CHAPTER-I

INTRODUCTION

1.1 INTRODUCTION
The banking industry handles finances in a country including cash and credit.
Banks are the institutional bodies that accept deposits and grant credit to the entities
and play a major role in maintaining the economic stature of a country. The Indian
banking system consists of 27 public sector banks, 21 private sector banks, 49 foreign
banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural
cooperative banks, in addition to cooperative credit institutions.
As of Financial Year, 2020 total credit extended by commercial banks surged
to Rs 93,751.17 billion and deposits grew to Rs 120,818.92 billion. Indian banks are
increasingly focusing on adopting integrated approach to risk management. Banks
have already embraced the international banking supervision accord of Basel II, and
majority of the banks already meet the requirements of Basel III.
Reserve Bank of India (RBI) has decided to set up Public Credit Registry
(PCR) an extensive database of credit information which is accessible to all
stakeholders. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017
Bill has been passed and is expected to strengthen the banking sector. Deposits under
Pradhan Mantri Jan Dhan Yojana (PMJDY) increased to Rs 988.74 billion and 355.4
million accounts were opened in India. The Government of India provided
Rs 6 trillion loans to 120 million beneficiaries under Mudra scheme.

Rising incomes are expected to enhance the need for banking services in rural
areas and therefore drive the growth of the sector. As of September 2018, Department
of Financial Services (DFS), Ministry of Finance and National Informatics Centre
(NIC) launched Jan Dhan Darshak as a part of financial inclusion initiative. It is a
mobile app to help people locate financial services in India.
The digital payments revolution will trigger massive changes in the way credit
is disbursed in India. Debit cards have radically replaced credit cards as the preferred
payment mode in India, after demonetization. Debit cards garnered a share of 87.14
per cent of the total card spending.

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 The banking sector has been undergoing a complex change in the very recent
past. The fact that banks work under the most volatile conditions and the banking
industry as such in the booming phase makes it an interesting subject of study.

2
 CHAPTER-II

PROFILE OF INDIAN BANK

2.1 BANK PROFILE

“A good bank is not only the financial heart of the community, but also one with an
obligation of helping in every possible manner to improve the economic conditions of the
common people”
- Ammembal Subbarao Pai

Indian Bank is one of the largest public sector banks owned by the
Government of India. It is headquartered in Chennai. It was established in 1907 by
S.Rm.M. Ramaswami. It is one of the oldest public sector banks in the country. The
Bank has gone through the various phases of its growth trajectory over hundred years
of its existence. Growth of Indian Bank was phenomenal, especially after
nationalization in the year 1941, attaining the status of a national level player in terms
of geographical reach and clientele segments. Eighties was characterized by business
diversification for the Bank. The eventful journey of the Bank has been characterized
by several memorable milestones. Today, Indian Bank occupies a premier position in
the comity of Indian banks. With an unbroken record of profits since its inception,
Indian Bank has several firsts to its credit.

2.2 HISTORY OF INDIAN BANK

A Brief History of the Bank since its Incorporation

1907 • Bank was incorporated on March 5, 1907 with an

Authorized Capital of Rs.20 lakhs and commenced its
business on August 15, 1907.
• In the year 1907, the Indian Bank Ltd. had the
tree ‘Banyan’ as a part of its emblem denoting an all-around
progress, growth (far and wide) and an ever increasing
prosperity.
1921 • Bank’s capital was raised to Rs.60 lakhs from Rs.20 lakhs.

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1932 • Bank celebrated its Silver Jubilee.
• Bank opened its first overseas operations in Colombo
1941 • Singapore branch was opened.

1957 • Bank celebrated its Golden Jubilee

1967 • Bank celebrated its Diamond Jubilee.

1978 • Bank’s logo comprising of three circling arrows arranged

around a central point was approved.
1982 • Bank celebrated its Platinum Jubilee.

1990 • Bank of Thanjavur Ltd. (BoT) with 157 branches was

amalgamated with the Bank.
2006 • The centenary year celebration was inaugurated by His
Excellency the President of India Shri. A P J Abdul Kalam
on 4th September.
2007 • Bank went in for Initial Public Offer in February, 2007.

2008 • Achieved 100 per cent Core Banking Solutions (CBS)

compliant.
2019 • ‘Tamil Nadu Grama Bank’ commenced operations on 1st
April 2019 after a successful amalgamation of Pandyan
Grama Bank of Indian Overseas Bank with Bank’s Pallavan
Grama Bank
• Government of India announced Amalgamation of
Allahabad Bank – a bank with 155 years legacy into Indian
Bank. On April 1, 2020, the amalgamated entity came into
effect.

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 Profile of Indian Bank
2. 3 VISON

To be a Competitive and Strong Bank with commitment to excellence and

focus on adding value to customers, shareholders and employees with adherence to
best practices and core institutional values shared throughout the organization

2.4 MISSION

The Bank’s mission is “To be a Common Man’s Bank” – to provide all

financial products and Services:

• Under one roof

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 • At affordable cost
• In a fair and transparent manner to all our customers.
2.5 COMPANY DETAILS

Name of the Branch MADUKKUR

Address Old No 180a,New No:214,
Main Road, Madukkur, Thanjavur,
Tamil Nadu
Pincode - 614903
Phone 04373-260270
04373-260770
Email [email protected]
Branch Timing/Working Hours Weekdays: 10.00 to 15.30
Saturdays: 10.00 to 13.00
Weekly Off: Sunday
Branch Code M005
IFSC Code IDIB000M005
MIRCode 613019016
No.of.employees 8 Employees in total
Officers-2, Clerk-1, Sub-staff-2, Jewel
loan appraiser-1, Assistant Manager-1,
Manager-1.

2.6 BOARD OF DIRECTORS

• Ms. Padmaja Chunduru - MD & CEO

• Shri Shenoy Vishwanath V-Executive Director
• Shri K.Ramachandran- Executive Director
• Shri. Sanjeev Kaushik- Government Nominee Director
• Mr. S K Panigrahy- RBI Nominee Director
• Dr. Bharath Krishna Sankar- Shareholder Director

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2.7 AWARDS AND ACCOLADES

• Indian Bank has been voted one of the most trusted brands in India by
Reader’s Digest under the ‘Trusted Brands 2019’
• Indian Bank won Six SKOCH Technology Innovation Awards for Techno
Products (Scan and Pay in Indpay Mobile App ,Geo-Tagging in IB Staff
App , Digital Challan in IB Customer App , Green PIN for Credit / Debit
Card / Net / Mobile Banking, Online Credit Card Transaction view in IB
Customer App, Online Branch / ATM Room Cleanliness Feedback with
photo from user in IB Customer App )
• India’s Best Bank award by Financial Express for Indian Bank for Strength
and Soundness .Shri M K Jain, MD & CEO receiving India’s Best Bank
Award for Strength & Soundness from Shri Arun Jaitley Hon’ble Union
Minster of Finance
• Indian Bank Won Master Card Awards for Best Innovation
• Hon`ble Chief Minister, Tamilnadu ,Selvi J Jayalalithaa handed over `Best
Performing Public Sector Bank Award`(for highest lending to Self Help
Groups during 2012-13 and 2013-14) to Shri M.K.Jain, MD&CEO, Indian
Bank
• Indian Bank Bags 3 Awards During 11th ASSOCHAM Annual Banking
Summit in Mumbai . Sri M K Jain, MD and CEO receiving the prestigious
ASSOCHAM Social Banking Excellence Award for the year 2015 from Sri
Jayant Sinha, Honerable Minister of State for Finance, Government of India
• Indian Bank grabs Banking Frontier’s FINNOVITY Award for the Best
Technology Innovation

• NPCI has awarded the following Technology Efforts amongst tough

competition of 920 participants like Banks , White Label ATM Operators
(WLAOs) and Prepaid Payment Instrument Issuers (PPIs)
• NACH – Winner Award (APB / NREGA payments)
• NFS – Winner Award (ATM operations)
• CTS – Winner Award (Cheque Truncation)
• Special award for providing to Stranded Chennai Flood victimes with
Mobile Micro ATMs

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• Skoch Technology Innovation Award for IB SMART REMOTE Mobile
Application

Branch Awards

• The largest lender, the Indian Bank, received award for Deposit
mobilization as there were large number of depositors in that area
• 2nd place for Loan recovery- The list of Non-Performing Assets (NPA)
of loans or advances that are in default or in arrears were less
• Indian Bank was featured in the top list as it provided high number of
agricultural loans for the farmers at an interest rate of 7%

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 CHAPTER-III

PRODUCTS AND SERVICES OF INDIAN BANK

3.1 STEPS FOR OPENING AN ACCOUNT

To open a savings account at any Indian Bank branch, customers will have to
follow the steps mentioned below.

• Visit the Indian branch closest to you.

• Structure of banking Request the bank executive for an account opening form.
• On the account opening form, applicants will have to fill in both the parts.
a. Form 1 - Name, address, signature, various other details and assets.
b. Form 2 - Customers will have to fill in this part if they do not have a PAN
card.
• Ensure that all the fields have been entered and are correct. The details
mentioned in the application form should match those mentioned in the KYC
documents that have been submitted.
• The customer will now have to make an initial deposit of Rs.1,000.
• As soon as the bank completes the verification process, the account holder will
be granted a free passbook and cheque book.
• Simultaneously, customers can submit the internet banking form and also can
apply for ATM card
There are two different types of services and they are:
▪ Primary Service
▪ Secondary Service

3.2 PRIMARY SERVICE

▪ Savings Account
▪ Current Account
▪ Term Deposits
▪ Fixed Deposits
▪ Recurring Deposits

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3.2.1. SAVINGS ACCOUNT

Savings deposit is a kind of safety vault for the people with idle cash. These
deposits are kept under savings account.

ELIGIBILITY

▪ Individual – Single Accounts

▪ Two or more individuals – Joint Accounts

▪ Illiterate persons

▪ Blind persons

▪ Associations, Clubs.

▪ Trusts

▪ Institutions/Agencies/ Societies/Government Departments specially permitted

by RBI.

SALIENT FEATURES

▪ ECS/RTGS/NEFT facilities are available

▪ One cheque book of 20 leaves free in a calendar year for cheque operated SB
accounts. Personalised cheques offered.
▪ Collection of local cheques free
▪ Collection of Outstation cheques with the prescribed charges
▪ No charges for Intra city transactions except cash deposit and cash withdrawal
charges at host branches for transactions above Rs.50000/-
▪ ATM cards/Debit cards provided free of cost for the first year.
▪ 24 hours ATM facility with sharing arrangement with various banks for
sharing their ATMs
▪ 3 transactions Free at ATMs of other Bank in Metro and 5 transactions Free at
ATMs of other Bank in Non Metro Areas.
▪ Intra city, intercity transactions, Internet/ mobile /phone banking facilities are
available at all branches
▪ Nomination facilities available.

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 ▪ 50 withdrawals permitted free per half year excluding debit entries related to
ATM / IRCTC transactions /POS / Internet, Mobile transactions and Rs.15/-
will be charged per transaction over and above the free withdrawals.
▪ No TDS on interest earned on SB deposits

MIN AMOUNT

▪ Minimum amount- Rs.500/- for non cheque operation and Rs.1000 for cheque
operation for Rural/ Semi urban branches

▪ Minimum balance of Rs.1000/- for non cheque operation and Rs.2500/- for
cheque operation for Metro / Urban branches
▪ Nil balance for pensioners and bonafide students receiving scholarship.
3.2.2.CURRENT ACCOUNT

▪ A special type of bank account opened by traders, businessmen, corporate

bodies, and others who operate account frequently is known as a current
account.

SALIENT FEATURES

▪ Ordinary Current Account

MIN AMT

▪ The Quarterly average balance (QAB) prescribed for an Ordinary Current

account is as follows: For Metro/Urban – Rs.5000/- For SU/Rural – Rs.2500/-

OTHER REQUIREMENTS/DETAILS

▪ Suitable for all type of customers

▪ ECS/RTGS/NEFT facilities are available
▪ Nomination facility for individuals and sole proprietor concerns, Multicity
cheque facility, Intra city, intercity transactions are permitted in CBS branches
▪ Free ATM card cum Debit card
▪ No charges for Intra city transactions

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3.2.3.TERM DEPOSITS

▪ Means a deposit received by the Bank for a fixed period with drawable only
after the expiry of the said fixed period and include deposits such as Recurring
Deposits/ Short Term Deposits / Fixed Deposits / Money multiplier
deposit etc.

ACCOUNT OPENING

▪ Term Deposit accounts can be opened by an individual in his own name or by

more than one individual in their own names. A depositor desirous of opening
an account with the Bank should complete the relative account opening
form/card in all respects with full name(s) and specimen signature(s) at
appropriate places. The prospective account holder should normally be
required to fill in the account opening form in the presence of a bank‟s
official.

3.2.4. FIXED DEPOSIT

▪ A Fixed Deposit (FD) is a financial instrument provided by banks which

provides investors a higher rate of interest than an irregular savings account,
until the given maturity date

SALIENT FEATURES

▪ A time deposit for a fixed period to earn interest with easy liquidity
▪ Minimum Deposit- Rs.1000/-

▪ Minimum 7 days, Maximum 10 years

▪ Senior Citizens are eligible for additional rate of 0.50% p.a for an aggregate
amount up to Rs.10 crore.
▪ However, no single deposit to be opened in a day for more than Rs 2 Cr within
the overall limit of Rs 10 Cr tagged to a single CIF (Customer Information
File)
▪ The above ceiling is applicable to all types of term deposits standing in the
name of the Senior Citizen as the principal account holder at one or more
branches put together.

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 ▪ Automatic renewal facility for equal period

▪ Loan / nomination /pre closure facilities available.

3.2.5. RECURRING DEPOSIT

▪ A recurring deposit is one of the easiest ways to save money. With an RD,
customers can put away a fixed sum of money every month and earn interest
on it.

SALIENT FEATURES

▪ A regular monthly savings grow into a large sum to meet the financial needs at
the end of the agreed period
▪ Monthly installment Rs.100 and in multiples thereof
▪ Minimum period of 6 months
▪ Loan, Foreclosure, Nomination facilities are available. TDS applicable
▪ Senior Citizens are eligible for additional rate of 0.50% p.a for an aggregate
amount up to Rs.10 crore.
▪ However, no single deposit to be opened in a day for more than Rs 2 Cr within
the overall limit of Rs 10 Cr tagged to a single CIF.
▪ The above ceiling is applicable to all types of term deposits standing in the
name of the Senior Citizen as the principal account holder at one or more
branches put together.
▪ Penalty on foreclosure of term deposit.
▪ Deposit Interest Rates:

REVISION OF INTEREST RATE ON TERM BANK DEPOSITS WEF

21.11.2020

The interest rate applicable for “Deposit/s of above ₹ 5 crore” and approval for
acceptance of such deposit/s shall be obtained from Treasury Branch. This condition
is also applicable to cases where the aggregate value of deposits of an individual
customer is above ₹ 5 crores for the day. Aggregate value of deposits placed on the
day for an identical tenor will be reckoned for deciding applicable interest rate.

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REVISION OF INTEREST RATE ON SAVINGS BANK DEPOSITS WEF
21.11.2020

Rate of Interest

Existing Revised

3.00% 2.90%
Interest calculated on a daily basis as above would be credited on a quarterly basis
in the month of June, September, December and March every year.

SECONDARY SERVICES

▪ Agriculture
▪ Personal loan against deposits
▪ Vehicle loan
▪ Home loan
▪ Pension loan
▪ Education
▪ Corporate
▪ MSME loan

3.3.1. LOANS

A loan is when money is given to another party in exchange for repayment of the
loan principal amount plus interest. Loan terms are agreed to by each party before any
money is advanced. A loan maybe secured by collateral such as a mortgage or it may
be unsecured such as a credit card.

A.AGRICULTURE LOAN
Agricultural loans are availed by a farmer to fund
seasonal agricultural operations or related activities like animal farming, pisci-culture
(fish farming) or purchase of land or agricultural tools. This type of loan also helps
buying inputs such as fertilizers, seeds, insecticides etc.

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 ELIGIBILITY

▪ Individuals, Group of Individuals.

▪ Association of persons, Cooperatives, firms, companies etc.,

TYPES OF FACILITY AVAILABLE

▪ Term loan
▪ Cash Credit

AMOUNT OF LOAN

▪ Term loan : Based on the Project Cost

▪ Working Capital: Cash budget method to assess the WC irrespective of limits.

MARGIN

▪ Term Loan : 25% ( Minimum )

▪ Working Capital : 30 % (Minimum)

INTEREST RATES

Schemes Min Max Mean

All agricultural loans/ Agri 10.75 12.00 11.38
Structured Products/ Schemes.
All agricultural crop loans up to 7.00 7.00 7.00
₹3.00 lakh– Subvention products
Development/Strengthening of 10.76 10.76 10.76
agri marketing infrastructure,
grading & standardization

REPAYMENT

▪ Term Loan: Upto 9 years including maximum holiday period of 2 years.

SECURITY

▪ Mortgage of land & building of the Cold Storage constructed.

▪ Hypothecation of assets created out of Bank Finance (Stock of Cold Storage
Owner).

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 ▪ Assignment of receivables/ book debt arising out of advances to farmers for
storage of agricultural commodities.
▪ Wherever, Working Capital (WC) limit is sanctioned for the purpose of on-
lending to farmers, collateral security value equivalent to 100% loan amount
to be obtained.
▪ Collateral security in the form of Fixed Deposit(FD), National Savings
Certificate (NSC), LIC Policies, Equitable Mortgage of immovable properties
as per credit rating of borrower
▪ Minimum Security Coverage Ratio of 1.20 should be maintained at all times.
▪ Guarantee: Personal guarantee of partners/directors.

B.PERSONAL LOAN AGAINST DEPOSITS

This is among the most utilized loan scheme that can be used for any purpose
like buying house hold appliances, marriage at home, to meet any family expenses /
emergency. The loan is offered with minimum of conditions and has been designed
with a common man’s need in mind. The documentation is simple and processing is
fast.To purchase consumer durables / house-hold articles, to meet the marriage
expenses, other family expenses, etc.
ELIGIBILITY
Term deposit of a holder
AMOUNT OF LOAN- 90% of accrued value of deposit.

MARGIN-10% on accrued value of deposit.

INTEREST RATES- 2% over the applicable rate for the Term Deposit pledged.

REPAYMENT - Flexible.
* Maximum upto date of maturity of deposit. .
Salient Features-For bankable purpose

C.VECHILE LOAN

Vehicle loan scheme is among the popular of all the retail loan schemes since it
offers quick processing of loans for the purchase of new vechiles at low interest rates
and simple documentation and conditions.

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ELIGIBILITY

▪ Salaried class
▪ Professionals
▪ Businessmen
▪ Self-employed persons
▪ NRI’s
▪ Pensioners
▪ Indian Bank Staff
▪ Employees of other banks with No Objection Certificate (NOC) from employer
concerned.
PURPOSE
▪ For purchase of
▪ New Two Wheeler
▪ New Four Wheeler
▪ Used Four Wheeler (not more than 3 years old)
FEATURES
▪ Minimum age – 21 years
▪ Two Wheelers & New Four Wheeler – 15% (Based on quotation “On Road Cost”)
▪ For used vehicle, the loan amount will be restricted to 80 % of the Agreed Purchase
Price or 60% of the valuation of the vehicle or Insured Declared value (IDV) as per
the latest Insurance Policy whichever is lower

D.HOME LOAN

Our home loan scheme helps you to buy / build your dream home as per your
choice at the best possible interest rate and longer repayment tenure with easy
documentation and quick processing. Loans under this scheme are sanctioned
based on the applicant’s past repayment record as well as his current income
earnings.

ELIGIBLITY

▪ Salaried class

▪ Businessmen

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 ▪ Professional
▪ Self-employed persons
▪ Pensioners
▪ Indian bank staff & spouse of the staff

PURPOSE

▪ To purchase / construct a new house / flat

▪ To purchase house site and construction of house thereon

▪ to purchase an existing house / flat
▪ to extend an existing house/ additional construction
▪ to repair / renovate an existing house / flat – in such case
▪ to take over Home Loans from other Banks / Housing Finance Institutions approved
by National Housing Bank for Housing Finance
MARGIN

For Loans
▪ Up to Rs.30 lakhs - 10%
▪ Above Rs.30 lakhs up to Rs.75 lakhs - 20%
▪ Above Rs.75 lakhs - 25%
▪ In case of Repairs and Renovation - 30%

E.PENSION LOAN
The Pensioner Plan envisages the release of loan to elderly persons who are
getting their monthly pensions, from the future pension receipts. With a low rate of
interest and even lower margin money, the pensioner can get immediate access to
funds that might be urgently necessary to him.
PURPOSE / END USE

To meet Medical Expenses, Payment of Electricity Charges, Phone bills,

Educational Expenses, Water Charges, Family Expenses, etc

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ELIGIBILITY

The employees of Central / State Government organization / Public Sector

undertakings / Banks who receive their pension amount through our Bank
branches.

F.EDUCATIONAL LOAN

This is scheme of choice for parents who wish to educate their children in
professional courses in India / Abroad and help them get graduation / post
graduation in any field of choice of the student. The cost of the education can be
borne by the loan from our bank.

ELIGIBILITY OF COURSE STUDY

Any type of approved courses with valid certificates.

STUDENT ELIGIBILITY

▪ Should be an Indian National.

▪ Secured admission to a higher education course in recognized institutions in

India or Abroad through Entrance Test / Merit Based Selection process after
completion of HSC (10 plus 2 or equivalent). In case of some of the post
graduate courses or research programmes the criteria is based on employability
and reputation of the institution concerned.

▪ Corporate Loanwhich will help our clients to manage their cash flow
efficiently.

Particulars Guidelines
Eligibility Corporates and Partnership firms and LLBs Under
MSME-only Medium enterprises
Purpose Any Bankable purpose including NWC
improvement
Loan amount Requirement of Rs.1 crore and above
Period/Tenor 6 months to 5 years
Repayment- Principal (Moratorium period for principal restricted to one

19
 year within the Tenor)
Interest 9.30%
Processing & other Processing charges @ 1% plus GST. All other
charges charges as per
guidelines

G.MSME LOAN

MSME stands for micro, small and medium enterprises, sometimes it is also
shortened to SME which is small and medium enterprises.

Mostly, these loans are given to startup owners, small business owners and
women entrepreneurs on a short-term basis.

TARGET GROUP
Traders with minimum one year experience with good standing in the market.

PURPOSE

▪ To meet working capital requirements

▪ Term Loan for acquisition of fixed asset, modernization of business
place/office

AMOUNT OF LOAN

▪ Minimum: Rs.10 Crores

▪ Maximum: Term Loan: Rs.5 Crores
▪ Repayment period: The repayment period is up to 10 years, including
moratorium of up to 36 months.
▪ Term Loan : Maximum 84 months (excluding holiday period of 6 months)

COLLATERAL SECURITY

Secured OD : Hypothecation of stocks & book debts equal to the limit sanctioned.

▪ Others : Immovable property (Primary + Collateral) and / or liquid security

value should be at least 50% of the limit sanctioned.

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3.3.2. CREDIT CARDS
▪ Credit Cards enable customers to "Buy Now and Pay later" for the purchase
of goods and services upto specified Credit limit from most of the Merchant
Establishments in India and over 24 million locations Worldwide.

FEATURES

▪ Gold and Classic cards : Indian Nationals and NRIs in the age group of 18-80
years.

▪ Bharat cards : Indian Nationals in the age group of 25-60 years.

REQUIREMENTS

▪ Gold and Classic cards are Global cards and Bharat cards are domestic cards.

▪ Revolving credit :
o Gold card : Rs.75001 to Rs.3 lakhs.
o Classic cards : Rs.25000 to Rs.75000
o Bharat Cards : Rs.10000 to Rs.20000.
▪ Upto 4 add on cards can be issued for Gold/Classic cards.
▪ Insurance cover on death due to accident is available.
▪ Baggage cover is available.
▪ Credit Shield on death is available.
▪ Purchase protection cover is available.
▪ No Joining / annual membership fee.
▪ Card holder can avail reimbursement of loyalty points (Rs.1/= for every
Rs.200/= spent.)
▪ Interest free credit period for purchases : Minimum – 15 days and Maximum –
upto 45 days.
3.3.3. PREMIUM SERVICES
Premium services include:

1. XPRESS MONEY
• Xpress Money” service is offered in arrangement with M/s. UAE
Exchange Financial Services Ltd for remitting money to India.
• The scheme is operative from 15.02.2006.

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 • The remittance facility is available to receive the money through all our
branches
2. MONEY GRAM
• Money Gram is a new Internet based remittance product, being introduced
in our bank to augment the facilities available to NRIs to remit money to
India.
• Money Gram is one of the money transfer services offered by M/s. Money
Gram International Inc. Under the arrangement, money transfers made at
any overseas agent location across the world become available at the
destination location in India in the very next instant. The transfer is
effected using a Software / Internet based technology.
3. IND MOBILE BANKING
• Customers can use their mobile phones to do their banking
• Customer can do the balance enquiry.
• Customer can see their last 3 transactions.
• Customer can enquire about the issued/deposited cheque status.
• Customer will get mobile alert if Account is Debited/ Credited for
Minimum of Rs.5000.
• Customer will get mobile alert if there is a cheque bounce in their account.
4. NEFT

▪ Transfer of funds to any account in any bank branch enabled for NEFT
within the same day.
▪ Any amount can be remitted.
▪ Customer is required to provide beneficiary’s account number, name,
address, bank and branch name.
▪ The beneficiary’s bank account is credited on the same day. (If the remittance
is in the afternoon, the amount may be credited on the next day).

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3.3.4. INSURANCE PREMIUMS

▪ IB VIDYARTHI SURAKSHA (WITH PNB-METLIFE)

▪ Eligibility ▪ All Educational Student Borrowers (New &
Existing)
▪ Age group ▪ 15-60 years Maximum exit @70 years
▪ Coverage ▪ Minimum Rs.0.10 lakhs Max.Rs.25.00
lakhs
▪ Claim amount ▪ Equal to the outstanding loan amount as per
the schedule with the minimum sum
assured of Rs.10,000/- and maximum sum
assured of Rs.25,00,000

IB HOME SECURITY – GROUP INSURANCE SCHEME FOR MORTGAGE

BORROWERS
▪ Eligibility ▪ All new Home Loan Borrowers
▪ Age group ▪ 18- 65 (Maximum @ exit 75 Yrs)
▪ Coverage ▪ Min Rs. 1.00 lakh & Max Rs.200 lakhs
▪ Claim amount ▪ Loan amount outstanding for the month (in
which death occurred) according to the
cover schedule provided by Kotak Life.

UNIVERSAL HEALTH CARE (LAUNCHED IN ASSOCIATION WITH UIIC

LTD)
Purpose / Objective To provide health coverage for whom
regular medium claim policy is
beyond reach
Age group Age between 5 and 65 years.
Benefits On the death of the earning Head of
the family, Nominee will be paid to a
maximum of Rs.2500/-.

23
JANA SHREE BIMA YOJANA (LAUNCHED IN ASSOCIATION WITH LIC)
Purpose / objective To provide life coverage.
Benefits In the event of death of the members
of sum of Rs.30000 will become
payable.
* in the event of death by accident or
partial disability due to accident
Rs.75000 will become payable.

IB YATRA SURAKSHA ( WITH UIIC LTD)

Eligible All customers

Age group Minimum five persons and maximum
20 persons per group in the age group
of 3 years to 70 years.
Type of cover For domestic travel by road, rail and
inland waterways (but not by air)
Coverage Sum insured of Rs. 1 lakh / Rs. 1.50
lakh / Rs. 2 lakh available

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 CHAPTER-IV

SUMMARY OF THE WORK DONE

S.NO DATE DETAILS OF WORK DONE

1 10.02.2021 Introduction about banking
2 11.02.2021 Learnt about the company and its history
3 12.02.2021 Learnt about the steps and structure of opening an
account
4 15.02.2021 Different types of products and services provided
by the bank
5 16.02.2021 Learnt about Savings, Current account and its
eligibility and features
6 17.02.2021 Features and purpose of Fixed and Term Deposits
7 18.02.2021 Learnt about Recurring Deposits and the Revision
of Interest rates on Term Deposits
8 19.02.2021 Learnt about various loan products offered by the
bank and interest rates for each loan
9 20.02.2021 Learnt about procedure for applying and the
various steps in sanctioning a loan
10 22.02.2021 Details on who can avail agriculture loans their
margin and interest rates
11 23.02.2021 Purpose of a home and vehicle loan and about
customers who can avail such loan
12 24.02.2021 Interest rates prevailing towards education and
corporate loans
13 25.02.2021 Learnt about the purpose, requirements, types of
credit cards available to customers
14 26.02.2021 Other services provided by the organization like
Money Gram, Xpress Money, NFT
15 01.03.2021 Types of insurance options they provide their
customers.

25
 CHAPTER-V

CONCLUSION

These few days internship training undergone at Indian Bank Ltd. was an
experiential learning. It helped me personally to gain lot of knowledge in various
aspects of the most important sector in the economy. It enlightened me with the
different types of sectors of a financial institution, also how diversified their activities
are. It does take in a lot of efforts to decentralize all the activities that take place in an
organization. Each person in an organization is given work based on their experience
and the skills they possess. This thought me how work can be efficiently coordinated.

Also, the most important thing that impressed me was the relationship that
they maintain with their customers, they make them feel very comfortable and help
them with all the guidance they require. This helps them maintain a healthy and long-
lasting relationship with their customers which is the key point to their success.

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 BIBLIOGRAPHY

BOOKS:

• Banking Finance and Service Systems (Mithani Gordon)

• Banking in the New Millenium (ICFAI)

WEBSITES:

• https://www.thefreedictionary.com/
• https://www.google.com/
• https://www.rbi.org.in/
• https://www.indianbank.in/

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