Bank Uncle

Thursday 29 January 2015

National Pension Scheme

National Pension Scheme

[Defined Contributory Pension Scheme]

This is oblivious question in mind of employees that- what NPS (New Pension Scheme) is?

Let’s go in detail:

This covers all the employee appointed on or after 1st April 2010. NPS Governing body is the same which is working for employee of central government.

Banks looks after transfer of fund from employees to pension fund managers as per guideline from Pension Fund Regulatory and Development Authority (PFRDA)

Every employee have to submit form to HRM(Human Resource) Management section) or personnel section, then HRM section look after it and get them Permanent Retirement Account Number(PRAN)

Following are necessarily required (Documents etc) for PRAN

· Application Form-As Given by HRM

· Photograph-(3.5*2.5) cm

· DOB (Date of Birth) Certificate [Xerox]

· Signature- Wherever required

· PAN-Permanent Account Number [Xerox]

· Nomination

· Other requirement may vary as per organisation

Banks Organisational Structure

Banking is an organisation with different departments to serve financial activities of customer, but normally, customers are unknown with the organisational hirerachy of the bank and its working culture, here I'm listing hirerachy of bank

·         Chairman and Managing Director (CMD)- CMD is head of bank

·         Executive Director (ED)- They are next to CMD in power exerted on the bank

·         General Manager (GM)- They are Scale-VII

·         Deputy General Manager (DGM)- They are Scale-VI

·         Assistant General Manager (AGM)- They are Scale-V

·         Chief Manager (CM)- They are Scale-IV

·         Senior Manager(SM)-They are Scale-III

·         Manager- They are Scale -II

·         Officer- They are Scale-I

·         Clerk- Workmen

·         Sub-Staff-Workmen

Sub-Staff and SWO i.e. Clerk are popularly known as Workmen in bank they have separate union to look after their issues regarding exploitation transfer etc.

Sub-staff include PTE (Part Time Employee) Coin men Daftery etc.

Clerical staffs include Special Assistant (SPL) somewhere known as cash in-charge Single Window Operator (SWO) that is new concept in today’s banking it provides single touch point to customers for their entire banking problems

Officer and other staffs above them have signing power. They are given signature number by bank and that signature makes the documents valid to bank.

ED and CMD have to change bank to get promoted e.g. if a employee is serving BOI for 20 yrs as officer, manager,SM, CM,AGM,DGM,GM then if he is promoted to ED he Will have to leave BOI and he can be allotted any nationalised bank may it be Union bank, CBI or any other .

Scale in bank refers to sanctioning power of the employees in bank in terms of loan, cheques etc

Employees are allotted different departments in bank e.g. Premises, Cash, Deposits, Advances, Investments, Personnel Management, Customer Care etc

Normally bank have different work culture for worknmen and others. workmen are always checked or tracked by officer class. they have different unions for their demands.

In short this is how bank in India works

What is UTR NUMBER?

UTR- Unique Transaction Reference

On every transaction bank generates a reference number as identity of every transaction. Similarly every RTGS or NEFT has a Unique Transaction Reference that is not similar to any other banks transaction of NEFT and RTGS. This is alphanumeric in character with 22 variable normally containing banks code, dates, serial number etc in it. In payment confirmation UTR plays a very important role.

How UTR No plays its role is mentioned below:

It is normally asked by students, businessmen, etc- depositing their money to third party who is again getting many such payments from other parties too, that how will they recognize their transaction for this depositors are given UTR number that they send to whom they have deposited the amount and they check the same in their bank statement. This is how UTR plays an important role in fund transfer.

It can be some time like: “CNRBR52014120600572118”.

ATM Card not working. What to do in this case

Reasons why your ATM Card is not working

Problem due to link failure

ATM Card i.e. Debit Card don’t work due to many reasons

If it’s not working check it…if the same is working in other ATM machine or not. Some time problem is not with card it is with machine or there is problem of link for which it generally give message like “Service Unavailable” . It is also possible that no money is left in ATM to pay out.

Card strip got damaged

Other condition is, Card strip that the machine reads had got scratched so the machine is unable to read the stripe in this case you will have to visit your bank branch and get your card replaced with new one that is the only option with you

Card not yet activated

If ATM machine is rejecting the card, stating that it is invalid or contact the branch then it mean that your ATM has not been linked to your account correctly. It implies your card is not yet activated.So for this you will have to visit the branch staff and ask them to look into it and rectify it.

Wrong PIN

Other than this if PIN is wrong it will never work, suppose you are using your Canara Bank Debit Card and using pin of SBI Debit CArd..... If account don’t have sufficient balance to withdraw it won’t work and for this no one other than you are responsible.

How To Transfer Money From One Bank To Another via RTGS or NEFT?

NEFT & RTGS

Both are the latest trend of transferring money from one bank to other... now due to this development we don’t need to take cash from one bank branch to another nor we have to make DD and submit it or carry it to other bank both are interbank transfer, only difference between them are RTGS is for more than Rs 200000/-(Two Lakh) and its settlement is done in a hr but it NEFT transfer takes time of few hrs.

Abbreviation

NEFT- National Electronic Fund Transfer

RTGS-Real Time Gross Settlement

Following things are minimum requirement for NEFT

Amount-
The amount that you have to transfer from one bank to another

Account number-
The account number of beneficiary i.e. the person whom you have to send the money from NEFT or RTGS

Name-
Name of beneficiaries in whose account the money is to be transferred. That should be mentioned in caps to be more clear

Bank and Bank branch name-
The bank name in which beneficiary have his account and the branch name of the same- that is generally its address

IFSC code-
IFSC code of Bank's Branch where beneficiary has the account(IFSC is normally of 11 digit alpha numeric code e.g. CNRB0000257 it is different for every bank’s branch)

For making NEFT/RTGS one need only to mention all these details in voucher of NEFT/RTGS With cheque of your own A/C or cash and submit it in your bank or from where you want to make transfer.

Top 10 Uses of ATM you may not know

Cardholders can use their card for availing facility of balance enquiry and cash withdraw from any bank’s ATM it is not necessary to have ATM of same bank, branch or pace for these.Visa /Master/Rupey Debit cards issued by the bank for accessing above services. Customers with Savings accounts current accounts and Over Draft accounts can get Debit cards from bank.

Account which are not allowed to get Debit Card or ATM Card:

Account which are being operated Jointy by customers.
Individua who are illiterate (They can be given biometric Debit Cards if bank have option for it)
Person who are blind.
Minors (It is aowed in case of student sometime)
Accounts being operated through power of attorney
Accounts under garnishee or have attachment order.
Accounts encumbered.

Fees for availing the service of other Bank ATMs:

5 Financial or Non Financial transactions are free for Savings Bank account holders per month. Beyond this number of transaction the fee depends on bank . Anual charges are also deducted on debit card by some bank for the services that is

How to do Balance Enquiry Through ATM

· Account Balance Displayed/printed on selection of type of account

How To Make Cash withdrawals through ATM

· Per day limit Rs.25000/-

· Fast Cash Menu – Rs. 500,1000, 2000, 4000,5000, 10000 & 15000/-

· Up to 50 Pieces of Notes in Diebold and 40 Pieces in NCR machines will be dispensed in one go

How To Get Mini statement

· View / print last 10 transactions of the account selected

How to change pin/password of ATM

· ATM PIN can be changed as desired by the customer the option is mentioned in menu of ATM machine

Other Services From ATM:

Mobile Recharge/top-up through ATMs

· Re-charge/top-up as per scheme of service provider

· Upon successful completion of operation, ATM dispenses re-charge pin which is to be used for topping up/re-charging

Fund Transfer up to Rs.50000/= through IMPS

· Funds can be transferred up to Rs.50,000/= through ATM to inter/intra bank accounts with the input of MMID and Mobile number of the beneficiary .

Direct Tax Payment:

· Direct tax payment can be made through ATM by selecting the required option under Other Services of the ATM. The customer has to register his PAN number details with the branch

Donation through ATM

· Donations through ATM: Minimum of Rs. 100/- to Maximum of Rs. 50,000/-