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INTERNSHIP REPORT The khushali certificates will be of five years maturity. The guaranteed rate of return will be minimum 1% per month.If the profit declared by the bank is higher, additional profit will be paid to depositors which the branch managers from time to time will inform them about. The following table gives the monthly returns on various amounts. AMOUNT MONTHLY PROFIT RS. RS. 1,000,000 10,830 500,000 5,416 100,000 1,083 50,000 541 25000 270

 Zakat will be deducted once a year on the principal amount of the investment but will be collected monthly over the year. As per Government directives, tax on the profit/return is to be deducted by MCB branches at the time of payment. PAYMENT PROCEDURE The monthly payment (profit) will be made through the following convenient and efficient modes: Cross Pay Order, which may be collected by yourself or your authorized person? A cross Postal Money Order or Demand Draft which will be at the doorstep promptly each month. HAILEY COLLEGE OF COMMERCE, UNIVERSITY OF THE PUNJAB 20

INTERNSHIP REPORT Personal collection of cash profit at the issuing bank branch. INCASE OF PREMATURE ENCASHMENT The following rates of profit will apply: If certificate is held for less then 90 days No Profit If the Certificate is held for3months but less than 6monthsPLS rate If the Certificate is held for 6months but less than1 year PLS rate If the Certificate is held for 1 year but less than 2 year PLS rate If the Certificate is held for 2 year but less than3 year PLS rate If the Certificate is held for 3 year but less than 4 year PLS rate If the Certificate is held for 4 year but less than 5 year PLS rate MAAL-A-MALL SCHEME

Maal-a-mall is newly issuing scheme. It is the most profitable scheme of the bank and MCB has got RS. 20 Billions. This certificate is for Rs.25000/-. PROCEDURE The procedure of Mall-a-Mall certificate is very simple. The applicant has to fill the slip of certificate where he writes. Branch code Date Tenure

Name of applicant, his ID No. his address and phone No. The tenure can be of 2 months, 4 months 8 months or 1 year and the profit percentages are different for different for different tenure i.e.2 % for 2 months, 3% for 4 months, 5% for 8 HAILEY COLLEGE OF COMMERCE, UNIVERSITY OF THE PUNJAB 21

INTERNSHIP REPORT months 6.5% for 1 year tenure.These certificates are automatically renewable after maturity. Copy of ID card is attached with certificate. Profit is calculated at the time of drawing. At register, the officer writes reference or serial No. name of applicant, certificate No. date ofissue and date of maturity. At Maal-a-Mall certificate, the officer write dates of issue, maturitydate, and reference No. and name of applicant. CALL DEPOSIT

It is one of the features of commercial institutions. Here the companies and institutions havethe opportunity to withdraw the entire amount at any time.People deposit the amount for oneproject and can use this account during that project. They got the money from this amount whatever they needed for the project. The bank has been issuing deposit receipts or pay order at the request of their customer in favor of Government Departments. CLEARING DEPARTMENT This department receives the cheques and other negotiable

instruments drawn on localbranches of other banks. Nift has a clearing house, in which cheques and other negotiableinstruments are brought by each local bank representative and the nutal claims of each bank onother is offset and a settlement is made by the payment of difference. Clearing system is helpfulfor both the customers and bank in saving currency, time and labor. PROCEDURE The cheques and drafts come to then from different banks. They write them at one (dailyvoucher record sheet) and then separate different banks and write one banks slips at oneschedule and then summary of banks and then balance with total drafts and total amount andgiving them to representative.MCB is a member of State Bank of Pakistan (SBP) and has anaccount with SBP.The clearinghouse of SBP(NIFT), through whom branches forward/receive-clearing cheques along with a schedule conducts clearing. The clerk of forwarding branchprepares the schedule and vouchers of all the clearing cheque, which he received by the clerk HAILEY COLLEGE OF COMMERCE, UNIVERSITY OF THE PUNJAB 22

INTERNSHIP REPORT on that day and sends these cheques to the checking officer.Checking officer pass thesecheques and vouchers by his initials, endorsement stamp and branch special crossing stamp.Clerk posts the contra entries of these vouchers in the clearing register.. Representatives bankscollect these cheques.Next day at 8:30 A.M. representatives of all local banks and foreignbanks exchange their cheques, which are drawn on their banks. This department receives the cheques and other negotiable

instruments drawn on localbranches of other banks. Nift has a clearing house, in which cheques and other negotiableinstruments are brought by each local bank representative and the nutal claims of each bank onother is offset and a settlement is made by the payment of difference. Clearing system is helpfulfor both the customers and bank in saving currency, time and labor. The clearinghouse debits/credits the payee/receipt branch with the total amount of the chequespaid on their behalf. The settlement of book entries e.g. , if MCB is to gives RS 2 Million toUBL and UBL has to give RS.1 million to MCB then MCB will draw a cheque of 1 Million infavor of UBL. SBP will debit this amount from MCB account and credit of UBL account. In thisway mutual cross obligation of banks settled by debiting and crediting in the books ofSBP. PROCEDURE FOR ADVISING HEAD OFFICE ACCOUNT

All that inter-bank adjustments will be effected through head office account it will be essentialfor the branch to advice head office account of each transaction so that they may also pass thenecessary entries in their books. The Nift will send a consolidated debit/credit advice to thebranches in respect of clearing cheques delivered to or received from the branches. The Amount of the advice will agree with the total amount appear5ing in the schedule of chequedeliver/received. The same office will similarly send advice to the branches of the returns, ifany. Copies of all advice will be sent to the head office. TRANSFER AND TRANSFER DELIVERY Transfer is used for inter branch and transfer delivery is inter-branch. Branch receives the cheques and other negotiable instrument drawn on other branch of the same bank. Main HAILEY COLLEGE OF COMMERCE, UNIVERSITY OF THE PUNJAB 23

INTERNSHIP REPORT branch of the MCB handles the transfer delivery of cheques. Three same clearing chequesprocedure will be adopted in the transfer deliveries except not availing the facility of SBP. Incase of cheques drawn on one branch and collected by an other branch for the credit of itsconstituents the branch delivering the cheques will send a

consolidated debit advice will Invariably agree with the total appearing in the transfer delivery schedule. If any cheque is returned unpaid, a credit advice will be sent to the branch returning the cheque.

Clerk will also maintain the ledger for transfer delivery copies of all the advises will be endorsed to the head office as usual. MODES OF PAYMENT In banking system different modes of payment are used, some of them are; CHEQUES TRAVELLER CHEQUES MAIL TRANSFER TELEGRAPHIC TRANSFER LOCAL DEMAND DRAFT FOREIGN DEMAND DRAFT DIFFERENCE BETWEEN CHEQUE & DRAFT Both are modes of payment. The difference is that the service charge excise duty and othercharges are paid by the cheque holder (to whom cheque is issued) and in draft all charges arepaid by cheque issuing deposit holder. ADVICE FOR CHEQUE It is used for enter branch communication. When a person has an a/c in MCB at G T Roadbranch and he got a cheque from Muridke branch of the same bank then he deposits thatcheque in his account at G T Road branch that sends that cheque with advice to main branchand main branch sends that HAILEY COLLEGE OF COMMERCE, UNIVERSITY OF THE PUNJAB 24

INTERNSHIP REPORT Advice with cheque to Muridke branch and that branch approve that cheque and sends back tomain branch and main branch sends back to G T Road branch and dig. Branch deposits/creditsthat cheque to depositors account. If Muridke branch has no such amount then they refuse to approve it and send to main branchand main branch sends back (new advice) to G T Road branch and reserve process starts .Iftransfer delivery is used between different cities then the issuing cheque holder pays service charges and mail or transfer charges. If a depositor in a branch (Karachi) gives cheque toanother depositor (Lahore) then branch of second depositor makes an advice and transferamount to first depositor and service charges and the second depositor pays postal or othertransfer charges. Three vouchers are used.Main voucher and copy of draft or cheque are sentto first depositors branch. Main draft and one voucher are sent to head office and one voucherremains to II depositors branch. SPEED CASH It is a new mode of payment usually used for immediate payment. It can only be issued bySheikh Sultan Trust branch and can send to any branch all over the country. Amounts fromforeign countries come to

Sheikh

Sultan

Trust

branch

from

where

it

is

sent

to

other

branches.Payees bank manager can give amount after checking draft without any advice. REMITTANCE DEPARTMENT Transfer of money or equivalent to money from one branch to another branch of the same bankis called remittance. Now it is become easier and safer method both for the client and bankerto transfer their money from one branch to another within the city and outside the city. ORIGINATING BRANCH It is the branch, which receive the instrument for remittance. RESPONDING BRANCH The branch, which receives the instrument for remittance. TYPES OF REMITTANCE HAILEY COLLEGE OF COMMERCE, UNIVERSITY OF THE PUNJAB 25 MCB Intership Report DownloadPrintMobileCollectionsReport Document Info and Rating Business Education Finance report sample MBA COMSATS internship mcb lahore BBA (more tags) muhammadtaimoorkhan Share & Embed

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mani1518left a comment all 06 / 20 / 2010

firewavecafardleft a comment Your report is really good, can you send me a copy please on my e-mail id atrhouzlane_charaf@hotmail.com Thanks ! 03 / 19 / 2010

mdwaqas7711left a comment plz send me a copy of this great report atwaqas.fin12@yahoo.com....... 01 / 09 / 2010

adeelfebleft a comment lala g, you have done great. may i have a copy of it atadeellink@gmail.com please. 12 / 28 / 2009

sadiakureshileft a comment your report is too good can you send me a copy on my e-mail id its sadiakureshi@live.com 08 / 05 / 2009 Upload a Document

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