CHAPTER-4
CUSTOMERS SERVICE MIX OF MERCANTILE BANK LTD. RAJSHAHI BRANCH
4.1 Opening of Account:
By opening of an account a person/s becomes a customer of a bank. It is a legal contract between the bank and the customer. An account opening from is the contractual document. It is the legal basis of banker – customer relationship. The rules and regulations for opening of an account vary from customer to customer.
4.2 DEPOSIT SCHEMES TAILORED FOR VARIOUS TYPES OF ACCOUNTS
Now a days, it is very risky for people to carrying cash in hand and keeping money in the house so, these people can be safe by keeping their in the bank. Mercantile bank mobilize deposit through the following accounts.
4.3 A) Demand deposit:
ð Current Account:
Current account is most suitable for private, individuals, traders’ merchants, importer and Exporters mill and Factory owners etc. For opening of a current account minimum deposit of Tk. 1000 is required along with introductory reference. No interest is given the current account deposited money. One can enjoy maximum flexibility and convenience when he/ she open current account with MBL
This account offer-
ð Any number of transactions in a day.
ð Cheque book.
ð Statement of account at any desired frequency.
ð Phone banking.
ð Online banking
ð
Saving account:
The saving account is primarily for small – scale savers the main objective of this account promotion of thrift. Hence there is restriction on with drawls in a month. Heavy withdrawals are permitted only against prior. Minimum amount of Tk. 500 is required as initial deposit. Frequent withdrawal not allowed. The role of interest is 6.5%.
STD Account (Short Term Deposit):
This kind of account is opened normally various big companies, organizations Government department etc. This account is operated like current account. If 7 days written notice is placed before the bank is gives interest at the rate 6.00% per minimum.
4.4 (B) Time Deposit:
Deposits are life blood of a commercial Bank. Since commercial bank deals with other people’s money, without deposits there is no business for the commercial Bank. Accepting deposits is one of the main functions of MBL.
4.5 (C) Fixed Deposit Receipt:
Fixed deposits are the deposits in which an amount of cash is deposited in Bank for a fixed period specified in advance. These deposits are time deposits. Normally the money on a fixed deposit is not repayable before the maturity date of a fixed period. At the time of opening the deposit account, the banker issues a receipt acknowledging the receipt of money on deposit account. It is popularly known as FDR.
FDR interest rate (Blackwood):
Time BELLOW 1cr ABOVE 1cr1(one) month 8.00% 9.00%
3(three) month 9.25% 9.50%
6(six) month 10.00% 10.50%
1(one) year 10.75% 11.75%
If any depositor wishes to withdraw his / her money before maturity he / she are allowed to do so. But be given according to the prescribed rate for that term. This instrument is also accepted as primary security or collateral security against any advance or loan subject of the Bank.
To collect huge mount of time deposit mercantile Bank Ltd. operate some attractive product or scheme. The figure of various time deposit products described as follows:
Monthly saving scheme:
Objectives:
1. To generate saving intension.
2. To make attraction small savory
3. Saving for terrible time
4. Opportunity for large profit
It is a best saving scheme for the small savers through savings of fixed amount of money every month. One can get a lucrative lump sum amount of money after five, eight or ten years. The installment size range is given below.
The final figure Table amount of monthly saving scheme project:
Monthly
Premium Duration
|
250
|
500
|
1000
|
1500
|
2500
|
5000
|
5 Years
|
20625
|
41250
|
82500
|
123750
|
206250
|
412500
|
8 Years
|
40375
|
80750
|
161500
|
242250
|
403750
|
807500
|
10 Years
|
57500
|
115000
|
230000
|
345000
|
575000
|
115000
|
The features of this scheme:
ð Move than one account is opened by one man.
ð Premium rate is given ten days in a month.
ð Loan is given agent savings.
ð Advance premium is taken.
Digun Bridhi Amanat Prakalpa:
It is highly yielding saving scheme money doubles in 6 years. TK. 1.00.000 becomes TK. 2.00.000 in 6 years.
The project summery as follows:
Double Benefit Deposit Scheme:
Particulars
|
Deposit
|
Period
|
Benefit
|
Previous
|
100000
|
7 years
|
200000
|
Presents
|
100000
|
6 years
|
200000
|
By depositing the amount of TK. 57,500 or any coefficient value of this amount can deposit to any personal name or institution name for five years and the depositor can get a fixed amount monthly until a certain time.
The requirement of project
Masik Munafa Prokalpa:
Particulars
|
Previous
|
Present
|
Deposit
|
1,15000
|
1,00,000
|
Profit Per Month
|
1,000
|
1,000
|
ð The deposit is kept here 5 years or over 5 years
ð Loan is given against savings
Special saving scheme:
Objectives:
1. To help industrialization by increasing investment.
2. Making a dynamic economy.
3. Reducing foreign dependability.
Five thousand and amount to TK. Multiply any digit by five thousand is depositing under this project for eleven years. One can get three times on maturity. A depositor may withdraw his/ her depositing money after one year in any time of then project time interval.
The benefit of the scheme:
Year
|
Saving Amount
| |||
5,000
|
10,000
|
50,000
|
1,00,000
| |
01
|
1,09,000
| |||
02
|
1,19,355
| |||
03
|
1,31,293
| |||
04
|
1,45,083
| |||
05
|
1,61,051
| |||
06
|
1,78,610
| |||
07
|
1,97,365
| |||
08
|
2,18,287
| |||
09
|
2,42,633
| |||
10
|
2,68,961
| |||
11
|
3,00,000
| |||
ð More than one account is opened by one man.
ð Every coefficient amount of 5 thousand taka is saved.
ð Loan is given against savings.
Ajiban pension scheme:
Ajiban masik pension is get under this project, after depositing a certain amount of money in the project scheme time. This account is also open by minor name. The project summery as follows:
Ajibon Pension Scheme
| |||||||||||
Monthly Installment
|
10 Years
|
15 Years
| |||||||||
Pension Per Month
|
Lump sum
|
Pension Per Month
|
Lump sum
| ||||||||
Pervious
|
Present
|
Previous
|
Present
|
Previous
|
Present
|
Previous
|
Present
| ||||
1,000
|
2,500
|
2,000
|
2 lac
|
1.8 lac
|
5,000
|
4,000
|
4.0 lac
|
3.6 lac
| |||
Monthly Installment
|
20 Years
|
25 Years
| |||||||||
Pension Per Month
|
Lump Sum
|
Pension per month
|
Lump Sum
| ||||||||
Previous
|
Presents
|
Previous
|
Present
|
Previous
|
Present
|
Previous
|
Present
| ||||
1,000
|
10,000
|
8,000
|
8.0 lac
|
7.25 lac
|
20,000
|
16,000
|
16.0 lac
|
14.75 lac
| |||
The benefits for Installments of Tk. 2,000, Tk. 3,000 Tk. 4,000 and Tk. 5,000 are Proportionate with Installment of Tk. 1,000.
ð Installment is deposited in date of ten per month.
ð Advance installment is deposited
ð Monthly pension will be given after 30 days of deposit last installment
ð Ajiban monthly amount of pension and ageist pension one time paid him or her nominee.
ð Depositor can enjoy life time benefit
ð In exchange of monthly pension contemporary specified amount can with drew after duration.
ð Depositor can with draw total specified amount in any time at enjoying person.
ð After data nominee can with draw contemporary specified amount pension.
Transfer of accounts:
Account holder may transfer his account from one branch to another for this he / she must apply with proper reason to the manager of the branch where he/ she are maintaining the account. Manager requests to the account holder want to transfer his account holder wants to transfer his account. Besides, he / she also send original copy of ‘Account opening form, and “specimen signature card and photocopy” of application for transferring the account with the balance remained in the account.
Closing of an Account closing of account may happen for the following reasons-
ð Customer desires to close the account.
ð Customer’s insolvency.
ð Death of customer or insanity of the customer.
ð The bank finds that the account is inoperative for a long period.
To close the account, the Cheque book is to be returned to branch.
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