What are the classification of bank Accounts

What are the classification of bank Accounts

There are various types of bank accounts available  in a bank . Mainly bank opens three types of accounts:

Such as-

1. Current Account
2. Saving Account and
3. Fixed Deposit Account

Bank opens others account also:

1.House savings Account
2. School Savings Account
3. Ladies Savings Account
4. Workers Savings Account
5. Insurance Savings Account
6. Foreign Currency Savings Account
7. Deposit Pension Scheme
8. Credit Deposit Account
9. Recurring Deposit Account

Which factors to be considered in selecting a bank while opening Account: 

1.  Nearness of bank
2. Location
3. Legal status
4. Mangement efficiency
5. Service rendered
6. Multiple Service
7. Foreign Excahnge
8. Foreign Branch
9. Solvency
10. Social Employee
11. Goodwill
12. Moral and Attitude of the employee
13. How many branches
14.  Scheduling Bank or not
15. Loan facility
16. Interest
17. Charges on service
18. Dividend
19. Price of Share
20. |Fraud and foregery
21. Ownership
22. Orgnaization
23. Age of bank
24. Quick Service providers or not

How to open a bank account?

How to open a bank account?

 

How to Open Bank Account ? 7 Steps To Open Bank Account

Dictionary of banking and finance says-

" Bank account is a contractual agreement between a bank and it's customer, allowing the customer to use bank services for a fee. Account may be established in the name of individuals or firms.They may be time or demand. They may be single name, multiple name, joint name or trurstee name. They may be general or for specific purpose."

Banks main function is to received the depositor money and makes payment to depositors as per their demand. Depositors may deposit cheques, bill of exchange and cash what they wish.

At present  Banks have emerged as important financial institutions. Banks provide a safe environment and helps us manage our financial transactions. To avail professional banking service it is mandatory for every individual to open a bank account. Opening a bank account is easy task. It takes only seven easy steps to open a bank account. Seven simple steps or procedure to open a bank account

Step -One:

To decide the Type of Bank Account you want to Open

There are various types of bank accounts available  in a bank such as Saving Account,  Fixed Deposit Account and Current Account. So at first you should have to decide what type of account you want to open.



Step -Two:

To approach any Bank of choice & meet its Bank Officer

After deciding what  the type of account you want to open,you have to go to a bank and should approach a convenient bank. You to meet the bank officer regarding the opening of the account. The bank officer will provide Account Opening Form to open bank account.

Step -Three:

Fill up Bank Account Opening Form – Proposal Form

The Account Opening Form must be duly filled in all respects. Required information details regarding name, address, occupation and other details must be filled in wherever required. Two or three specimen signatures are required on the specimen signature card. If the account is opened in joint names, then the form must be signed jointly. Now a days the banks ask the applicant to submit copies of his latest photograph for the purpose of his identification.


Step -Four:

Introducer requires for Opening your Bank Account

The bank normally required  introduction of the prospective account holder by any of the existing account holders for that type of account. The introducer introduces by signing his specimen signature in the column meant for the purpose The  introduction is required to safeguard the interest of the bank.


Step -Five:

To submit Bank Account Opening Form and required  Documents

The duly filled in Account Opening Form must be submitted to the bank along with necessary documents. For example, in case of a joint stock company, the application form must accompany with the Board’s resolution to open the account. Also certified copies of articles and memorandum of association must be submitted or produced.

Step -Six:

Bank Officer will verify your Bank Account Opening Form

The bank officer verifies the Bank Account Opening Form. He checks whether the form is complete in all respects or not. The accompanying documents are verified. If the officer is satisfied, then he clears the Bank Account Opening Form.
.
 
 
Step -Seven:
      

To deposit initial amount in newly opened Bank Account

After getting the Bank Account Opening Form cleared, the necessary amount is deposited in the bank. After depositing the initial amount of money, the bank provides a deposit slip book, a cheque book and pay in slip book in the case of savings account. In the case of fixed deposits, a fixed deposit receipt is issued. In the case of current account, a cheque book and a pay in slip book is issued.

 

 

Types of bank account

What is KYC?

What is TP?

What  is the advantages of bank account?

Capital shortfall stands Tk.3,000 crore of State banks’ on september'15

Capital shortfall stands Tk.3,000 crore  of State banks’ on  september'15

Financial healths of four state-owned commercial banks have deteriorated further in September last year because of rising default loans.

Default loan of Sonali Bank stood at 27.63% till September last year, followed by Janata Bank at 12.38%, Agrani at 22.20% and Rupali at 12.17%, according to a Memorandum of Understanding review report prepared by Bangladesh Bank.

The default loans of the four banks superseded the central bank’s target to reduce the loans to 20% from the previous level for the state-owned banks as per MoU.

As of September, 2015, total shortfall of the banks stood at Tk3,052 crore.  

During the period, capital shortfall of Sonali Bank was Tk2,015 crore, followed by Janata Bank Tk663 crore and Rupali Bank Tk374 crore. However, Agrani Bank performed well compared to the three state-owned banks as its capital remained in surplus of Tk46 crore till September.   

The capital adequacy ratio (CAR) of the three banks except Agrani came below the international standard level of 10% as per Basel III. The CAR of Sonali Bank was 4.9%, Janata 8.41%, Rupali 7.53% and Agrani 10.17% in September.

The report was presented at a meeting between Bangladesh Bank and top managers of four state banks over the bank’s performance over capital shortfall and default loans yesterday.

Net profit of four banks also declined in September last year. During the period, Sonali Bank lost Tk1,167 crore, but was in profit of Tk605 crore in December, 2014. Janata Bank bagged profit of Tk296 crore , but was in profit of Tk381 crore during the period.

Agrni bank posted profit of Tk172.52 crore in September, but made profit of Tk198 corre in December 2014. Rupali Bank made profit of Tk21 crore, but its profit was Tk42 crore during the period.

The central bank has recently appointed observers in four state-owned banks for improving their financial healths.

All jobs sites of Bangladesh

All jobs sites of Bangladesh

bdjobs.com is the first and leading career management site in Bangladesh. Eight young business and IT friends backed by strong command over e-business and in-depth understanding of the needs of job seekers and employers in the country's context started this venture on July 2000.

Bdjobs.com  has been able to get good response from a large number of organizations in the country who use online job advertisement facility, online CV bank access and online application receiving and processing facility of www.bdjobs.com. Till now, more than 10,000 employers in the country have recruited more than 3,50,000 professionals at different levels for their organizations through Bdjobs.com service.

No. of Unique Daily Visitors:     95,000 (on average)   
Monthly Pageviews:     40 million
No. of Resumes :     9,00,000+
No. of Corporate Accounts:     10,000+

 

 

 

 

 

 

 

 

What is EXP Form

What is EXP Form

EXP Forms issued in quadruplicate & numbered serially. Signed by the exporter & certified by the branch. EXP Forms are properly entered in register with full particulars before issuance of the same.

The certified sets are to be submitted to the custom authority along with shipping documents by the exporter. The custom authority will fill up the necessary portion & return the duplicate, triplicate & quadruplicate copies to the exporter for submission of the same to the branch

Branch should take care not to issues fresh EXP  from for the same consignment. If second EXP – Form is issued then the first EXP- Form will be kept unreconciled in Bangladesh Bank. The utilization of the sets of EXP Form are as:

01.	Original	Custom authority forwarded it to Bangladesh Bank
02.	Duplicate	Branch submits to Bangladesh Bank with in 14 days from the date of shipment of goods
03	Triplicate	Branch reports to Bangladesh Bank after repatriation of the export proceeds
04.	Quadruplicate	Remains as the office copy of the branch.

(a)        EXP Form Register:

i.                    Full particulars of EXP Form should be entered in the register & specimen is given below.

ii.                  A separate folio should be allotted in each exporter in the register for the purpose of recording the particulars of the EXP Form as well as to ensure that the relative forms are submitted to the branch along with the shipping documents allowed by the customs.

iii.                If no shipment could be made with in a reasonable time, the exporters concerned should be asked to surrender the unused EXP Forms for customs.

iv.                The cancelled EXP Forms should be filed in the file of the respective exporter.

Sl. No.	EXP Forms No.	Exporter particulars	Commodity	Amount in EXP Form	Date of certified	Certified officer’s Initial	Date of shipment
01	02	03	04	05	06	07	08

Bill No.	Date of Negotiation	Date of Submission Of Duplicate EXP	Date of Realization	Amount realized in F.C	Amount Paid to Exporter	Exchange Rate	Date of Submission Of Duplicate EXP
09	10	11	12	13	14	15	16

(b)       Declaration on EXP Form

Before exporting any commodity, the exporter is required to declare on EXP Form, the full particulars of the export showing description, quantity, grade & value of exports as well as the country of imports, to the custom officer at the export point, under taking to repatriate the full export value to Bangladesh with in a period of 04 months through a Bank in Bangladesh. All the copies are to be properly & correctly filled in & signed by the exporter or his authorized agent before the same is submitted to customers.

(c)        Checking of EXP Form

            On receipt of the EXP Form the same shall have to be scrutinized to ensure the following:

i.                    All receipt of the EXP Form have been properly filled in & duly signed by the exporter or his authorized agent as recorded with the branch.

ii.                  The exporter is registered with CCI & E & the valid export registration number has been quoted on the EXP Form correctly.

iii.                Arrangement has been made with the branch for payment of custom duty on export where applicable.

iv.                Goods intended for export are permissible for export as per foreign exchange regulation.

(d)       Certification of EXP Forms

Before issuing any EXP Form to an exporter the branch is required to give certificate in all the copies. The authorized official of the branch under proper stamp of the branch should sign this certificate. The customs officials will not accept declaration on the EXP Form unless all the copies bear the aforesaid certificate. In order to avoid any loss of foreign exchange to the country, branch should not certify any EXP Form unless they have satisfied them selves with regard of the following points.

i.                    About the bonafide to the exporter & foreign buyer, if necessary by making enquiry through foreign correspondents.

ii.                  The arrangements made for realization of full export proceeds covered by the relative EXP Form with in specific period.

iii.                Arrangements has been made for receipt of title of goods like bill of lading, airway bill etc by the branch on shipment of the underlying goods.

iv.                The EXP Form is signed either by the exporter or one holding valid legal power of attorney such that both the exporter & their attorney may be held responsible jointly & severally for repatriation of export proceeds.

v.                  In case of exports on CAD, T.R, D.A, care should be taken, as any L/C does not back terms of export.

vi.                If shipment is proposed to be made against a charter party B/L, necessary confidential reports of the charter party should be obtained.

(e)        Disposal of EXP Form by Customs

After passing the goods for export, the custom authority will certify with date of shipment of goods, on all of the EXP Form & forward the original copy (exchange control copy) to Bangladesh Bank & remaining 3 – copies to the exporter for forward transmission to the branch, who citified the EXP Form.

(f)        Submission of EXP (second & third copy) to Bangladesh Bank

i.                    After shipment the branch will certify the duplicate copy of EXP Form under seal & signature & forward it to Bangladesh Bank with in 14 days from date of shipment along with a certified copy of commercial invoice.

ii.                  On receipt of the realization of export proceeds branch will certify triplicate copy of EXP Form & forward the same to Bangladesh Bank along with monthly statement supported by A-I schedule.

What is Shipping Guarantee

What is Shipping Guarantee


In absence of the original shipping documents, goods may be cleared by non-negotiable copies of the documents, against indemnity / shipping guarantee issued by the L.C opening bank on request of the importer. Before issuance of guarantee branch should have to observe following formalities:

i.                    Checking of Invoice & Non negotiable copy of Bill of Lading with L/C file are done and that shipment is effected before expiry of L/C & the invoice value is within the L/C amount & other particulars are in order.

ii.                  A letter of indemnity i.e. a counter guarantee is obtained from the importer.

iii.                Retention of 100% margin made & Bank’s commission is realized.

Accounting Procedure

(a)        Contra Transfer Voucher           Dr.      Bank’s liability for acceptance of L/C

                                                                  Cr.       Customers liability for acceptance of L/C

                                                                  Dr.       Customer’s liability S.G
                                                                 Cr.       Banker’s liability on S.G

(b)        A/C’s voucher                         Dr.       Importer’s account

                                                                        Dr.       Margin / cash security on L.C

                                                                        Cr.       Margin / cash security on S.G

                                                                        Cr.       Income A/c Com / Charges

iv.        On receipt of the original shipping documents following reversal vouchers are to be passed:

            (a)        Contra Transfer voucher         Dr.       Banker’s liability on S.G

                                                                        Cr.       Customer’s liability on S.G

            (b)        A/C’s voucher                        Dr.       Margin / cash security on S.G

                                                                        Dr.       Importers account (if any)

                                                                        Cr.       MBE Account

                                                                        Cr.       Income A/c Com / Charges etc

iv.                Entered in Shipping Guarantee Register, having following column:

Date	S.G No.	Name of Importer	L.C. No	Amount of Guarantee		Merchandise
				F.C	BTk.
01	02	03	04	05	06	07

B.L No & date	Charge recovered	Reversal date	Return of Indemnity	Remarks
08	09	10	11	12

            Bill of Entry for consumption:

i.                    Detail statement of imported goods prepared by the importer / the C & F agent concerning description, nature & value of goods, payment of duty, sale tax, vat etc signed by custom`s authority.

ii.                  The importer must submit exchange control copy of custom bill of entry to AD branch within 04 months from the date of remittance. If it is not submitted with the period the matter should be taken up with the concern importer & promptly reported to Bangladesh Bank for further necessary action against the importer.

iii.                Bill of entry & certified invoice submitted by the importer should be matched & checked with relevant duplicate IMP form & should be filed separately party wise & month wise for eventual inspection by Bangladesh Bank.