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INTRODUCTION• Banks were used only a place to park surpluses in earlier times.• Banks have come out with many products.• Forayed in rural areas.• Provide third party products.• Become one stop service providers.• Convenient to customers.
INSURANCEInsurance is defined as the transfer of the risk of aloss, from one entity to another in exchange forpayment.FEATURES:Insured is compensated for the financial lossRisk is transferred from insured to insurerA person can take more than one policyInsurance policies can be modifiedPremium is charged for Insurance contract.
ADVANTAGES• Safe and profitable long-term investment• Assured income through annuities• Uncertainties are reduced• Creation of wealth over a period of time.• Protection against rising health expenses• Tax Benefits• Planning for life stage needs.
TYPES OF INSURANCE(A) LIFE INSURANCE :• Term Life Insurance• Whole life insurance(B) GENERAL INSURANCE• Home Insurance• Travel insurance• Motor vehicle Insurance• Health insurance• Fire insurance• Marine insurance
GOLD COIN• It is universally acceptable since the coin is made of gold.• Free and unrestricted import and export of gold under gold coin standard ensures stability in foreign exchange rates.• This is the simplest form of gold standard which can be easily understood by the common people.• Buying gold coins is its ease to liquidate.• They have intrinsic value.
MOBILE RECHARGE• Customers can recharge their account easily and instantly. The account debits are reflected immediately into the account.• Customers can enjoy the benefits of doing anytime and everywhere online recharge.• Online Recharge facility offers complete freedom to consumers to do instant recharge of any desired amount as per their convenience.• Online recharge enables stress free, user friendly and convenient option of refilling of the prepaid account for doing online recharge over the internet.• Online recharge not only offers convenient way of recharging account from home, it also saves time and energy• You can get your prepaid account recharged anytime and from anywhere because they offer services 24/7 basis
MUTUAL FUNDS• Pools savings from a number of investors having a common financial goal.• Money is invested in capital market instruments.• Investors known as unit holders.• Shares profit & losses in proportion to their holding.
ADVANTAGES• Diversification• Transparency• Tax benefits• Professional management• Liquidity• Low transaction cost• Well regulated
STRUCTURE OF MF• Sponsor• Trust• AMC• Custodian & Depositories• Registrar & transfer Agents• Bankers• Distributors• Brokers
TYPES OF MF• Based on structure: Open-ended funds Close ended funds• Based on type of security: Debt fund Equity fund Money market MF• Hybrid funds Balanced funds Growth & income funds Asset allocation funds• Others Commodity funds Real estate funds ETFs Fund of funds
GOVERNMENT BONDS• Debt instrument• Amount invested for a certain amount of time with a certain interest rate.• Issued in domestic currency• Bonds issued in foreign currency- Sovereign bonds• RBI Relief bond is the most popular.• Tax saving tool for individual investors• Carry 8.5% interest rate compounded half- yearly
DEMAT ACCOUNT• Demat Account, a short form of saying Dematerialized Account is a type of banking account which dematerializes the paper based physical shares.• It can be considered as another form of a personal account where people keep shares instead of money and cheques.• Demat account allows you to buy or sell shares in safe, secure and convenient way without any delay and paperwork.• Opening a Demat account is as simple as a bank account opening.• You can open a Demat account with any registered depository participant (DP).
DEPOSITORIES AND DPs• A depository is a place where the stocks of investors are held in electronic form.• The National Securities Depository Ltd (NSDL) and the Central Depository Services Ltd (CDSL).• Under the arrangement, the Depository acts as registered owner of the securities in electronic form in the books of issuing company and the client will be the beneficial owner.• The Depositary Participants are the agents governed by Depositories through which one can operate the Demat account.• Depository participants are mainly banks and brokers. There are 276 DPs in India.
WHO CAN OPEN?• Any individual or corporate can open a Demat account.• It is possible to open more than one Demat account in identical names.• Once a Demat account has been started, it is not possible to change the account name.• In such case a new Demat account needs to be opened in the changed name, securities are to be transferred from the old account to the new account and the old account needs to be closed.
BENEFITS• A safe and convenient way to hold securities;• No odd lot problem, even one share can be sold;• Nomination facility• Reduction in transaction cost.• Change in address recorded with DP gets registered with all companies• Transmission of securities is done by DP eliminating correspondence with companies• Automatic credit into Demat account of shares, arising out of bonus/split/consolidation/merger etc.
SAFE KEEPING. SAFE DEPOSIT VAULT :- Safe keeping facility is a traditional function of banks. Lockers are easily access & provided at very reasonable rates. Rents are charged as per size of the locker and are payable in advance. Locker can be hired by Individuals, Firms, Limited Companies, Association, Societies etc.
CONTD…. Lockers are rented out for a minimum period of one year. Nomination for Safe deposit locker are available. Banks have two keys, one of which is kept with the banks so that bank can control access to safe.
SAFE CUSTODY. Banks accept sealed packets of valuables for safe keeping in their strong rooms. Packets were kept in the bank’s safe. Articles are returned upon the customer handling over the receipt. Banks today deposit the duplicate keys of branches for safe custody with other banks in case of emergencies. Only given in exceptional cases.
CONTD… Annual rent is calculated from the date you open the locker to the same date next year. If you decide to close your locker in midyear ,in most cases, you forego the annual rent which you paid at the beginning of the year. Most banks claim that confidentiality of the locker’s contents is maintained, unless the income tax authorities or the police deem otherwise. Locker facility is not available at all branches of a bank.
COLLECTION OF TAXES Earlier, taxes payable to the Central government and state governments could be paid only at the branches of the SBI and other public sector banks. Now, almost all banks, including private sector banks, have been authorized to collect taxes on behalf of the government. The amount collected are remitted to RBI where government account are kept. To facilitate easy payment of taxes, banks are providing the facility of online payment of taxes through net banking.
PAYMENT OF UTILITY BILLS• Collection of utility bills such as:Telephone billsMobile billsElectricity bills
CONTD..• Standing instructions• Convenient to customers• Banks earn commission• Maintain accounts of utility organisations
ONLINE PAYMENTS• Online shopping• Advance tax• Insurance premium• E-tickets of railways, airlines• Payment through debit card/credit card
ADVISORY SERVICES• Professional assistance needed by investors• Banks offer consulting services to private banking customers• Help in minimising risks & maximising returns• Help customers in conducting investment transactions• Contribute a substantial portion of profits of retail banking business of banks