AXIS BANK
WITHDRAWALS
There is no limit for home branch for withdrawals , transaction charges are free upto 50 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 1 lakh per day & transaction charges 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
WITHDRAWALS
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity Cash withdrawals charges @ Rs.2/1000, min Rs. 50 Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
WITHDRAWALS
Cash withdrawal in ATM it is 25000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount withdrawn per day (Minimum Rs 60).
ICICI BANK
WITHDRAWALS
Cash withdrawals at base branch upto 50 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 25 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
AXIS BANK
In PO the value base charges are Rs. 1.00 on per 1000 Rs. and transaction charges are Rs. 50 per PO. In DD which is payable at axis bank location the value base charges are 1.50 Rs. / Rs. 1000 & transaction charges are 25 per DD and in payable at correspondent bank locations is Rs. 2.50 / 1000 minimum & Rs. per DD. If DD purchased from other banks there is 0.50 Rs. is extra, minimum Rs. 50 per DD.
HDFC BANK
Demand Drafts payable HDFC Bank Locations (Issued from any branch) / Duplicate DD It is Amount Up to Rs. 50,000 charges Rs. 40/- per DD, Above Rs. 50,000 and up to Rs. 100,000- Rs. 25/-, Above Rs. 100,000it is Free. In PO HDFC Bank Locations (Issued from Any Branch) / Duplicate PO the amount Up to Rs. 50,000 charges Rs. 40/- per PO, Above Rs. 50,000 and up to Rs. 100,000 - Rs. 25/-, Above Rs. 100,000 it is Free .
Issuance of DD/ PO through PhoneBanking Rs. 50 through Phonebanking
Cancellation or Revalidation of DD & PO is Rs.50/- per instrument
**Only DD amount upto Rs 100000 for Preferred & Rs 50000 for other customers accepted at Phonebanking. All standard charges for DD are applicable as above.
IDBI BANK
The charges of Demand Drafts on branch locations in RBI Centers it is Rs 2.25 per thousand (Min. Rs 60) in Non - RBI centers it is Rs 2.25 per thousand (Minimum Rs 60)
Pay orders (A service charges of Rs 115 will be applicable for non-customers) & general it is Rs 1.25 per thousand (Minimum Rs 60 and maximum Rs 6000)
Demand drafts on over 300 Non-Branch locations (Commission to be paid for local other bank arrangement) Rs 2.80 per thousand (Min Rs 60 )
Foreign currency demand drafts and international money orders are charges Rs 3 per thousand (min. Rs 300 & max Rs 1250) , in Demand drafts / pay order cancellation / revalidation charges in Local Rs 60 in Foreign currency Rs 170 and Issue of duplicate drafts is Rs 115.
ICICI BANK
In PO , if PO issued form Base branch only charges are Rs. 1/-per Rs. 1000/- ;min Rs. 50/- per instrument . In DD , if it is payable at own location charges are Rs. 1/- per Rs. 1000/- , min Rs. 50/- per instrument & if DD drawn on correspondent banks / others banks the charges are Rs. 2.50/-per Rs. 1000/- , min Rs. 50/- per instrument & if DD/PO issued from non- base location they charges as above plus Fund transfer charges as applicable.
AXIS BANK
Cheques deposited at any branch in the same city for local clearing there is no charges, but the Ad valorem charges are Rs. 1.50/- Rs. 1000/- & transaction charges are Rs. 25/- per cheque . In case of cheques deposited at any AXIS bank branch for outstation collection, drawn on AXIS bank locations the charges are Rs. 2.50/- per Rs. 1000/-minimum Rs. 30/- per cheque and the postage charges are 30/- per cheque. If drawn on non AXIS bank locations the charges are Rs. 4.00/-per Rs. 1000/- min. Rs. 50/- per cheque . And the postage charges are same 30/- Rs. .
HDFC BANK
Cheque Collection in Outstation through own bank the charges are Rs.2.50 per Rs.1000 for Cheques drawn on HDFC Bank Locations, min Rs. 50 per instrument. In case of Outstation through another bank Correspondent bank locationsthey charge Rs.4/- per Rs.1,000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) & Non-MICR Cheques they charge Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25)
In Bouncing of cheques- Local Cheques Drawn on us if they bounce due to Insufficient Funds they charge Rs.300/- per Instrument & Due to Technical Reasons they do not Charge. In bouncing of cheques- outstation- through own bank they charge Rs.100/- per Instrument and in case of through another bank they also charge Rs.100/- per Instrument.
IDBI BANK
Out Station Cheque Collection on branch locations (on realisation basis) the charges are Rs 2.80 per thousand of the cheque amount + Rs 30 as postage) & (Minimum Rs 30). In the case of out station cheque collection on non branch locations (on realisation basis) ( other bank charges extra) Rs 4.50 per thousand of the cheque amount + Rs 30 as postage
(Minimum Rs 60). In Foreign Currency cheque collection the charges are Rs 2.50 per thousand (min. Rs 150 & max. Rs 1500) & (Handling charges per transaction
Rs 25+postage). Cheque deposited and returned (O/W Cheque) in Local cheques the charges are Rs. 60/- and in the case of outstation cheque these charges are Rs. 115/-. Cheque stop payment instructions Per cheque it is Rs. 60/- and in Range of cheques it is
Rs 115.
ICICI BANK
Local cheque collection through branches , in the case of base location (intra city) it is free of cost & in the case of non base branch they charge Rs. 1 per 1000/-, min Rs. 30 per cheque. In the case of upcountry cheque collection the charges are if it is ICICI bank locations Rs. 2 per 1000/- , min Rs. 50/- (postage Rs. 25/- per cheque) & in non ICICI bank locations they will charge Rs. 4/- per 1000/- , min Rs. 50 and the postage charges are same Rs. 25/- per cheque. In the case of cheque return they charge if cheque deposited by Account holder Rs. 100/- plus correspondent bank charges at actuals , if cheque issued by account holder the charges are Rs. 350/-.
AXIS BANK
In the case of fund transfer ( if it is intercity between AXIS bank accounts ) the Ad valorem charges are Rs. 1/- per Rs. 1000/- and transaction charges are Rs. 25/- per transfer.
HDFC BANK
Account to Account Fund Transfer within HDFC Bank it is free of cost . In Anynhwere Transactions Account to Account Fund Transfer within HDFC Bank the charges are Rs.15/- per transaction. Transactions through PhoneBanking in Interactive Voice Response (IVR) is Free of cost , in Non-IVR-Agent assisted-For accounts maintaining AQB it is also Free of cost.
In Non-IVR- Agent assisted - For accounts NOT maintaining AQB as of previous quarter and for transactions that are available on IVR the charges are Rs.50/- per call
IDBI BANK
The charges for Electronic Funds Transfers (EFT-Clearing /other credits from non home branch) ( RBI Br locations) are Rs 1.25 per thousand (min. Rs 60) & in non RBI Br locations they will charge Rs 1.75 per thousand (min. Rs 60)
(Intra city transactions are free)
ICICI BANK
In the case of internet banking , fund transfer within ICICI bank it is free up to Rs. 10 lakh per month , above that Rs. 0.20/- per Rs. 1000/- ; min Rs. 5/- per transaction.
FOR AVERAGE BALANCE OF 25000/-
DEPOSITS
AXIS BANK
Name of the product BUSINESS ADVANTAGE
Minimum Average Balance is Rs. 25000/- (MONTHLY)
Non Maintenance charges
DEPOSIT
Home branch Free limit is 3 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Minimum daily limits For interbranch deposits (intercity & intracity) is 75000/-.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
Name of the product PREMIUM
Minimum Average Balance is Rs. 25,000/- (QUATERLY)
Non-Maintenance Charges per quarter Charge of Rs.900/- per quarter, if AQB is less than
Rs.25,000/-
DEPOSIT
Cash Deposit in Home Branch Location Free upto Rs.3 lacs per month or 25 transactions which ever is lower, Deposit in excess of Rs.3 lacs or 25 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 25,000/- per account per day) .In Non Home location max. Rs. 25000/- per day. Charges@ Rs. 3 per 1000, min Rs. 50. .
IDBI BANK
Name of the product TRADE PLUS
Minimum Average balance is Rs. 25000/- (QUATERLY)
Charges for Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) Between Rs. 25,000 to Rs.10,000 they charge Rs 1010 per quarter &if it is Less than Rs 10,000 they charge Rs 1125 per quarter.
DEPOSIT
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery. Rs 2.5 lacs per month (excess cash deposit charges at Rs 2.20 per thousand)(Minimum Rs 60) Rs 950 per month (FREE if MAB of Rs 1 lac or more is maintained)
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to> Rs 20,000 Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60) Rs 20,000 per day
ICICI BANK
Name of the product Standard
Minimum balance (Average quaterly balance) Rs. 25000/-
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% or AQB is greater than 50% but less than 100% it is 750/- per quarter.
DEPOSIT
Cash deposit at base branch location is free upto 2 lakh per month or 35 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
Name of the product Business plus
Minimum Quarterly balance (AQB)
Account maintenance charges >=Rs. 25000/- to < Rs. 50000/- <Rs. 25000/- ---------Rs. 1500/-
Cash deposit into current accounts will be charged on a monthly basis at Rs. 1 per Rs. 1000 of cash deposited. This charge will apply only if the total cash deposited in a month exceeds Rs. 10 lakh.
WITHDRAWALS
AXIS BANK
There is no limit for home branch for withdrawals , transaction charges are free upto 75 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 2 lakh per day & transaction charges free upto 2 transactions per month above free limit Rs. 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity Cash withdrawals charges @ Rs.2/1000, min Rs. 50/- (only for incremental amount) Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
Cash withdrawal in ATM it is 50000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount above Rs. 1 lakh per day (Minimum Rs 60).
ICICI BANK
Cash withdrawals at base branch upto 75 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 50 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
STANDARD CHARTED
Cash withdrawal charges are 50/-in the case of other ATMs within India . In the case of VISA ATMs outside india Cash withdrawals charges are 140/-.
AXIS BANK
In PO there is no value base charges and transaction charges are Rs. 25 per PO above 3 POs per day which are free of cost. In DD which is payable at axis bank location the value base charges are 1 Rs. / Rs. 1000 & it is free upto Rs. 3 lakhs per month & transaction charges are 25 per DD and 10 DD per month are free. In case of in payable at correspondent bank locations is Rs. 2 / 1000 minimum & Rs. 25 per DD . If DD purchased from other banks there is 0.50 Rs. is extra, minimum Rs. 50 per DD.
HDFC BANK
Demand Drafts payable HDFC Bank Locations (Issued from any branch) / Duplicate DD It is Amount Up to Rs. 50,000 charges Rs. 40/- per DD, Above Rs. 50,000 and up to Rs. 100,000- Rs. 25/-, Above Rs. 100,000it is Free. In PO HDFC Bank Locations (Issued from Any Branch) / Duplicate PO the amount Up to Rs. 50,000 charges Rs. 40/- per PO, Above Rs. 50,000 and up to Rs. 100,000 - Rs. 25/-, Above Rs. 100,000 it is Free .
Issuance of DD/ PO through PhoneBanking Rs. 50 through Phonebanking
Cancellation or Revalidation of DD & PO is Rs.50/- per instrument
**Only DD amount upto Rs 100000 for Preferred & Rs 50000 for other customers accepted at Phonebanking. All standard charges for DD are applicable as above.
IDBI BANK
The charges of Demand Drafts on branch locations in RBI Centers it is free of cost , in Non - RBI centers it is Free up to Rs 5 lacs per month > Rs 5 lacs per month charges at Rs 1.25 per thousand (Min Rs 60 )
Pay orders (A service charges of Rs 115 will be applicable for non-customers) & general it is Rs 1.25 per thousand (Minimum Rs 60 and maximum Rs 6000)
Demand drafts on over 300 Non-Branch locations (Commission to be paid for local other bank arrangement) Rs 2.50 per thousand (Min Rs 60 )
Foreign currency demand drafts and international money orders are charges Rs 3 per thousand (min. Rs 300 & max Rs 1250) , in Demand drafts / pay order cancellation / revalidation charges in Local Rs 60 in Foreign currency Rs 170 and Issue of duplicate drafts is Rs 115.
ICICI BANK
In PO , if PO issued form Base branch it is free upto Rs. 1 lakh per day , above that only charges are Rs. 1/-per Rs. 1000/- ;min Rs. 50/- per instrument . In DD , if it is payable at own location it is free upto 1 lakh per day above that charges are Rs. 1/- per Rs. 1000/- , min Rs. 50/- per instrument & if DD drawn on correspondent banks / others banks the charges are Rs. 2.50/-per Rs. 1000/- , min Rs. 50/- per instrument & if DD/PO issued from non- base location they charges as above plus Fund transfer charges as applicable.
STANDARD CHARTED
In PO it is free upto 2 per day or 75 per Qtr. ( 75 includes DD charges @ Rs. 75/- per PO to apply thereafter.
In DD , draft drawn on any of our branches the charges are 0.25% ( min fee Rs. 50 , Max is Rs. 1500/-, 75 includes PO charges @ 0.25% to apply thereafter). If draft drawn on correspondent bank the free limit is in the case of no. of location and in value it is NIL .Charges applicable above limit are 0.30% (min fee Rs. 250/-). If foreign Currency draft the charges are 750/-.
AXIS BANK
Cheques deposited at any branch in the same city for local clearing there is no charges, but the Ad valorem charges are Rs. 1/- per Rs. 1000/- & it is free upto Rs. 10 lakh per month. The transaction charges are Rs. 25/- per cheque and it is free upto 10 transaction per month . In case of cheques deposited at any AXIS bank branch for outstation collection, drawn on AXIS bank locations the charges are Rs. 1.50/- per Rs. 1000/-minimum Rs. 30/- per cheque and the postage charges are 30/- per cheque. If drawn on non AXIS bank locations the charges are Rs. 3.00/-per Rs. 1000/- min. Rs. 50/- per cheque . And the postage charges are same 30/- Rs. .
HDFC BANK
Cheque Collection in Outstation through own bank the charges are Rs.2.50 per Rs.1000 for Cheques drawn on HDFC Bank Locations, min Rs. 50 per instrument. In case of Outstation through another bank Correspondent bank locations they charge Rs.4/- per Rs.1,000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) & Non-MICR Cheques they charge Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25)
In Bouncing of cheques- Local Cheques Drawn on us if they bounce due to Insufficient Funds they charge Rs.300/- per Instrument & Due to Technical Reasons they do not Charge. In bouncing of cheques- outstation- through own bank they charge Rs.100/- per Instrument and in case of through another bank they also charge Rs.100/- per Instrument.
IDBI BANK
Out Station Cheque Collection on branch locations (on realisation basis) the charges are Rs 1.70/- per thousand of the cheque amount + Rs 30 as postage) & (Minimum Rs 30). In the case of out station cheque collection on non branch locations (on realisation basis) ( other bank charges extra) Rs 3.50/- per thousand of the cheque amount + Rs 30 as postage (Minimum Rs 60). In Foreign Currency cheque collection the charges are Rs 2.50 per thousand (min. Rs 150 & max. Rs 1500) & (Handling charges per transaction
Rs 25+ postage). Cheque deposited and returned (O/W Cheque) in Local cheques the charges are Rs. 60/- and in the case of outstation cheque these charges are Rs. 115/-. Cheque stop payment instructions Per cheque it is Rs. 60/- and in Range of cheques it is
Rs 115.
ICICI BANK
Local cheque collection through branches , in the case of base location (intra city) it is free of cost & in the case of non base branch they charge Rs. 1 per 1000/-, min Rs. 30 per cheque & it is free upto Rs 8 lakhs per month . In the case of upcountry cheque collection the charges are if it is ICICI bank locations Rs. 2 per 1000/- , min Rs. 50/- (postage Rs. 25/- per cheque) & in non ICICI bank locations they will charge Rs. 4/- per 1000/- , min Rs. 50 and the postage charges are same Rs. 25/- per cheque. In the case of cheque return they charge if cheque deposited by Account holder Rs. 100/- plus correspondent bank charges at actuals , if cheque issued by account holder the charges are Rs. 350/-.
STANDARD CHARTED
It is free of cost if cheque drawn on any of SC branch. If cheque drawn on another bank , if it is our branch locations the charges are Rs. 50/- & in the case of other specific locations they charges 0.30% (min fee are Rs. 150/-). In the case of foreign currency cheque the charges are (Min fee is Rs. 100/-). In outstation cheque pick-up for , handling charges are in the case of correspondent with other banks , for local currency cheque collection the charges are Rs. 50/-, and in foreign currency cheque collection the charges are Rs. 100/-
AXIS BANK
In the case of fund transfer ( if it is intercity between AXIS bank accounts ) the Ad valorem charges are Rs. 0.75/- per Rs. 1000/- & the free limit is up to 10 lakh and transaction charges are Rs. 25/- per transfer & the free limit is up to 12 transfers.
HDFC BANK
Account to Account Fund Transfer within HDFC Bank it is free of cost . In Anynhwere Transactions Account to Account Fund Transfer within HDFC Bank the charges are Rs.15/- per transaction. Transactions through PhoneBanking in Interactive Voice Response (IVR) is Free of cost , in Non-IVR-Agent assisted-For accounts maintaining AQB it is also Free of cost.
In Non-IVR- Agent assisted - For accounts NOT maintaining AQB as of previous quarter and for transactions that are available on IVR the charges are Rs.50/- per call
IDBI BANK
The charges for Electronic Funds Transfers (EFT-Clearing /other credits from non home branch) ( RBI Br locations) are Free up to Rs 15 lacs > Rs 15 lacs per month
Rs 1 per thousand (min. Rs 60) & in non RBI Br locations they will charge Rs 1.25 per thousand (min. Rs 60) Free up to Rs 10 lacs > Rs 10 lacs per month
(Intra city transactions are free)
ICICI BANK
In the case of internet banking , fund transfer within ICICI bank it is free up to Rs. 25 lakh per month , above that Rs. 0.20/- per Rs. 1000/- ; min Rs. 5/- per transaction.
STANDARD CHARTED
In fund transfer the transfer of funds across STANDARD CHARTED bank branches are free of cost .
FOR AVERAGE BALANCE OF 1 lakh/-
DEPOSIT
AXIS BANK
Name of the product BUSINESS CLASSIC
Minimum Average Balance is Rs. 1 lakh (MONTHLY)
Non Maintenance charges __________________________
Home branch Free limit is 10 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Max. daily limits For interbranch deposits (intercity & intracity) is 1 lakh.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
Name of the product PLUS
Minimum Average Balance is Rs.1 lakh/- (QUATERLY)
Non-Maintenance Charge of Rs.6,000/- per quarter, if AQB is less than Rs.50,000/-
Charge of Rs.1,500/- per quarter, if AQB is less than Rs. 100,000/- but > = Rs. 50,000/-
Cash Deposit in Home Branch Location Free upto Rs.10 lacs per month or 50 transactions which ever is lower, Deposit in excess of Rs.10 lacs or 50 transactions will be charged @ Rs.2/- per Rs.1,000/-, minimum Rs.50/-. (Cash deposit at non-home branches within home branch city subject to limit of Rs. 1 lakh per account per day) .In Non Home location max. Rs. 1 lakh per day. Charges@ Rs. 3 per 1000, min Rs. 50. .
IDBI BANK
Name of the product BRONJE PLUS
Minimum Average balance is Rs. 1 lakh (QUATERLY)
Charges for Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) Between Rs. 1 lakh to Rs.50,000 they charge Rs 2805 per quarter & if it is Less than Rs 50,000 they charge Rs 4530 per quarter.
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery. Rs 6 lacs per month (excess cash deposit charges at Rs 2.20 per thousand) (Minimum Rs 60) Rs 675 per month (FREE if MAB of Rs 1 lac or more is maintained)
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to> Rs 20,000 Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60) Rs 20,000 per day
ICICI BANK
Name of the product GOLD
Minimum balance (Average quaterly balance) Rs. 100000/-
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% the charges are 4500/- per quarter and if AQB is greater than 50% but less than 100% it is 2000/- per quarter.
Cash deposit at base branch location is free upto 10 lakh per month or 60 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
Name of the product Enhanced Business plus. Account maintenance charges >=Rs. 75000/- to < Rs. 100000/----750, >Rs. 50000/- to <Rs. 75000/- <Rs. 50000/------1000,
>Rs. 25000/- to < Rs. 50000/------Rs. 1250/-, <25000/- ----------1500.
Cash deposit into current accounts will be charged on a monthly basis at Rs. 1 per Rs. 1000 of cash deposited. This charge will apply only if the total cash deposited in a month exceeds Rs. 10 lakh.
WITHDRAWALS
AXIS BANK
There is no limit for home branch for withdrawals , transaction charges are free upto 100 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 3 lakh per day & transaction charges free upto 4 transactions per month above free limit Rs. 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity the free cash withdrawals upto Rs. 50000/- per day Cash withdrawals charges @ Rs.2/1000, &, charges are min Rs. 50/- (only for incremental amount) Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
Cash withdrawal in ATM it is 50000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount above Rs. 1 lakh per day (Minimum Rs 60).
ICICI BANK
Cash withdrawals at base branch upto 125 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 100 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
STANDARD CHARTED
Cash withdrawal charges are 50/-in the case of other ATMs within India . In the case of VISA ATMs outside india Cash withdrawals charges are 140/-.
AXIS BANK
In PO there is no value base charges and transaction charges are Rs. 25 per PO above 5 POs per day which are free of cost. In DD which is payable at axis bank location the value base charges are nil & transaction charges are 25 per DD and 10 DD per month are free. In case of in payable at correspondent bank locations is Rs. 1.50 / 1000 minimum & Rs. 25 per DD . If DD purchased from other banks there is 0.50 Rs. is extra, minimum Rs. 50 per DD.
HDFC BANK
Demand Drafts payable HDFC Bank Locations (Issued from any branch) / Duplicate DD It is Amount Free up to 50 DDs per month. Above 50 transactions, charges @ Rs. 25/- per Demand draft
. In PO HDFC Bank Locations (Issued from Any Branch) / Duplicate PO they Free up to 50 POs per month. Above 50 transactions, charges @ Rs. 25/- per Pay-order Issuance of DD/ PO through PhoneBanking Rs. 25 through Phonebanking
Cancellation or Revalidation of DD & PO is Rs.50/- per instrument
**. Only DD amount upto Rs 300,000 for Current Plus Accountholders accepted at Phonebanking. All standard charges for DD are applicable as above.
IDBI BANK
The charges of Demand Drafts on branch locations in RBI Centers it is free of cost , in Non - RBI centers it is Free up to Rs 5 lacs per month > Rs 5 lacs per month charges at Rs 1 per thousand (Min Rs 60 )
Pay orders (A service charges of Rs 115 will be applicable for non-customers) & general it is free of cost.
Demand drafts on over 300 Non-Branch locations (Commission to be paid for local other bank arrangement) Free upto Rs 7 lacs per month ,> Rs 7 lacs charged
at Rs 2.50 per thousand (Min Rs 60 )
Foreign currency demand drafts and international money orders are charges Rs 3 per thousand (min. Rs 300 & max Rs 1250) , in Demand drafts / pay order cancellation / revalidation charges in Local Rs 60 in Foreign currency Rs 170 and Issue of duplicate drafts is Rs 115.
ICICI BANK
In PO , if PO issued form Base branch it is free of cost . In DD , if it is payable at own location it is free upto 25 lakh per day above that charges are Rs. 1/- per Rs. 1000/- , min Rs. 50/- per instrument & if DD drawn on correspondent banks / others banks the charges are Rs. 2 /-per Rs. 1000/- , min Rs. 50/- per instrument & if DD/PO issued from non- base location they charges as above plus Fund transfer charges as applicable.
STANDARD CHARTED
In PO it is free of cost.
In DD , draft drawn on any of our branches it is free of cost . If draft drawn on correspondent bank the free limit is in the case of no. of location is 100 and in value it is 15 lacs .Charges applicable above limit are 0.10% (min fee Rs. 250/-). If foreign Currency draft the charges are 750/-.
AXIS BANK
Cheques deposited at any branch in the same city for local clearing there is no charges, but the Ad valorem charges are Rs. 0.50/- per Rs. 1000/- & it is free upto Rs. 50 lakh per month. The transaction charges are Rs. 25/- per cheque and it is free upto 20 transaction per month .
In case of cheques deposited at any AXIS bank branch for outstation collection, drawn on AXIS bank locations it is free of cost , and the postage charges are 30/- per cheque. If drawn on non AXIS bank locations the charges are Rs. 2.00/-per Rs. 1000/- min. Rs. 50/- per cheque . And the postage charges are same 30/- Rs. .
HDFC BANK
Cheque Collection in Outstation through own bank the charges are Rs.2.50 per Rs.1000 for Cheques drawn on HDFC Bank Locations, min Rs. 50 per instrument. In case of Outstation through another bank Correspondent bank locations they charge Rs.4/- per Rs.1,000/-, min Rs.50/-For Clean locations (non-correspondent bank locations) & Non-MICR Cheques they charge Rs.6.5/- per Rs.1,000/-, min Rs 50 (inclusive of courier charge of Rs 25)
In Bouncing of cheques- Local Cheques Drawn on us if they bounce due to Insufficient Funds they charge Rs.300/- per Instrument & Due to Technical Reasons they do not Charge. In bouncing of cheques- outstation- through own bank they charge Rs.100/- per Instrument and in case of through another bank they also charge Rs.100/- per Instrument.
IDBI BANK
Out Station Cheque Collection on branch locations (on realisation basis) the charges are Rs 1.70/- per thousand of the cheque amount + Rs 30 as postage) & (Minimum Rs 30). In the case of out station cheque collection on non branch locations (on realisation basis) ( other bank charges extra) Rs 3.50/- per thousand of the cheque amount + Rs 30 as postage (Minimum Rs 60). In Foreign Currency cheque collection the charges are Rs 2.50 per thousand (min. Rs 150 & max. Rs 1500) & (Handling charges per transaction
Rs 25+ postage). Cheque deposited and returned (O/W Cheque) in Local cheques the charges are Rs. 60/- and in the case of outstation cheque these charges are Rs. 115/-. Cheque stop payment instructions Per cheque it is Rs. 60/- and in Range of cheques it is
Rs 115.
ICICI BANK
Local cheque collection through branches , in the case of base location (intra city) it is free of cost & in the case of non base branch they charge Rs. 1 per 1000/-, min Rs. 30 per cheque & it is free upto Rs 8 lakhs per month . In the case of upcountry cheque collection the charges are if it is ICICI bank locations Rs. 2 per 1000/- , min Rs. 50/- (postage Rs. 25/- per cheque) & in non ICICI bank locations they will charge Rs. 4/- per 1000/- , min Rs. 50 and the postage charges are same Rs. 25/- per cheque. In the case of cheque return they charge if cheque deposited by Account holder Rs. 100/- plus correspondent bank charges at actuals , if cheque issued by account holder the charges are Rs. 350/-.
STANDARD CHARTED
It is free of cost if cheque drawn on any of SC branch. If cheque drawn on another bank , if it is our branch locations the charges are Rs. 50/- & in the case of other specific locations they charges 0.30% (min fee are Rs. 150/-). In the case of foreign currency cheque the charges are (Min fee is Rs. 100/-). In outstation cheque pick-up for , handling charges are in the case of correspondent with other banks , for local currency cheque collection the charges are Rs. 50/-, and in foreign currency cheque collection the charges are Rs. 100/-
AXIS BANK
In the case of fund transfer ( if it is intercity between AXIS bank accounts ) the Ad valorem charges are Rs. 0.30/- per Rs. 1000/- & the free limit is up to 50 lakh and transaction charges are Rs. 25/- per transfer & the free limit is up to 20 transfers.
HDFC BANK
Account to Account Fund Transfer within HDFC Bank it is free of cost . In Anynhwere Transactions Account to Account Fund Transfer within HDFC Bank it is also free of cost. Transactions through PhoneBanking in Interactive Voice Response (IVR) is Free of cost , in Non-IVR-Agent assisted-For accounts maintaining AQB it is also Free of cost.
In Non-IVR- Agent assisted - For accounts NOT maintaining AQB as of previous quarter and for transactions that are available on IVR the charges are Rs.50/- per call
IDBI BANK
The charges for Electronic Funds Transfers (EFT-Clearing /other credits from non home branch) ( RBI Br locations) are Free up to Rs 60 lacs > Rs 60 lacs per month
Re 1 per thousand (min. Rs 60) & in non RBI Br locations they will charge Rs 1.25 per thousand (min. Rs 60) Free up to Rs 40 lacs > Rs 40 lacs per month
(Intra city transactions are free)
ICICI BANK
In the case of internet banking , fund transfer within ICICI bank it is free of cost..
STANDARD CHARTED
In fund transfer the transfer of funds across STANDARD CHARTED bank branches are free of cost .
FOR AVERAGE BALANCE OF 5 lakh/-
DEPOSIT
AXIS BANK
Name of the product BUSINESS PRIVILEGE
Minimum Average Balance is Rs. 5 lakh/- (MONTHLY)
Non Maintenance charges _________________________________
Home branch Free limit is 30 lakh / month Charges above free limit is 2.00/1000 .In Interbranch (Intercity & Intracity) there is no Free limit and the Charges are 1.50 / 1000.
Minimum daily limits For interbranch deposits (intercity & intracity) is 2 lakh.
Maximum limit for third party deposit is 50000/- per transaction
HDFC BANK
They do not have provide this type of product in their sales basket.
IDBI BANK
Name of the product GOLD
Minimum Average balance is Rs. 5lakh (QUATERLY)
Charges for Non-Maintenance of AQB ( Apart from AQB charges, transaction charges will be levied as per details overleaf) the charges schedules are given below.
Between Rs 5,00,000 - Rs 4,00,000- Rs 2,245 per quarter
Less than Rs 4,00,000 - Rs 2,00,000- Rs 3,365 per quarter
Less than Rs 2,00,000 - Rs 1,00,000- Rs 4,530 per quarter
Less than Rs 1,00,000- Rs 5,615 per quarter
Average Quarterly Balance (AQB) as per Calender Quarter Charges for
Free deposit limits based on Monthly Average Balance (MAB) maintained Home Banking (cash pick up/delivery) (Excess cash Deposit charges beyond
free limits will be charged at Rs 3.20 / 1000)(Min Rs 60) (Rs 30 per visit for cheque /
document pickup / delivery. Rs 40 lacs per month (excess cash deposit charges at Rs 2.20 per thousand)(Minimum Rs 60) Rs 950 per month (FREE if MAB of Rs 1 lac or more is maintained)
Non Home Branch cash deposit (Max 1 Transaction per day per a/c) / cash deposit is subject to non home branch acceptance & IT rule / Third Party Deposit is max Rs. 50,000 per day (Free for intra city cash deposit as per the limit ). Max. up to Rs 50,000 per day > Rs 50000/- Not Allowed (Charged at Rs 4.50 per thousand) (Minimum Rs 60)
ICICI BANK
Name of the product Platinum
Minimum balance (Average quaterly balance) Rs. 5 lakh
Charges for non maintenance of Quarterly Average Balance
If AQB is less than equal to 50% the charges are Rs. 10000/- per quarter & if AQB is greater than 50% but less than 100% it is 5000/ per quarter.
Cash deposit at base branch location is free upto 40 lacs per month or 100 transactions which ever is lower ; above that denomination wise charges, min 50/- per transaction, in self & third party#
#Free limits if any will apply for cash deposit at base branch location only.
In anywhere cash deposit it is 2/- per 1000/- plus denomination charges ; min 100/- per transaction.
##Cash deposit of 1000000/- and above on a single day would require prior intimation and approval of the branch atleast one working day in advance.
STANDARD CHARTED
Name of the product Enhanced usiness plus 500
WITHDRAWALS
AXIS BANK
There is no limit for home branch for withdrawals , transaction charges are free upto 100 transactions per month above free limit there is 25/- per transaction. For Interbranch (inter city & intra city ) the Ad valorem charges are 2.00/- per 1000/- , maximum withdrawal limit is 3 lakh per day & transaction charges free upto 4 transactions per month above free limit Rs. 25/- per transaction. For third party inter branch withdrawals limit is 50000/-.
HDFC BANK
Cash Withdrawal it is Free at Home Branch
Cash Withdrawal at non home branch intracity & intracity the free cash withdrawals upto Rs. 50000/- per day Cash withdrawals charges @ Rs.2/1000, &, charges are min Rs. 50/- (only for incremental amount) Third party cash withdrawal allowed only up to maximum Rs. 50,000/- per transaction.
IDBI BANK
Cash withdrawal in ATM it is 50000/- per day, for cash withdrawals in other banks ATM it is 50/- in domestic case & 140/- in international case.
Non home branch cash withdrawal (Max. 1 transaction per day per a/c) (24 hours notice required at non-home branch) ( Max. withdrawal allowed is Rs. 5 lac per day for self & Rs. 2 lac for third party withdrawal) (Free for intra city cash withdrawal
as per the limit). Rs 2.75 per thousand for amount above Rs. 1 lakh per day (Minimum Rs 60).
ICICI BANK
Cash withdrawals at base branch upto 125 transactions per month it is free beyond that 25/- per transaction will be charge. Upto 50000/- per day it is free in cash withdrawal at non base branch , above that 2.00/- per 1000/- will be charge & 50/- per transaction beyond 100 transaction per month.
## Cash withdrawal of 10 lakh and above on a single day would require prior intimation and approval of the branch at least one working day in advance.
## Maximum 50000/- per transaction for 3rd party payment at base branch , charges as per cash withdrawal at base branch.
STANDARD CHARTED
Cash withdrawal charges are 50/-in the case of other ATMs within India . In the case of VISA ATMs outside india Cash withdrawals charges are 140/-.
OTHER SERVICES
Other services provided by banks in his current account are almost same some differences are written below-
SWOT ANALYSIS OF AXIS BANK
Conclusion & Recommendations
