Beruflich Dokumente
Kultur Dokumente
UNIVERSITY OF MUMBAI
BY
DECLARATION
I hereby declare that the Project titled A study on financial services by Bank
of Maharashtra is an original work prepared by me and is being submitted to
UNIVERSITY of MUMBAI in partial fulfilment of BMS Degree for the
academic year 2013 2014.
To the best of my knowledge, this Project Report has not been submitted earlier
to this University or to any other Affiliated College for the fulfilment of BMS
degree. The contents of the Project are not copied from any other source such as
Internet, Earlier projects, Textbooks, etc.
Signature:
Name:
Roll No.:
Virar
Date:
25th Oct.2013
ACKNOWLEDGEMENT
This project on A STUDY ON FINANCIAL SERVICES BY BANK OF
MAHARASHTRA is a result of co-operation hard work.
Good wishes of many people. I student of VIVA COLLEGE would like to thank my project
guide PROF. AMOL VAZE for her involvement in my project work and timely assessment
that provided me inspiration valued guidance throughout my study.
I owe the debt to principal of VIVA COLLEGE andfor giving an opportunity to present a
creative outcome in the form of project work.
I also take this opportunity to express my sincere gratitude to the library staff that has
provided me right information and study material at the right time.
I am also thankful to my parents, professors, and even my friends for their guidance and
encouragement.
NARESH DAGUR
INDEX
6
Sr. No.
Chapter Name
Page No.
1.
INTRODUCTION TO FINANCIAL
SERVICES
2.
3.
RESEARCH METHODOLOGY
THEORETICAL FRAMEWORK
6
8
COMPANY PROFILE
SERVICES OFFERED
4.
45
5.
CONCLUSION
53
6.
BIBLIOGRAPHY
54
7.
ANNEXURE
55
Chapter1
7
Financial services are the economic services provided by the finance industry, which
encompasses a broad range of organizations that manage money, including credit unions,
banks, credit card companies, insurance companies, accountancy companies, consumer
finance companies, stock brokerages, investment funds and some government sponsored
enterprises.
As of 2004, the financial services industry represented 20% of the market capitalization of
the S&P 500 in the United States.[1] The U.S. finance industry comprised only 10% of total
non-farm business profits in 1947, but it grew to 50% by 2010.[2] Over the same period,
finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance
industry's proportion of all corporate income rose from 10% to 20%.
The term "financial services" became more prevalent in the United States partly as a result of
the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies
operating in the U.S. financial services industry at that time to merge.
Companies usually have two distinct approaches to this new type of business. One approach
would be a bank which simply buys an insurance company or an investment bank, keeps the
original brands of the acquired firm, and adds the acquisition to its holding company simply
to diversify its earnings. Outside the U.S. (e.g., in Japan), non-financial services companies
are permitted within the holding company. In this scenario, each company still looks
independent, and has its own customers, etc. In the other style, a bank would simply create its
own brokerage division or insurance division and attempt to sell those products to its own
existing customers, with incentives for combining all things with one company.
Issuance of checkbooks so that bills can be paid and other kinds of payments can be
delivered by post
Provide personal loans, commercial loans, and mortgage loans (typically loans to
purchase a home, property or business)
Issuance of credit cards and processing of credit card transactions and billing
Provide wire transfers of funds and Electronic fund transfers between banks
Facilitation of standing orders and direct debits, so payments for bills can be made
automatically
Provide overdraft agreements for the temporary advancement of the Bank's own
money to meet monthly spending commitments of a customer in their current account.
Provide internet banking system to facilitate the customers to view and operate their
respective accounts through internet.
9
Provide Charge card advances of the Bank's own money for customers wishing to
settle credit advances monthly.
Provide a check guaranteed by the Bank itself and prepaid by the customer, such as
a cashier's check or certified check.
Accepting the deposits from customer and provide the credit facilities to them.
Currency exchange - where clients can purchase and sell foreign currency
banknotes.
Wire transfer - where clients can send funds to international banks abroad.
Remittance - where client that are migrant workers send money back to their home
country.
Investment services
Hedge fund management - Hedge funds often employ the services of "prime
brokerage" divisions at major investment banks to execute their trades.
Custody services - the safe-keeping and processing of the world's securities trades
and servicing the associated portfolios. Assets under custody in the world are
approximately US$100 trillion.
Insurance
11
Bank cards - include both credit cards and debit cards. Bank Of America is the
largest issuer of bank cards.
Credit card machine services and networks - Companies which provide credit card
machine and payment networks call themselves "merchant card providers".
Private equity - Private equity funds are typically closed-end funds, which usually
take controlling equity stakes in businesses that are either private, or taken private once
acquired. Private equity funds often use leveraged buyouts (LBOs) to acquire the firms in
which they invest. The most successful private equity funds can generate returns
significantly higher than provided by the equity markets.
12
increasing number of angel investors organize themselves into angel groups or angel
networks to share research and pool their investment capital.
Debt resolution is a consumer service that assists individuals that have too much debt
to pay off as requested, but do not want to file bankruptcy and wish to pay off their debts
owed. This debt can be accrued in various ways including but not limited to personal
loans, credit cards or in some cases merchant accounts.
CHAPTER 2.
RESEARCH METHODOLOGY
Objectives:
To understand the concept of Financial Services and its practical applicability at Bank
of Maharashtra.
To evaluate the future prospects of Financial Services in Bank of Maharashtra.
To find out the benefits of Financial Services to the bank & customers.
To study the various types of financial services by Bank of Maharashtra.
13
To study & research the views of customers towards the financial services provided
by Bank of Maharashtra.
Research:
Research is a matter of gathering information from varying sources usually in relation to a
specific topic and for a specific purpose. The definition of research includes any gathering
of data, information and facts for the advancement of knowledge.
Secondary Data:
Literature study and the articles are obtaining secondary data from the Internet. The
secondary data was collected on the basis of organizational file, official records, newspapers,
magazines, management books, preserved information in the companys database and website
of the company.
SAMPLE
SUBJECT
SAMPLE SIZE
DATA SOURCE
METHOD
INSTRUMENT
Random People
Financial Services of Bank Of Maharashtra
20
Survey
Convenience Sampling
Questionnaire
CHAPTER 3.
THEORETICAL FRAMEWORK
COMPANY PROFILE:
Known as a common man's bank since its inception, the bank's initial financial assistance to
small units has given birth to many of today's industrial houses. After nationalisation in 1969,
the bank expanded rapidly. The Bank has the largest network of branches by any Public
sector bank in the state of Maharashtra.
The Bank was founded by a group of visionaries led by the late V. G. Kale and the late D. K.
Sathe and registered as a Banking Company on 16 September 1935 at Pune. Today, Bank of
Maharashtra has over 15 million customers across the length and breadth of the country
served through 1825 branches in 29 states and 2 union territories.
The Bank attained autonomous status in 1998. As a result, the bank has limited interference
of Government bureaucracy in its decision making process and internal affairs.
Bank is the convener of the State Level Bankers Committee. Bank offers Depository services
and Demat facilities at 131 branches. Bank has a tie up with LIC of India and United India
Insurance company for sale of Insurance policies. Bank has achieved 100% CBS enabling
anytime anywhere banking to its customers.
Vision:
To be a vibrant, forward looking, techno-savvy, customer centric bank serving diverse
sections of the society, enhancing shareholders and employees value while moving towards
global presence.
Mission:
To ensure quick and efficient response to customer expectations.
To innovate products and services to cater to diverse sections of society.
To adopt latest technology on a continuous basis.
To build proactive, professional and involved workforce.
16
To enhance the shareholders wealth through best practices and corporate governance.
To enter international arena through branch network.
To be a vibrant, forward looking, techno-savvy, customer centric bank serving diverse
sections of the society, enhancing shareholders' and employees' value while moving towards
global presence.
Board of Directors
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Name
Shri.C VR Rajendran
Shri. R. Athmaram
Mrs.KamalaRajan
Dr. D.S Patel
Dr. S.U. Deshpande
Shri. Ateesh Singh
Shri.Ramesh C. Agrawal
Dr.Naresh Kumar Drall
Dr.RajkumarAgrawal
Shri. RamadevSaydiwal
Shri. Sanjeev Jain
Designation
Executive Director
Executive Director
Director
Director
Director
Director
Director
Director
Director
Director
Director
17
Achievements& Initiatives:
Achievements Bank of Maharashtra has won 4 awards in The Sunday Standard Best Bankers
Award 2013 in the following categories: Best Indian Banker (large)
Best Public Sector Banker (large)
Best Banker -Customer Friendliness (large)
Best Banker -Efficiency & Profitability (large)
Bank of Maharashtra Grabbed 7 IPE BFSI Awards in 2nd IPE Banking Financial
Services and Insurance award.
Bank of Maharashtra has been felicitated as a Best Public Sector Bank in India at
the Dun & Bradstreet- Polaris Financial Technology Awards 2013 under the
category 'Asset Quality'.
Bank of Maharashtra has been awarded "Business Excellence in Banking Award
2013" by Time Research
Bank of Maharashtra has been Awarded "Special Award for Best IT Team" among
Public Sector Banks - By IDRBT Banking Technology Excellence Award 2013
Bank of Maharashtra has been awarded the "Best Banker in Customer
Friendliness" by The Sunday Standard FINWIZ 2012
Initiatives:
Standard:
Packed in Temper-proof packing & visible through packing
Purpose:
A trusted avenue for Investment and Savings
Gift for special occasions and festivals
Corporate Gift for employees/ achievers/ high value clients
Price:
20
Gold Coins are competitively priced based on the daily prices in the international bullion
market. The
price is inclusive of customs duty and other charges but excluding Vat/ST/ Local Taxes.
Availability:
Gold Coins are available at over 102 branches across the country in denominations of 2 g,
5 g, 8 g, 10g. , 20 g , 50 g , 100 g (Subject to availability)
Mahabank Visa Debit card gives you the freedom to access your savings at any Visa
accredited Merchant Establishment or ATM.
This card allows you to purchase goods at retail outlets and withdraw cash from
ATMs in India and abroad.
No joining fees.
Additional Information
The maximum limit for cash withdrawal is fixed at Rs.10,000/- for other Bank card
holders/customers at this Mahabank ATMs.
21
The maximum limit for cash withdrawal using Mahabank ATM card holders on other
Bank ATMs is also restricted to Rs.10,000/-
The free cash withdrawal transactions on other Bank ATMs are restricted to five per
calendar month for Mahabank ATM card holders.
After five free cash withdrawal transactions from saving accounts through other Bank
ATMs, each cash withdrawal transaction is chargeable @Rs.20/- per cash withdrawal
transaction.
All cash withdrawal transactions from current accounts through other Bank ATMs are
chargeable @Rs.20/- per cash withdrawal.
Demat services
Bank of Maharashtra is a Depository Participant (DP) of CDSL since 1999.
Services rendered
Services rendered are for holding / transferring / pledging of securities such as shares /
Debentures / Bonds / Commercial Papers/ UTI units / etc (known as securities) in electronic
form (Dematerialized form).
No dealing in commodities exchange is undertaken.
Functions
Getting credits into the demat accounts when transferred from other accounts.
Pledge / unpledge of securities, where the securities remain in the account of pledgor
but are blocked in favour of pledgee. For pledge both pledgor& pledgee must have
accounts in CDSL, though with different DPs.
Facilities
On line inter depository transfers are allowed on real time basis i.e. within few
minutes of processing of instruction.
There is easy method of pledging securities for loans from Bank. Under the method
securities are retained in the accounts of pledgor under block in favour of pledgee
(Bank). At instruction of pledgee (Bank branch) the securities can be released
(unpledged) or transferred (confiscated) into account of pledgee. All corporate
benefits of dividends / bonus etc are availed by pledgor during pledge.
SMS Alert facility on account positions & security transfers are available.
Transaction cum holding statement is sent on monthly basis for accounts having
transaction during the month and quarterly holding statement for all accounts.
Dividends are credited directly to the bank account (as referred in the Demat account).
Demat service charges are recovered directly from the charge bank account referred.
Delivery instructions slips can be deposited at the parent branch where bank account
is maintained.
With one time execution of fax indemnity (Rs 200/- stamp) instructions slip can be
faxed followed by ensuring original to reach within two days.
Charges
The charges (excluding service tax) for demat services applicable as on date ( 1st
January 2008) are as under:
Activity
Account maintenance
Bank
Description
Charges
300 p.a.
150 p.a.
800 p.a.
500 p.m.
1000 p.m.
25 per trxn
Commission
2 / 25
25
25
Pledge
50 per ISIN
Unpledge
50 per ISIN
Invocation
50 per ISIN
15 / 15 + 75
Remat charges
24
50 per trxn
25
Actual
Additional transaction
25 per month
statements requested.
per case
Out of pocket expenses for despatch & delivery of requested items to be recovered.
present
bank
is
in
association
with
16
Mutual
Fund
companies.
The following Mutual Funds and prominent schemes of respective funds are shortlisted as
per their track record and performance in the market.
Sr.
No.
Scheme Name
Magnum Equity Fund
Magnum Secured Umbrella Fund
7 LIC Nomura Mutual Fund ULIS- an open end ended insurance linked tax savings
scheme
8 Reliance Mutual Fund
and follow on public offers (FPO) made through book building route and co-exists
with the current process of using cheque as a mode of payment and submitting
applications.
Bank is providing this value added service free of costs for issues with book building
at BSE.
Eligibility of Investors:
1. An application can have up to three bid options & it can be revised also. The lien will
be marked on the highest value of the three bids.
2. Bids at cut-off price allowed only if total application Amt is less than or equal to Rs.
2,00,000 for investor category of Individual, Employee, Share holders.
3. One account can be blocked for maximum five applications in an IPO.
4. Revision and cancellation of bids for retail individual investors are permitted till the
issue closure date and time. However for investors other than Retail, the revision is
not permitted on the last day beyond 4 P.M.
Such investors are referred as ASBA investors, at the time of submitting ASBA
application the investors should take utmost care to provide the correct
PAN
DP ID
Client ID
Bid Quantity
The investor need not pay the application money by cheque rather block his/her bank
account to the extent of the application money, thus continue to earn interest on
application money.
The investor does not have to bother about refunds, as in ASBA only an amount
proportionate to the securities allotted is taken from the bank account when his/her
application is selected for allotment after the basis of allotment is finalized.
The investor deals with the known intermediary i.e. his/her own bank.
ASBA process operates in accordance with the SEBI's guidelines in force from time to time.
Avail the ASBA facility through our Designated Branches Pan India.
1.
2.
Mutual Funds
3.
Insurance Company
4.
5.
Other QIBs
6.
Bodies Corporate
7.
8.
9.
NII - others (All entities other than QIBs, Bodies Corporate and
Individuals)
RIIs (Individuals applying uptoRs 1 lakhs) as well as
individuals/HUFs, Trusts etc. applying for not more than Rs 1 lakhs)
Employees
10. Shareholders
28
A successful Banker deals not only with deposits and advances. He deals primarily with
persons and should be closely associated with the clients affairs as a friend & guide. He
should take active part in welfare of the community and be a part of the society he serves.
In some measure Bank Of Maharashtra has been fulfilling this objective through THE
MAHARASHTRA EXECUTOR & TRUSTEE CO. LTD started in 1946 as a fully owned
subsidiary.
You can entrust the work as an Executor & or Trustee of your will, private trust or Public
Trust or as Attorney to manage your property.
1. Executor of Will
You can consult us for preparing your will. We will draft the will for you as
per your wishes and keep safe custody of it.
We realize and collect your property after you from Banks, Companies,
Mutual Funds, Unit Trust etc. by complying with varying formalities &
procedures.
We hold it for the benefit of your near and dear as per your wishes ensuring
proper utilization and perseverance with full care and prudence.
Ultimately repose it in the hands of those whom you desire, for fulfilling your
wishes in true sense.
All this without any hassles and hush that may be associated with a entrusting
this work to any individual be it your relative or a best friend.
29
Systematically
Continuously
without prejudice
during
your
lifetime
and
after
you.
But you feel that your dependents may not take proper care of the properties due to
mental
incapacity,
physical
disability,
insufficient
age
etc.
You can create Private Trust for the purpose & arrange for proper care of the
property. You can also keep effective control during your lifetime & after as per your
directions.
As Trustee
30
Thus
we
relieve
formalities required
you
of
under
the
burden
statute
of
free
all
to
technical and
serve
social
financial
cause.
We being an institution have perpetual succession and hence best suited to manage
and carry on the objectives of the Trust which is also perpetual.
31
To pay taxes
To pay other outgoings such as telephone bills, electricity bills society charges
etc.
To maintain the house property by undertaking general repairs for wear and
tear.
We give these services to all especially old aged persons at their doorsteps with care
and love.
5. Guardianship of Minors' Property
We take care of minors property when they have unfortunately lost their parents. We
act as Court Guardian and manage the property of minors till they attain majority
under the directions of the Court.
32
All these services are available at very economical rates, that too with assurance for
efficient services to your satisfaction.
RTGS/NEFT
RTGS (Real Time Gross Settlement) and NEFT (National Electronic Funds
Transfer)
The RTGS and NEFT facility has been made available for customers to transfer fund from
one Bank to another Bank at all Branches of our Bank. The RTGS and NEFT funds transfer
facility has also been available for Internet Banking Customers of our Bank.
The timings for RTGS and NEFT transactions are as given below:
Particulars
RTGS
NEFT
1) Customer Transactions
settlement at RBI
settlement at RBI
9.00 AM to 1.30 PM on
9.00 AM to 1.00 PM on
--
2) Inter-Bank Transactions
33
Note: The settlement for NEFT transactions takes place every hour during time window
mentioned above.
The minimum amount for customer transactions through RTGS is Rs.2 Lakhs while there is
no amount restriction for NEFT transactions. In RTGS both Customer and Inter-Bank
transactions are permitted whereas in NEFT only Customer transactions are permitted.
As per the RBI guidelines applicable from 1st January 2011, the funds transferred through
RTGS, NEFT will be credited to beneficiary account on only the basis of Beneficiary account
number. Therefore, the originator of transaction will have to ensure that the correct
Beneficiary Account number has been written in the Funds Transfer Application Form.
Mahabank swasthayojana
Eligibility :All individuals in the age group of 5 yrs. to 65 years.
Deposit :Initial Deposit as applicable to Savings Bank Deposit A/c.
Eligibility for Insurance Cover :
Primary account holders, spouse, children and dependant parents.
Age Limit :
Children between 3 months and 5 years can be covered provided one or both parents
are covered concurrently.
What is Covered :
Minimum Rs. 50,000 and in multiples of Rs. 50,000, Maximum Rs. 5 lacs.
34
Sum Assured :
Various hospitalization expenses for medical / surgical treatment arising out of any disease /
illness / accident including pre-hospitalization expenses for specified period. OptionalPersonal Accident (death only) is also covered.
Policy Period :
12 months
Nomination :
Facility is available.
Income Tax Rebate :
Available u/s. 80 D of IT Act.
Mahagrihasuraksha scheme
Life insurance cover along with home loan
MahaGrihaSuraksha Scheme provides life insurance cover to the Housing loan borrowers of
the Bank through LIC. To cover the outstanding balance of Loan amount. Premium is payable
35
in single installment and depends on the age at entry of the borrower, loan amount to be
covered and the term loan.
Minimum and Maximum age at the time of entry is 18 years and 60 years
respectively.
A minimum and Maximum loan which can be covered are Rs. 50,000/- and Rs. 1
Crore respectively.
No medical check-up for age upto 45 Years and loan amount Rs. 5 lakhs
E - Payment of Taxes
E - Payment of Taxes E-Payment of taxes is online payment of Tax using your BOM Account through Bank of
Maharashtra's Mahaconnect i.e. internet banking facility.
Using ePayment facility you can pay your Service Tax, Excise Duty, Income Tax, TDS, TCS,
Wealth Tax, Hotel receipt Tax, VAT / Sales Tax (State of Maharashtra ).
E - Payment Prerequisites You should have BOM Internet Banking facility i.e. User id and passwords issued by BOM
to use Mahaconnect (Internet Banking) facility.
You must be registered with Tax authorities and should have a valid PAN/TAN (for Direct
Taxes) or a Assessee Code issued by Excise Dept (for Indirect Taxes)
36
37
a)
nofresh
Credit card
2 forms
Sbi card
Sbi platinum card
Bancassurance
With the commitment to customers convenience, the Bank has tied up with insurance
companies so that customers can avail of insurance service at the branches.
We are the corporate agent of the Life Insurance Corporation of India for distribution of
their life insurance products.
In non-life sector, our Bank is the corporate agent of United Insurance company for the
distribution of their non life insurance products.
Both our insurance partners offer a wide range of insurance products, which are available
at our branches as a result of our Banassuanace tie ups.
This is another value addition for our customers in their banking relationship with us.
Bank has a tie up arrangement with M/s. Weizmann Forex Ltd. for facilitating the services of
remittance of foreign exchange to the customers through Western Union Money Transfer
39
40
The Sheetal deposit/Short Term Deposit shall be opened with the Branch where the
facility is availed with, either equivalent or more than the application amount in the IPO in
case there is no current account.
The Current Account is opened with the Branch wherein the Funds are deposited by the
Corporate/Institutions which in turn shall be converted into STDR/Sheetal for Maturity
period of Choice with minimum unit of Rs.1 instead of Rs.1000/- .
The Amount to the extent of application amount is blocked in the Sheetal/STDR.
To branches to obtain the standing instruction from the customer to break the required unit of
Sheetal Deposit to the extent of allotment amount in case of allotment of Shares in the
Sheetal Deposit/STDR Form.
Sheetal Deposit/STDR to be opened in the Units of Rs.1 instead of Rs.1000/-(at present).
The blocking and unblocking of funds in Deposit Account is done through Trickle Feed in
ASBA Module.
At the Time of allotment of Share:
For the customers having Current Account with the branch.
The system to check the balance in the Current/SB Account, In case of availability of the
sufficient balance in the account the system to debit the Current/SB account and the lien on
Sheetal/STDR gets auto released.
In case of Non availability/Insufficient Funds in the account, the system to break the number
41
of
units
from
the
Sheetal
Deposit/STDR
equivalent
to
the
Share Allotment
amount/Difference in the available balance in the account and the Share allotment account.
The remaining units in the Sheetal Deposit if any may continue till maturity.
For the Customers not having the Current account with the branch.
The system to break the Sheetal deposit /Short Term Deposit (STDR) units, which is
equivalent to Number of shares allotted X application money. The units to be broken to the
extent of the allotment amount. For the convenience in breaking the exact amount the Sheetal
deposit is opened with minimum units of Rs.1.
The branches to route the amount from Sheetal deposit to the existing common Current
Account opened for administrative purpose in the branch.
The remaining units in the Sheetal Deposit if any may continue till maturity.
Penalty on Premature withdrawal:
There is no penalty on the premature withdrawal of the FD.
Period of FD:
The period of FD will be 15 Days and above.
Rate of Interest on FD:
The Rate of Interest on Deposits will be offered as special rate from time to time to be
decided by the Treasury Department.In case the allotment takes place prior to 15 days, the
broken unit will earn the interest equivalent to the no days the units were run without
prepayment penalty on premature closure. The remaining units will continue to complete the
term and earn the same rate of Interest.
On Maturity the Sheetal Deposit/ STDR will be closed and the maturity proceeds will be paid
by DD or RTGS to the Beneficiary account. In case of existing Current Account amount will
42
We have launched an Electronic Bill Presentment and Payment Services presently in Pune
and Mumbai known as " MahaBillPay " in association with India Ideas.com Ltd. better
known as Bill Desk Company.
The Customer who wishes to make payment utility payments like Electricity,
Telephone Bills, etc., should apply through the branch and get registered under
the scheme. The Bill Desk Company for easy identification will provide each
customer with unique registration number.
Bill Desk Company would accordingly obtain the bills details of the registered
customers from the Utility providers like MSEB, BSNL etc.
The list of customers with bill details whose bills have fallen due for payment,
will be sent to the branch
Branches on receipt of the payment list would debit the account of the
customer concerned accordingly.
43
Other Features
When the customer is registered with the scheme, the details of the customer
are informed to the utility providers. The latter would print the special
message in the bills of the customer concerned to the effect that the bill is
under the scheme.
In addition, the Company will also contact the customer for payment
instruction.
At present the following payments are accepted and the list may be expanded
in due course when the Bill Desk Company enter into agreement with new
utility providers:
Mumbai
BSES.
MTNL.
Hughes Telecom.
BPL Mobile.
Orange
Airtel.
LIC
ICICI Prudential.
Mahanagar Gas.
BOBCARDS
BOB DP.
CRY.
Pune
MSEB.
Hughes Telecom.
IDEA.
LIC.
ICICI Prudential.
Nataraj Gas.
BOBCARDS.
CRY.
The facilities would be available at present in the cities of Mumbai and Pune.
All branches that participate in the clearing at the above cities can extend the
45
above services.
All types of account holders - individuals, firms, companies etc. can opt to pay
their utility services bills through this scheme.
Customers can confirm the payment of bill through the entries made in the
statement of account as well as from the subsequent bills received. However
separate receipts are sent by LIC.
A customer may add to his registration for subsequent payments for new
utility providers.
Physical bills would also continue to be received by the customers from the
billing companies.
While submitting application for registration, last bill / copy of thereof should
be enclosed to ensure the correctness of details with the billing companies. No
other documents are required.
In case of a customer is already registered with ECS and desires to join the
above scheme, then he should first cancel his registration under ECS before
registering under this scheme.
Auto Pay
The customer gives standing instruction and authorise the bank to debit his
46
account and make payment of the bills to the Billing Company irrespective of
the bill amount. Thus the bill amount would be debited to his account
irrespective of the bill amount.
Under this option a customer while registering for this facility, can also specify an
upper limit up to which the utility bill can be paid automatically by debiting his
account. Whenever the Bill amount exceeds the limit, then Bank will not pay the
bill and the customer needs to pay the bill on his own directly to the Billing
Company. Different upper limits can be given for various types of service bills. In
case the customer wants the bank to pay the bill, he should call on the bank at
least a week before the due date and authorize in writing to pay the bill.
MAHAeTRADE
brings forward a fast, easy, transparent and hassle-free way for investing / trade in shares in
secondary capital market through National Stock Exchange and Bombay Stock Exchange.
Investment in shares traded on the NSE and BSE can be made without having to visit your
share-broker. All other associated hurdles like tracking of settlement cycles, paying and
47
receiving funds in savings account, paying and receiving shares in Demat accounts have been
removed. Now from a remote location while on tour, picnic, holiday - throughinternet and
laptop / personal computer - you can also trade in the stock market. You can have access to
world class research reports, absolutely free, on trading and investment from the Brokers
sites. How Maha- e-Trade can help you? Maha-e-Trade is 3-in-1 integrated account. Bank
of Maharashtra helps you to integrate your banking, demat and trading accounts.
You can trade in shares backed by funds and securities available in your bank / demat
account. Trading has been made very easy even for beginners.
Banking (Savings or Current) Account needs to be opened (if not held already) with any of
our CBS branches and the Internet Banking Account opening form to be submitted at the
branch concerned while opening the account.
Who Can Open the Accounts
Individuals, HUF, NRI, Body Corporate (domestic or foreign), Societies, Trusts, Foreign
Institutional Investors, International multilateral Agency and Global Custodian, Overseas
Body Corporate, Banks, Foreign Nationals, Association of Persons, Mutual Funds, Escrow
account, Clearing Members (brokers)
*Proprietorship/Partnership firms/Unregistered Society/Private Trust can operate ONLY IF
THE ACCOUNTS ARE OPENED IN THE NAME of proprietor / partner(s) / society
members/ 1st named trustees under individual category (maximum three account holders)
Documents required to open Bank/Demat/Trading Account:
Address Proof & Identity Proof
* Details available on account opening forms
Three Passport size photographs
Note:
PAN card is mandatory for all Demat/ Trading accounts as per SEBI guidelines.
48
All the Photocopies of supporting documents are to be signed by the Customer and
got verified by the Bank Official
Salient Features:
No transfer of funds
Service Charges:
Payable to Broker:
The on-line trading charges as per the Product Plan/tariff of the concerned Broker, with
whom the Trading account is opened/ operated.
* Trading Account opening/activation charges Ranging from Rs NIL to Rs 1000/- (based on
Brokers various account schemes)
*Delivery Brokerage Ranging from 0% to 0.5%
*Intra Day Brokerage Ranging from 0% to 0.05%
(Charges based on volume of transactions and various plans of brokers)
49
Payable to Bank:
Demat Account Maintenance charges Rs 300/- p.a. for Individuals, HUF, NRIs and Trusts
and Rs 1,000/- p.a. for corporates and others. Transaction based charges extra
Details are available in this website under Service Charges.
MahaSuraksha Scheme
Nomination facility.
50
Age
18 to 35 years
156.00
36 to 50 years
348.00
51 to 54 years
804.00
55 to 59 years
1212.00
Minimum Contribution per Annum Rs. 1000/ Maximum Contribution per annum Rs. 12000/ Government will contribute Rs. 1000/- per year up to 2013-2014
Investment Option
1) Active Choice : You have option to choose the category
2) Auto Choice: By default the option is selected.
Tax Benefits :
Amount invested up to 1.00 lacs is eligible for exemption under 80CC
How Pension will be available
On attaining age of 60 you will have to invest minimum 40% of Corpus in annuity scheme
of the service provider appointed by PFRDA.
ASP appointed by PFRDA would be responsible for delivering a regular monthly pension.
The work of collection of Direct Taxes was introduced in our Bank from 01-10-1998. At
present, our 179 Branches are designated for the Scheme.
Under the Scheme, the amount collected by the Designated Branch, on a day is to be
transmitted to respective Nodal Branch on the same day. The Scrolls are to be prepared and
sent to Nodal Branch, alongwithChallan on the same day, through Courier/Messenger.
At Nodal Branch, the consolidation of the data transmitted by various Designated Branches is
done on day to day basis. On receipt of Scrolls and Challans, It has to be tallied with the Data
transmitted by the Collecting Branches. Duly consolidated data is to be transmitted to our
Link cell viz. GBB, Nagpur. Duly checked and tallied Scrolls alongwithChallans are
delivered to the respective Zonal Accounts Officer, CBDT. At present, there are 9 Nodal
Branches. At our Link Branch, after consolidation of the data received from all the Nodal
52
C.A.S., R.B.I., Nagpur, followed by digitally signed e-mail, by which fund settlement is done
with RBI.
The system is known as CBEC- Central Board of Excise & Custom.
In this system, Error Free Data Transmission is of utmost importance, at all levels i.e.
Collecting Branch/Nodal Branch/ Link cell.
Designated branches should report in CBEC site and non-authorised branches should report
in e-seva.
MAHA e-Seva
Our Bank has introduced the MAHA e-Seva facility for its Customers/Non customers in July
2011. All the e-Seva facility is free to customers /non customers. Any Customer / Non
Customers of our Bank can avail the e-seva facility by filling its e-payment of Taxes through
any of the branches of our Bank.
Branches will accept all types of taxes from the customers in physical form and subsequently
will make the e-payment through MAHA e-Seva on behalf of the customer through Current
Account of branch which is opened for e-seva.
54
55
CHAPTER4
DATA ANALYSIS AND INTERPRETATION
1. Are you aware about about the financial services offered by the bank?
No.
%
Yes
16
80
No
4
20
Yes
Total
20
100
No
20%
80%
Intrepetation:
Out of 20 people,
56
80% of people are aware about the financial services offered by the bank.
And 20% of people were unaware about the financial services offered by the bank.
No.
%
Loans
Mutual
ATM
Total
4
20
Funds
2
10
Services
8
40
20
100
Sales
Intenet Banking
Loans
Mutual Funds
ATM Services
30%
40%
10%
20%
Interpretation:
Out of 20 people,
30% of people have used internet banking,
20% of people have used loan,
10% of people have used mutual funds,
And remaining 10% have used atm services.
57
No.
%
Loans
Mutual
ATM
Total
4
20
Funds
1
5
Services
10
50
20
100
50
25
20
Internet Banking
Loans
Mutual Funds
ATM Services
Interpretation:
Out of 20 people,
25% of people use internet banking frequently,
20% of people use internet banking frequently,
5% of people use mutual funds frequently,
58
No.
%
Yes
8
40
No
12
60
Total
20
100
Sales
Yes; 40%
No; 60%
Interpretation:
Out of 20 people,
40% of people have opted for loan,
And remaining 60% of people have not opted for loan.
59
Home
3
37.5
Education
1
12.5
Car
1
12.5
Personal
2
25
Others
1
12.5
Total
8
100
Loans
40
35
30
25
Loans
20
15
10
5
0
Home
Education
Car
Personal
Others
Interpretation:
Out of 8 people,
37.5% of people have opted for home loan,
12.5% of people have opted for education,
12.5% of people have opted for car loan,
25% of people for personal loan,
And remaining 12.5% have opted for others.
60
Often
5
25
Rarely
7
35
Never
8
40
Total
20
100
Online Services
40
35
30
Online Services
25
20
15
10
5
0
Often
Rarely
Never
Interpretation:
Out of 20 people,
25% of people use online service often,
35% of people use online service rarely,
And remaining 40% of people have never used online services.
61
Satisfied
17
85
Dissatisfied
3
15
Total
20
100
Satisfaction
Satisfied
Dissatisfied
15%
85%
Interpretation:
Out of 20 people,
85% of people are satisfied with services provided by bank,
Remaining 15% of people are dissatisfied with financial services provided by the bank
62
Excellent
3
15
Good
10
50
Excellent
Average
5
25
Good
10%
Bad
2
10
Average
Total
20
100
Bad
15%
25%
50%
Interpretation:
Out of 20 people,
15% of people describes financial services as excellent,
50% of people describes it as good,
While 25% of people describr it as average,
And remaining 10% of people describe financial services as bad.
63
CHAPTER 5
CONCLUSION
Out of the 20 people ,about 80% of people are aware about the financial services.
And the remaining not.
People are better aware about the financial services provided by the bank,and thus makes the
Use more friendly.
And among all it is the atm services that is used mostly among the people.
Also 40% of people have opted for a loan.among it 37.5% of people have opted for
homeloan.
Around 25% of people use internet services oftenly.
And the vital thing is that of 85% of people are satisfied by the services provided by the bank.
So concluding thus it can be said that people are generally much aware about the
financial services and thus enjoys the benefits in the form of better service provided.
Its a better sign in the coming future for india as india is becoming one of the leading
countries and the growth is seen as compared to the pre 1991 period.
64
CHAPTER6
BIBLIOGRAPHY
WEBSITES:
1.www.Bank of maharashtra.in
2.www.investopedia.com
BOOKS:
1. Management of Banking and Financial Services
2. Financial Services by MY Khan
65
CHAPTER 7.
ANNEXURE
1. Are you aware about about the financial services offered by the bank?
Yes
No
Mutual Funds
ATM Services
Loans
Mutual Funds
ATM Services
Loans
No
Education
66
Personal
Car
Others
6. How do you often use online services?
Often
Rarely
Never
7. Are you satisfied with services by bank?
Yes
No
Good
Average
Bad
67