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INTERNSHIP REPORT AT
SUBMITTED BY: MISS SAHAR SHARIF BBA (Hon’s) JINNAH UNIVERSITY FOR WOMEN
1
INTRODUCTION OF SONERI BANK Opened doors for operations in Lahore on April 16,1992 followed by Karachi branch on May 09, 1992. The bank now operates with 117 Branches spread all over Pakistan including the Northern Areas of the country where no other private bank has ventured so far
DEPARTMENTS • • • • • • •
Account opening. Clearing department. Advance department. Cash department. Foreign currency department. Remittance. ATM.
ACCOUNT OPENING If any person wants to open an account with the bank the account opening officer first of all get the photo copy of CNIC of the customer and get it verified through NADRA. After get verification from NADRA the officers give application from the customer. Customer fills the form and gives back to officer with the required document. After analyzing the document the officer make entries into the account opening register and issue account number to the customer. Now the customer can operate his account after depositing certain amount. • Current account • Profit and loss saving account • Basic banking account • Soneri saving account CURRENT ACCOUNT Current is a non profit account. Flexible account with a great convenience for individual (in singles or joint names), minor ( to be operated by the guardian). Current account can be opened with a minimum amount of Rs.10000/-( ten thousand rupees) Rs.50 will be deduct per month from account if balance decrease from Rs.10000/PROFIT AND LOSS SAVING ACCOUNT PLS saving account is a simple, straight forward saving account with a great convenience for individual ( in single or joint names) minors ( to be operated by the guardian). The account can be opened with the minimum amount of Rs
2
5000/- ( five thousand rupees). Rs.50 will be deduct per month if balance decrease from Rs.5000/BASIC BANKING ACCOUNT Basic banking accounts may be opened by individuals including minors under guardianship. the account opened with the minimum amount of 1000/- ( one thousand rupees). Rs.50 will be deduct per month if balance decrease from Rs.1000/- 4 withdrawals from a BBA through cheques is one calendar month are free of service charges basic banking account in non profit bearing account. SONERI SAVING ACCOUNT Soneri Savings Account is a flexible and fast growing cumulative profit account with a great convenience for individuals (in single or joint names), minors (to be operated by the guardian), the account can be opened with the minimum amount of Rs.5000/- ( five thousand rupees), Rs.50 will be deduct per month if balance decrease from Rs.5000/-. CLEARING The basic function of the clearing department is to facilitate the customer; it provides them the services in collection of their cheque in other banks In stamping procedure, the pay-in-slip counter foil the following three stamps are used transfer, transfer delivery and clearing .If the cheques is for the same bank, and drawer and the payee both have the account in the same bank, the simple bank stamp is used, and this stamp indicates the transfer of cheques from one account to another account. This cheque is directly moves towards posting in computer terminal where the computer operator debit one account and credit the account of another party. This stamp is known as the Transfer stamp. if the cheque is for same bank but deferent branches, transfer delivery (TD) stamp is used and the cheques is different banks then used clearing stamp. Inward clearing cheque in our bank because of the clearing in my bank. Outward cheque in other bank because of the clearing in other banks. OBC (outward bill collection) there are two type of OBC direct OBC and indirect OBC. OBCs are those bills which came from different cities for collection through mail. The clearing officer collect the OBCs from dispatch at morning and enter them into the OBC register after entering vouchers and after this he enter those OBCs into the computer and logged them from clearing in NIFT.NIFT is working as clearing houses on behalf of state bank of Pakistan. At the end of the day the OBCs come back from NIFT. The OBCs which are realized the officer in register write realized in front of it after entering he make three journal credit voucher income commission, FED and courier charges . which are return he write return in front of it and the bill which are return due to any reason are sent back to the branch where it came from.
3
ADVANCE DEPARTMENT • CONSUMER FINANCE Consumer finance means any financing allowed to individual for meeting their personal, family or house hold needs. It is offered to salaried, self employed person and business person. Following products categorized as consumer financing. • GHAR FINANCE • CAR FINANCE • PERSONAL FINANCE • GENERATOR FINANCE
•
GHAR FINANCE
Purchase / construction of property for self-occupancy .Extension / renovation on self-occupied residential property. The finance is provided for following purposes provided it is used for self occupancy. • Purchase up to Rs.10M and up to 20 year 1. Construction up to Rs.10M and up to 20 year 2. Renovation up to Rs.03M and up to 07 year 3. Balance transfer facility up to 10M and up to 20 year 4. PURCHASE of pre-constructed residential property. 5. CONSTRUCTION of residential property on self-owned plot of land. 6. RENOVATION on self-self owned and occupied property. 7. BTF for any of the above finance. 8. MARK UP RATES 1 year KIBOR + 2% p.a. to be revised on each anniversary of finance.
4
•
CAR FINANCE
Purchase of brand new: un registered cars for private use and un registered light commercial vehicles for private use .Maximum repayment period is 5 years. Financing amount is for cars up to 2000 CC: Rs1.0M and for cars exceeding 2000 CC: Rs.2.0M. Down payment up to Rs1.0M minimum 15% of the vehicle price. And on finance over Rs1.0M :minimum 20%of the vehicle price. MARK UP RATE 1 year KIBOR + 3% p.a. to be revised on each anniversary of finance.
• PERSONAL FINANCE It is personal loan facility introduced by SBL in 2003.and the facility is allowed against assignment of salary. characterized by flexibility and easy accessibility. Amount of loans is calculated on the basis of take home salary and DBR 40%. Maximum amount of loan is Rs.500,000. Purpose of finance • • • •
To meet medical expenses for self of applicant. To meet educational expenses of applicant’s children. To meet travel expenses for self family member. To meet domestic needs.
MARK UP RATE 1 year KIBOR + 6% p.a. to be revised on each anniversary of finance.
• GENERATOR FINANCE For purchase of brand new Electric Power Generator to be installed at residential / commercial / industrial property owned by the borrower. Maximum repayment period is 3 years .Financing amount Minimum Amount of Finance :Rs.0.1 Million Maximum Amount of Finance: up to Rs.1.0 Million Down Payment A minimum of 20% of price of the Generator (as per Quotation / Invoice) being financed shall be paid by the borrower. Mark-up Rate **
5
1 Year KIBOR + 3% p.a., to be revised on each anniversary of finance.
• Business finance Business finance enhance to the business and existing business to require the capital. It is offered to the individual, SME and corporate loan. repayment period of 1years or demand. Mark-up Rate ** KIBOR +2.5% p.a. it depend on security.
SME ( Small medium and enterprises) Means an entity, ideally not a public limited company, which does not employ more than 250 persons (if it is a manufacturing concern) and 50 persons (if it is a service concern) following criteria of either a and c or b and c as relevant. a) A service concern with total assets at cost excluding land and building up to Rs.50 million. b) A manufacturing concern with total assets at cost excluding land and building up to Rs.100million. c) Any concern with net sales not exceeding Rs.300million as per the latest financial statement.
LOCKERS Specially designed lockers of various sizes to meet the requirements of applicants are available at our designated branches. The lockers may be operated during the banking hours of the branch. Only Account holders of our branches are eligible to apply for renting the Safe Deposit Lockers.
FOREIGN CURRENCY DEPARTMENT We deal in ERU,DOLLAR and POND. There is outward and inward remittance in foreign department. Inward remittance is coming from foreign country Outward remittance, we send money foreign country. We launch to the main branch and foreign currency is dealing with two days i.e. Monday and Thursday. USD open in current and saving account ERU and POND open only current account. International transaction we, maintain account and there are three account Nostro, loro and wostro. our account is attach with the foreign account is known as nostro. Foreign account attach with our account is known as wostro our account and foreign account is open to the other bank is known as loro. inward and outward remittance report we, make in monthly basis.
6
DEPOSITS Deposits represent saving of the people and organizations which are deposited with bank. Basic function of all commercial banks in mobilization of deposits and use these funds in lending to business and industry as well as investing in shares and securities. TYPE OF DEPOSITS There are two types of deposits 1) Demand deposits • current deposits • saving deposits • sundry deposits • call deposits . 2) Time deposits • term deposits • special notice time deposits • soneri saving certificate • soneri diamond deposit certificate • soneri premium deposit certificate SONERI SAVING CERTIFICATE Soneri bank 3 years soneri saving certificates provide investment opportunities to small and medium income group investor. • Annualized rate of expected return 11.50%p.a. • Profit paid on completion of 6 months from date of investment. • The certificates are issued in multiples of Rs 10,000/= • Acceptable as security against finance SONERI DIAMOND DEPOSIT CERTIFICATE • Annualized rate of expected return 14% p.a. • Profit payable at monthly intervals. • Minimum investment Rs.10,000. SONERI PREMIUM DEPOSIT CERTIFICATE • Annualized rate of expected return 13% p.a.
7
• • •
Profit payable after 12 months on maturity Minimum investment Rs.25,000. Acceptable as security against finance.
CASH DEPARTMENT The cash department collected to the utility bills, cash payment and cash receipt, cash on hand. We sale and purchase of national prize bonds and we deal in ERU, DOLLAR, POND and PKR. Previous ending balance is opening balance to the next day.
REMITTANCE . In the SBL, the remittance department is headed by one person who is responsible for looking after the accounts of the branch and forming pay order, demand draft. Remittance is transfer of funds from one city to another city or within the city.
1. Pay Order: A pay order is an instrument in writing issued by bank for a certain sum of money payable on demand to the order of the payee mention within the city, where as pay slip is used for bank’s internal use.
2. Demand Draft: A demand draft is an instrument in writing drawn by one branch of a bank on another branch of the same bank for a certain sum of money; payable on demand to the order of the payee mention therein the draft.
ATM • • • • • • • •
ATMs across Pakistan owned by soneri bank and other banks. Shopping/ purchasing/ payments through outlets displaying ORIX sing. Free 24/7 online funds transfer to any customer of soneri bank through ATMs owned by soneri bank. Free cash withdrawal on ATMs owned by soneri bank. Soneri bank ATM card holders can pay their bills using ATM services. Easy way of paying bills for you and your dear ones. Bills once paid are automatically registered in our system. ATM service is currently available for payment of KESC, LESCO, GEPCO, SNGPL, SSGC, warid and ufone. CONCLUSION 8
It provide a gateway to youngster and an insight of corporate world. It helps them in the orientation phase of their first job as well.
9
SUBMITTED BY: MISS SAHAR SHARIF BBA (Hon’s) JINNAH UNIVERSITY FOR WOMEN
1
INTRODUCTION OF SONERI BANK Opened doors for operations in Lahore on April 16,1992 followed by Karachi branch on May 09, 1992. The bank now operates with 117 Branches spread all over Pakistan including the Northern Areas of the country where no other private bank has ventured so far
DEPARTMENTS • • • • • • •
Account opening. Clearing department. Advance department. Cash department. Foreign currency department. Remittance. ATM.
ACCOUNT OPENING If any person wants to open an account with the bank the account opening officer first of all get the photo copy of CNIC of the customer and get it verified through NADRA. After get verification from NADRA the officers give application from the customer. Customer fills the form and gives back to officer with the required document. After analyzing the document the officer make entries into the account opening register and issue account number to the customer. Now the customer can operate his account after depositing certain amount. • Current account • Profit and loss saving account • Basic banking account • Soneri saving account CURRENT ACCOUNT Current is a non profit account. Flexible account with a great convenience for individual (in singles or joint names), minor ( to be operated by the guardian). Current account can be opened with a minimum amount of Rs.10000/-( ten thousand rupees) Rs.50 will be deduct per month from account if balance decrease from Rs.10000/PROFIT AND LOSS SAVING ACCOUNT PLS saving account is a simple, straight forward saving account with a great convenience for individual ( in single or joint names) minors ( to be operated by the guardian). The account can be opened with the minimum amount of Rs
2
5000/- ( five thousand rupees). Rs.50 will be deduct per month if balance decrease from Rs.5000/BASIC BANKING ACCOUNT Basic banking accounts may be opened by individuals including minors under guardianship. the account opened with the minimum amount of 1000/- ( one thousand rupees). Rs.50 will be deduct per month if balance decrease from Rs.1000/- 4 withdrawals from a BBA through cheques is one calendar month are free of service charges basic banking account in non profit bearing account. SONERI SAVING ACCOUNT Soneri Savings Account is a flexible and fast growing cumulative profit account with a great convenience for individuals (in single or joint names), minors (to be operated by the guardian), the account can be opened with the minimum amount of Rs.5000/- ( five thousand rupees), Rs.50 will be deduct per month if balance decrease from Rs.5000/-. CLEARING The basic function of the clearing department is to facilitate the customer; it provides them the services in collection of their cheque in other banks In stamping procedure, the pay-in-slip counter foil the following three stamps are used transfer, transfer delivery and clearing .If the cheques is for the same bank, and drawer and the payee both have the account in the same bank, the simple bank stamp is used, and this stamp indicates the transfer of cheques from one account to another account. This cheque is directly moves towards posting in computer terminal where the computer operator debit one account and credit the account of another party. This stamp is known as the Transfer stamp. if the cheque is for same bank but deferent branches, transfer delivery (TD) stamp is used and the cheques is different banks then used clearing stamp. Inward clearing cheque in our bank because of the clearing in my bank. Outward cheque in other bank because of the clearing in other banks. OBC (outward bill collection) there are two type of OBC direct OBC and indirect OBC. OBCs are those bills which came from different cities for collection through mail. The clearing officer collect the OBCs from dispatch at morning and enter them into the OBC register after entering vouchers and after this he enter those OBCs into the computer and logged them from clearing in NIFT.NIFT is working as clearing houses on behalf of state bank of Pakistan. At the end of the day the OBCs come back from NIFT. The OBCs which are realized the officer in register write realized in front of it after entering he make three journal credit voucher income commission, FED and courier charges . which are return he write return in front of it and the bill which are return due to any reason are sent back to the branch where it came from.
3
ADVANCE DEPARTMENT • CONSUMER FINANCE Consumer finance means any financing allowed to individual for meeting their personal, family or house hold needs. It is offered to salaried, self employed person and business person. Following products categorized as consumer financing. • GHAR FINANCE • CAR FINANCE • PERSONAL FINANCE • GENERATOR FINANCE
•
GHAR FINANCE
Purchase / construction of property for self-occupancy .Extension / renovation on self-occupied residential property. The finance is provided for following purposes provided it is used for self occupancy. • Purchase up to Rs.10M and up to 20 year 1. Construction up to Rs.10M and up to 20 year 2. Renovation up to Rs.03M and up to 07 year 3. Balance transfer facility up to 10M and up to 20 year 4. PURCHASE of pre-constructed residential property. 5. CONSTRUCTION of residential property on self-owned plot of land. 6. RENOVATION on self-self owned and occupied property. 7. BTF for any of the above finance. 8. MARK UP RATES 1 year KIBOR + 2% p.a. to be revised on each anniversary of finance.
4
•
CAR FINANCE
Purchase of brand new: un registered cars for private use and un registered light commercial vehicles for private use .Maximum repayment period is 5 years. Financing amount is for cars up to 2000 CC: Rs1.0M and for cars exceeding 2000 CC: Rs.2.0M. Down payment up to Rs1.0M minimum 15% of the vehicle price. And on finance over Rs1.0M :minimum 20%of the vehicle price. MARK UP RATE 1 year KIBOR + 3% p.a. to be revised on each anniversary of finance.
• PERSONAL FINANCE It is personal loan facility introduced by SBL in 2003.and the facility is allowed against assignment of salary. characterized by flexibility and easy accessibility. Amount of loans is calculated on the basis of take home salary and DBR 40%. Maximum amount of loan is Rs.500,000. Purpose of finance • • • •
To meet medical expenses for self of applicant. To meet educational expenses of applicant’s children. To meet travel expenses for self family member. To meet domestic needs.
MARK UP RATE 1 year KIBOR + 6% p.a. to be revised on each anniversary of finance.
• GENERATOR FINANCE For purchase of brand new Electric Power Generator to be installed at residential / commercial / industrial property owned by the borrower. Maximum repayment period is 3 years .Financing amount Minimum Amount of Finance :Rs.0.1 Million Maximum Amount of Finance: up to Rs.1.0 Million Down Payment A minimum of 20% of price of the Generator (as per Quotation / Invoice) being financed shall be paid by the borrower. Mark-up Rate **
5
1 Year KIBOR + 3% p.a., to be revised on each anniversary of finance.
• Business finance Business finance enhance to the business and existing business to require the capital. It is offered to the individual, SME and corporate loan. repayment period of 1years or demand. Mark-up Rate ** KIBOR +2.5% p.a. it depend on security.
SME ( Small medium and enterprises) Means an entity, ideally not a public limited company, which does not employ more than 250 persons (if it is a manufacturing concern) and 50 persons (if it is a service concern) following criteria of either a and c or b and c as relevant. a) A service concern with total assets at cost excluding land and building up to Rs.50 million. b) A manufacturing concern with total assets at cost excluding land and building up to Rs.100million. c) Any concern with net sales not exceeding Rs.300million as per the latest financial statement.
LOCKERS Specially designed lockers of various sizes to meet the requirements of applicants are available at our designated branches. The lockers may be operated during the banking hours of the branch. Only Account holders of our branches are eligible to apply for renting the Safe Deposit Lockers.
FOREIGN CURRENCY DEPARTMENT We deal in ERU,DOLLAR and POND. There is outward and inward remittance in foreign department. Inward remittance is coming from foreign country Outward remittance, we send money foreign country. We launch to the main branch and foreign currency is dealing with two days i.e. Monday and Thursday. USD open in current and saving account ERU and POND open only current account. International transaction we, maintain account and there are three account Nostro, loro and wostro. our account is attach with the foreign account is known as nostro. Foreign account attach with our account is known as wostro our account and foreign account is open to the other bank is known as loro. inward and outward remittance report we, make in monthly basis.
6
DEPOSITS Deposits represent saving of the people and organizations which are deposited with bank. Basic function of all commercial banks in mobilization of deposits and use these funds in lending to business and industry as well as investing in shares and securities. TYPE OF DEPOSITS There are two types of deposits 1) Demand deposits • current deposits • saving deposits • sundry deposits • call deposits . 2) Time deposits • term deposits • special notice time deposits • soneri saving certificate • soneri diamond deposit certificate • soneri premium deposit certificate SONERI SAVING CERTIFICATE Soneri bank 3 years soneri saving certificates provide investment opportunities to small and medium income group investor. • Annualized rate of expected return 11.50%p.a. • Profit paid on completion of 6 months from date of investment. • The certificates are issued in multiples of Rs 10,000/= • Acceptable as security against finance SONERI DIAMOND DEPOSIT CERTIFICATE • Annualized rate of expected return 14% p.a. • Profit payable at monthly intervals. • Minimum investment Rs.10,000. SONERI PREMIUM DEPOSIT CERTIFICATE • Annualized rate of expected return 13% p.a.
7
• • •
Profit payable after 12 months on maturity Minimum investment Rs.25,000. Acceptable as security against finance.
CASH DEPARTMENT The cash department collected to the utility bills, cash payment and cash receipt, cash on hand. We sale and purchase of national prize bonds and we deal in ERU, DOLLAR, POND and PKR. Previous ending balance is opening balance to the next day.
REMITTANCE . In the SBL, the remittance department is headed by one person who is responsible for looking after the accounts of the branch and forming pay order, demand draft. Remittance is transfer of funds from one city to another city or within the city.
1. Pay Order: A pay order is an instrument in writing issued by bank for a certain sum of money payable on demand to the order of the payee mention within the city, where as pay slip is used for bank’s internal use.
2. Demand Draft: A demand draft is an instrument in writing drawn by one branch of a bank on another branch of the same bank for a certain sum of money; payable on demand to the order of the payee mention therein the draft.
ATM • • • • • • • •
ATMs across Pakistan owned by soneri bank and other banks. Shopping/ purchasing/ payments through outlets displaying ORIX sing. Free 24/7 online funds transfer to any customer of soneri bank through ATMs owned by soneri bank. Free cash withdrawal on ATMs owned by soneri bank. Soneri bank ATM card holders can pay their bills using ATM services. Easy way of paying bills for you and your dear ones. Bills once paid are automatically registered in our system. ATM service is currently available for payment of KESC, LESCO, GEPCO, SNGPL, SSGC, warid and ufone. CONCLUSION 8
It provide a gateway to youngster and an insight of corporate world. It helps them in the orientation phase of their first job as well.
9
