PMC Bank Summer Internship Report

PROJECT REPORT ON
A STUDY ON PRODUCTS & SERVICES OFFERED BY PMC BANK
IN
PUNJAB & MAHARASHTRA CO-OPERATIVE BANK
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF
MASTER OF MANAGEMENT STUDIES
BY
MANPREET SINGH SASAN
ROLL NO 2012140
MMS-II (SEM III)
YEAR 2012-2014
LALA LAJPATRAI INSTITUTE OF MANAGEMENT

MAHALAXMI, MUMBAI – 400034
PROJECT REPORT ON
A STUDY ON PRODUCTS & SERVICES OFFERED BY PMC BANK
IN
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF
MASTER OF MANAGEMENT STUDIES
BY
ROLL NO 2012140
MMS-II (SEM III)
YEAR 2012-2014
LALA LAJPATRAI INSTITUTE OF MANAGEMENT

MAHALAXMI, MUMBAI – 400034
SUMMER INTERNSHIP PROJECT
UNDERTAKEN AT
SUBMITTED BY
ROLL NO 2012140
MMS-II (SEM III)
YEAR 2012-2014
Company certificate
Certificate
This is to certify that the project work titled “A Study on Products & Services
offered by PMC Bank” is a summer internship work carried out by Mr. Manpreet
Singh Sasan
The project was completed for “Punjab & Maharashtra Co-operative Bank”, under
the guidance of Mrs.Anagha Ghag
I further certify that the said work has not been submitted in the part or in full, to
any other University.
Date: 31st August 2013
_____________ ____________________
Prof. N Balasubramanian Dr V.B. Angadi
Project Guide Director,

LalaLajpatrai Institute of Management
DECLARATION
I, Mr. Manpreet Singh, student of Lala Lajpatrai Institute of Management of MMS

II (Semester III) hereby declare that I have completed the summer internship
project on A Study on Products & Services offered by PMC Bank with Punjab
& Maharashtra Co-operative Bank in the Academic year 2012-2014. The
information submitted is true & original to the best of my knowledge.
Manpreet Singh Sasan

ACKNOWLEDGEMENT
At the outset I wish to express my gratitude to the management of the PMC Bank
for having given me the opportunity to undergo my Summer Internship program
for Two Months.
My project work based on PMC Bank was prepared on the study of various
achievements of PMC Bank, their History,theirProducts,their Financial statements,
etc.
I was extremely pleased to work in PMC Bank friendly atmosphere. My sincere

thanks to my colleagues; who have contributed by helping me and providing me
with valuable information. This has enabled me to complete my project on time.
I am very grateful to Dr.Angadi, Director of LalaLajpatrai Institute of

Management, for giving me the opportunity to do this project in State Bank of
India. My sincere thanks to Prof.N.Balasubramanian for his valuable guidance
and advice in completing this project.
Lastly, I thank almighty, my parents, brother, sisters and friends for their constant
encouragement without which this assignment would not be possible
EXECUTIVE SUMMARY
The origins of the cooperative banking movement in India can be traced to the close of 19th
century when, inspired by the success of the experiments related to the cooperative movement in
Britain and the cooperative credit movement in Germany, such societies were set up in India.
Cooperative banks are an important constituent of the Indian financial system. They are the
primary financiers of agricultural activities, some small-scale industries and self-employed
workers.India's co-operative banking structure consists of two main segments, viz., agricultural
and non-agricultural credit.
There are two separate structures in the case of agricultural credit - one for short and medium
term credit and the other for long term credit. The co-operative credit structure for short and
medium terms is a three tier one with primary agricultural credit societies at the base level, the
central co-operative bank at the district level and state co-operative bank at the apex level. Over
and above these institutions, grain banks are actively functioning as primary societies in certain
states. Though the organisation of central and state co-operative banks was mainly for the benefit
of the agricultural credit sector, they serve non-agricultural societies too. Punjab & Maharashtra
Co-operative Bank is one of the fastest growing multi-state scheduled co-operative bank. Within
a short span of just 16 years, it has achieved SCHEDULED STATUS on 29/01/2000 and is the
YOUNGEST CO-OPERATIVE BANK to achieve the status.Few of the objectives to study the
topic were, a)To study the effect of innovations in the schemes offered by the bank on its
success. b) To verify where does PMC Bank stands in comparison with other co-operative banks
on the basis of it’s various products & services c) To examine what more can PMC Bank can add
to it’s list of products & services.
Table of Contents
Sr No. Topic Page No.
1. PMC Bank Profile 1.
2. PMC Bank’s Network 2.
3. PMC Bank’s organizational chart 3.

4. A peep into the Bank’s glorious past 6.
5. Certain 1st to PMC Bank’s credit 7.
6. Awards & Accolades 8.
7. Financial Highlights 9.
8. Social Responsibility 10.
9. Research Methodology 11.
10. Products of PMC bank

A) Personal Banking 13.
B) Current Account 21.
C) Deposits 26.
D) Demat Services 38.
E) NRI Banking 39.
F) Loans 46.
11. Services offered by PMC Bank 64.
12. Conclusion 67.
13. Recommendations 68.
14. Bibliography 69.

A Study on Products & Services offered by PMC Bank
PMCB PROFILE:
SR NO. Particulars Details
1 Registered Office 240, Shankar Sadan, Sion East, Mumbai-

400022
2 Central Office Shop No. 4 & 5, Dreams Mall, L.B.S Marg,
Bhandup West, Mumbai-400078
3 Registration No. & Date Registration No. : BOM/BNK/174
DATED: 26th October, 1983

4 RBI Licence No. & Date LIC No. DBOD/UBD/MH.370P
Dated : 9th JANUARY, 1984

5 Commencement of 13th February, 1984
Banking Business
6 Number of Members 47,697 (As on 31.3.2012)
7 Number of Staff 896 (As on 31.3.2012)
8 Number of Branches 83 & 2 Extension Counters (As on 31.3.2012)
PMC Bank’s Network:
1|Page
Number of Branches
 Maharashtra 63 + 2 ECs
 Delhi 5
 Karnataka 10
 Goa 5
Total 83 Branches and Two Extension Counters
2|Page
PMCB ORGANISATIONAL CHART:
Board of Directors
Managing Director – Mr. Joy Thomas
General Manager General Manager
Mr. HK Kamath Mr. LM Kamble
Joint General Managers

(1) Ms.Manjit Kaur I.S: Departments: Credit, Forex, Accounts, Investment &
Clearing
(2) Ms.MeghnaGokhale: Departments: Strategic Planning & Infrastructure,

Customer Service
(3) Mr.Surinderpal Singh R.S: Departments: Corporate Functions and System &
MIS, Recovery
Vice-president
Mr.Atul Thakkar: Software Development, Hardware and Networking & Database
Management
3|Page
Deputy General Managers
(1) Ms.KarmenRebello (Credit)
(2) Ms.Aarti Desai ( Credit)
(3) Ms.Jasvinder Kaur (Strategic Planning)
(4) Ms. Shiny Mithbaokar (Operations)
(5) Ms. Rebecca Solomon (Audit & Vigilance)
(6) Mr.ParagDalvi (System & MIS)
(7) Ms.Geeta Singh (Accounts, Investment)
(8) Ms.ManishaNehrurkar (Marketing & Merger)
(9) Mr.Shirali (Bangalore)
4|Page
Assistant General Managers
(1) Mr.Charanjit Singh Bhatia: Harbour: Branches at Vashi, Koparkhairane,

Airoli, Kamothe, Panvel, Nerul, Khopoli and Roadpali.
(2) Ms.SunitaGauthman: Western-I: Branches at Oshiwara, Versova,

Kandivali, Andheri East, Santacruz-N.A., Santacruz, Saki Vihar,
AndheriCaladonia.
(3) Mr.Amarjit Singh Matta: City: Branches at Sion, Dadar, Fort, Carnac
Bunder, Chembur
Central-II: Branches at Kalyan West, Badlapur, Ambarnath, Kalyan East
and Thakurli.
(4) Mr.SanjeevShere: KYC Cell Central Office
(5) Mr.SatishBendre : Forex
(6) GeetaVijan: Central-I: Branches at Mulund, Bhandup, Vikhroli,

Ghatkopar, Kolshet, ShivajiTalao, Kurla, Thane-Brahmand, Kanjurmarg.
5|Page
A peep into PMC Bank’s glorious past:
 PMC bank has commenced its operations on 13th February, 1984.
 Within a short span of just 16 years, it has achieved SCHEDULED

STATUS on 29/01/2000 and is the YOUNGEST CO-OPERATIVE BANK
to achieve the status.
 The Bank has achieved Multi-State Status on 19th May 2004.
6|Page
Certain 1st to PMC Bank’s Credit
The following are some of the 1st to PMC Bank’s Credit:
 Introduced in late 90s, software for brief mention of names of Payee/ Drawee in the
passbook/statement of accounts to facilitate easy identification of each entry/ transaction.
 Introduction of token-less banking facilitating the cash withdrawals of any amount just
across the counter.
 Introduction of 12 hours uninterrupted service
 The Bank remains open on all the seven days of a week.
 The first Bank in the co-operative banking sector to introduce “Holiday Banking” (except
for National Holidays).
 Introduced separate counters for educating customers by providing trained marketing

staff.
 Introduced certain innovative products like ‘Double Decker’ and ‘BalBhavishyaYojana’

in the co-operative sector.
7|Page
Awards & Accolades
• Felicitated by the 'All India Bank Depositor's Association, Mumbai', for our 'WORK ETHICS
ORIENTED TO DEPOSITOR SERVICE'.
• RECIPIENT OF BEST URBAN C0-OPERATIVE AWARD FOR CONSECUTIVELY NINE

YEARS IN A ROW from 1995-1996 to 2003-2004 and 2008-2009(awarded by the Maharashtra
State Urban Co-operative Banks Association).
• Awarded the FIRST prize as Best Bank for the year 2001-02, amongst Urban Co-operative
Banks in Mumbai region having Working Capital of Rs.100 crores and above, in the competition
held by the 'Brihan Mumbai NagariSahakari Banks Association, Mumbai'.
• Award for winning FIRST rank for nine years in succession, amongst the Urban Co-operative
Banks in Mumbai Region, awarded by the 'Maharashtra State Co-operative Bank's Association'
8|Page
Financial Higlights
The following are the Financial Highlights:

Financial Highlights (Rs. in Crores)
Mar-11 Mar-12 Mar - 13
Share Capital 79.83 85.46 110.73

Reserves 219.80 351.10 378.22
Deposits 2,827.38 3,418.05 4,453.14
Advances 2,079.88 2,523.30 3,087.60
Working Capital 3,401.21 4,151.21 5,214.70
Gross Profit 46.97 71.75 84.42
Net Profit 29.16 38.73 50.43
Capital Adequacy 13.2% 13.3% 12.8%
Net N.P.A.% 0.5% 0.2% 0.2%
9|Page
Social Responsibility:
 Social Responsibility has always been an integral part of PMC Bank. One of the schemes
adopted by the Bank is to contribute Re. 1 for every ATM transaction at the Banks ATM
centers to CRY and SAVE THE CHILDREN.
 Further, the Bank has donated a sum of Rs. 10 lakh to HELPAGE a leading NGO,
working for the benefit of Senior Citizens.
 The Bank has donated Rs, 1 lakh each to Valsalya trust and NASEOH for purchase of 20
tricycles for physically handicapped.
 Many of the community projects and programmes are aided by active participation of the
Bank.
10 | P a g e
Research Methodology:
Specific Objectives of Project: a)To study the effect of innovations in the schemes
offered by the bank on its success. b) To verify where does PMC Bank stands in comparison
with other co-operative banks on the basis of it’s various products & services c) To examine
what more can PMC Bank can add to it’s list of products & services.
Period of Study: The study was conducted over a period of two months May & June.
Date Collection: Secondary data has been collected by refering to the Bank’s Website
(pmcbank.com) and other bank statistics have also been used to make comparisons. Also PMC
Bank’s annual report has been used. The various employees at the bank were also very helpful in
giving information regarding various schemes and services offered by the bank.
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Products offered by PMC Bank:
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A) Personal Banking:
1. Savings account
Who can open an account?
a. An Individual in his/her Capacity.
b. More than one person jointly.
c. An Illiterate Person
d. A Blind/ Visually Impaired/ Incapacitated Person
e. A Guardian On Behalf Of Minor In The Minor'S Name
f. Charitable / Religious Institutions
g. Trust, Clubs, Association, Ngo
h. Local Bodies, All Types Of Co-Operative Housing

Societies And Such Other Bodies Of Identical Nature
i. Staff Member
Rate of interest
 4% P.A. On the basis of daily product
Interest credited on
 Half Yearly
Initial deposit
 Rs.500/- With Cheque Book
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 Rs.250/- Without Cheque Book
Pass book
 Issued to every savings account
Benefits
a. Any branch banking (ABB), inter Connectivity
b. ATM-cum-Visa Debit Card Facility
c. Remittances-pay order, demand draft on any location in india
d. Collection of outstation cheques
e. Telebanking facility
f. RTGS/ NEFT Facility
g. SMS banking
h. Internet banking
i. E-Statement facility
j. Mobile Banking
ATM facility
a. Free ATM card/ INSTA card is issued.
b. For the facility of cash withdrawal upto Rs.25000/- in a day from

the account with our any branch of PMCB at any time of the day.
c. Rs.10,000/- can be withdrawn in a day from the account with NFS

network, BANCS network (i.e. other bank's ATMS can be used as per
list)at any time of the day.
Minimum balance charges
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 If minimum balance is not maintained for both with cheque book and
without cheque book accounts, minimum balance charges are charged at the
rates as in force
Requirements
a. Copy of latest photograph
b. Proof of residence (Aadhar Card, passport, driving license, ration card, voters card,
electricity bill, telephone bill, latest bank account statement, Income tax/
wealth tax assessment order, Maintenance bill of society, registered leave
and license agreement with proof of permanent address or Noterised
Leave & License Agreement with a permanent address proof, etc)
c. Photo identity proof (Aadhar Card, PAN card, voters ID card, passport, Driving license,
senior citizen card, ADHAR card, ID card issued by the reputed employer
etc)
d. Introduction by person known and acceptable to the bank
e. PAN with original for verification or declaration of form-60/61
f. Initial deposit in cash
g. Account Opening Form (AOF) duly filled.
General
a. Bank reserves the right to close any account, if cheque drawn are
returned unpaid frequently for want of funds or the account is considered
as irregular/ non-satisfactory.
b. Account not in operation for more than two years will be treated as inoperative/ dormant
account
c. Bank reserves the right to alter, amend, rescind the rules from time to time
15 | P a g e
2. KishorBachatYojana
 Minors of age 12-18yrs
Initial deposit
 Rs.100/-
Pass book
 Issued to every savings account
Benefits
a. Any branch banking (ABB), inter Connectivity
b. ATM facility
c. Telebanking facility
d. SMS banking
e. Internet banking
f. Free ATM card is issued.
a. Minimum balance to be maintained is Rs. 5/- .
b. If minimum balance is not maintained, charges are charged at the rate as in force.
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Requirements
b. Proof of residence
c. Photo identity proof Aadhar Card, School ID Card or introduction from school authority
d. Initial deposit in cash
e. Account Opening Form (AOF) duly filled.
3. Jan BachatYojana
 Laborers,Housemaids, Security Guards,Migrantsetc
Rate of interest
 4% P.A. On the basis of daily product
Interest credited on
 Half Yearly
Initial deposit
 Rs.500/- With Cheque Book
 Rs.250/- Without Cheque Book
Pass book
 Issued to every Jan bacchat account
Benefits
 Any branch banking (ABB), inter Connectivity
 ATM facility
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 Telebanking facility
 SMS banking
 E-Statement facility
ATM facility
 Free ATM card/ INSTA card is issued.
 For the facility of cash withdrawal upto Rs.10000/- in a day from

the account with our any branch of PMCB at any time of the day.
 If minimum balance is not maintained for both with cheque book and without cheque
book accounts, minimum balance charges are charged at the rates as in force.
Requirements
b. Customer should provide either Proof of residence or Photo Id proof
c. Photo identity proof (PAN card, voters ID card, passport, Driving license,
etc)
d. Introdution is not mandatory.
e. Initial deposit in cash
f. Account Opening Form (AOF) duly filled.
General
a. Bank reserves the right to close any account, if cheque drawn are
returned unpaid frequently for want of funds or the account is considered
as irregular/ non-satisfactory.
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b. Account not in operation for more than two years will be treated as inoperative/
dormant account
c. Bank reserves the right to alter, amend, rescind the rules from time to time .
4. PMC-Asha
SPECIAL ZERO BALANCE SAVING ACCOUNT FOR WOMEN
 Any Girl / Women
Initial Deposit
 Rs.100/-
Benefits
a. Zero Balance Account
b. Free Personalised Cheque Book
c. Free ATM-cum-Visa Debit Card
d. Free Rmittance facility
e. Any branch banking (ABB), inter Connectivity
f. Collection of outstation cheques
g. Telebanking facility
h. RTGS/ NEFT Facility
i. SMS banking
j. Internet banking
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k. E-Statement facility
l. Mobile Banking
As it is a zero balance account,no minimum balance charges are levied.
Requirements
b. Proof of residence (Aadhar Card, passport, driving license, ration card, voters card,
Leave & License Agreement with a permanent address proof, etc)
c. Photo identity proof (Aadhar Card, PAN card, voters ID card, passport, Driving license,
etc)
d. PAN with original for verification or declaration of form-60/61
e. Initial deposit in cash
f. Account Opening Form (AOF) duly filled.
General
a. Bank reserves the right to close any account, if cheque drawn are returned unpaid
frequently for want of funds or the account is considered as irregular/ non-satisfactory.
account
c. Bank reserves the right to alter, amend, rescind the rules from time to time.
20 | P a g e
B) Current account
a. An individual in his/ her capacity
b. Two or more persons jointly
c. Sole proprietory firm
d. Partnership firm
e. Hindu undivided family
f. Private limited companies
g. Public limited companies
h. Non-governmental organisations
i. Public corporations
j. Registered societies/ associations/ clubs Etc
k. Trusts
l. Government/ Semi- government bodies/ departments
(Note-No current account shall be opened in the name of minor)
Initial deposit
 RS.3000/-
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Statement of account
 Bank will issue statement of account to the account holder once

in a month
Benefits
a. Any branch banking (ABB),inter connectivity
b. ATM facility
c. Remittances- pay order, demand draft on any location in india
d. Collection of outstation cheques
e. Telebanking facility
f. RTGS/ NEFT Facility
g. Sms banking
h. Internet banking
i. E-statement facility
ATM facility
a. Free ATM card/ INSTA card is issued.
b. For the facility of cash withdrawal upto Rs.25000/- in a day from the
account with our any branch of PMCB at any time of the day.
c. Rs.10,000/- can be withdrawn in a day from the account with NFS

Network, BANCS Network (i.e. other bank's ATMS can be used as per list)
at any time of the day. Rs. 20/- Per transaction will be charged.
 If minimum balance is not maintained in the account, minimum balance

charges are charged at the rates as in force
Requirements
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b. Proof of residence (passport, driving license, ration card, voters card,

Leave & License Agreement with a permanent address proof,
etc)
c. Photo identity proof (PAN card, voters ID card, passport, Driving license, senior citizen
card, ADHAR card etc)
d. Introduction by person known and acceptable to the bank
e. PAN with original for verification or declaration of form-60/61
f. initial deposit in cash
g. Business activity proof
h. Business Address proof
i. Any other document as per the constitution of the firm

(As per Annexture -1)
j. Account Opening Form (AOF) duly filled.
General
a. Bank reserves the right to close any account, if cheque drawn

are returned unpaid frequently for want of funds or the account is considered
as irregular/ non-satisfactory
account
c. Bank reserves the right to alter, amend, rescind the rules from time to time
Annexure-1
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Additional documentation required to open current account as per the constitution of firm
Proprietorship firm
 Requirements
a. Business Activity proof- copy of shop & establishment, any certificate issued by /
registration document issued by Sales Tax Authorities/ Service Tax Authorities/
Professional Tax Authorities, audited copies of latest balance sheet and income
tax returns, letter from Chartered Accountant for operation of business
b. Business Address proof of shop/ firm (electricity bill, telephone bill, latest bank
account statement, Income tax/ wealth tax assessment order, Maintenance bill of
society, registered leave and license agreement or Noterised Leave & License
Agreement , etc)
c. A) Proprietorship letter
Partnership firm
 Requirements
a. PAN of FIRM and all partners with original for verification or declaration of
form-60/6
b. Business Address proof of shop/ firm
c. Partnership letter
d. List of partners
e. Certificate of registration
f. Registered partnership Deed
Limited companies
 Requirements
a. PAN of the company and all directors with original for verification or declaration
of form-60/61
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b. Business Address proof of Company
c. Certificate of Registration
d. List of all directors
e. Memorandam& Articles of Association
f. Resolution with company seal
g. CIN no. of the company and DIN numbers of all directors
h. Certificate of business commencement (in case of Public Limited Company)
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C) Deposits:
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1. Fixed Deposit :
 Individuals
 Two or More individuals in their joint names
 Minors represented by the natural guardians
 Proprietory concerns/ partnership firms/companies
 Associations or any body corporates
 Hindu Undivided Families
 Trusts
Procedure for opening of an account:
a. Account opening form should be in the prescribed format & properly filled up and signed
by the depositor like mainly Full name & address, occupation, amount of deposit,
repayment condition, standing instructions if any, date of birth (in case of minor, opening
form contains signature of the depositor/s.
b. In case of individuals, the depositor gives the nomination form duly filled in.
c. Passport size photo
d. In case of deposits in the name of a minor, the date of birth certificate of minor is
mandatory. The natural guardian should represent the minor.
e. In case of the deposits of HUF, proprietory concerns, and other corporate bodies, the
papers relating to their constitution should also accompany the account opening form.
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f. The Depositor may be requested to open a savings bank account to enable the bank to
credit periodical interest on fixed deposit. He may also give a standing instruction to
transfer the amount of periodical interest to an account maintained with other banks
through ECS.
g. Fixed Deposit account opening form.
Operating instructions
 Self
 Former or Survivor or No. 1 or Survivors
 Either or Survivors (E or S)
 Any one or more of them or Survivor or Survivors
Fixed deposit
a. Minimum amount for Fixed Deposit is Rs. 1000/-.
b. Minimum period for deposits is 12 months and Maximum is 120 months.
c. Interest can be paid on deposits periodically monthly/quarterly/half yearly & yearly.
d. Pre maturity: Penalty clause as applicable.
e. TDS applicable >10000 interest in a year (April-March). 15G-general depositors below

65yrs of age & 15H-for depositor’s above65yrs can also be obtained.
f. Addition/deletion of names possible.
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2. Recurring deposits:
a. Minimum amount of monthly installment is Rs. 100/- and in multiples of Rs. 100/-
thereafter.
b. The deposit is accepted for minimum period of 12 months and thereafter in multiples of 3
months subject to maximum of 120 months.
c. Monthly installment amounts can not be changed and TDS is not applicable on recurring
deposits.
d. The depositor cannot change monthly installments during the pendency of deposit.
e. The depositor is required to first pay monthly installments within the next calendar month
of opening the account. Subsequent installments should be paid within next month.
f. The deposit falls due for payment on the same day of opening of the account after a lapse
of specified period. This due date is called ostensible due date,i.e. the deposit falls due for
payment one month after the payment of last installment
g. A passbook is given to the depositor for having opened a recurring deposit account
incorporating all particulars. Payment of subsequent installments is also recorded in the
passbook.
h. In case pass book is lost, and the depositor requires duplicate pass book, a nominal fee as
prescribed by the Central Office from time to time may be is levied for its issue.
i. The depositor can give standing instructions for the transfer of periodical monthly
installments from an operative account
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j. Recurring Deposit Account Opening Form.
3. Anant Recurring Deposit Scheme :
The “ Anant Recurring Deposit Scheme” enables you to save a fixed monthly amount over a
stipulated period. In addition to double benefits viz., insurance cover & higher rate of interest,
the depositor gets the benefit of exemption of TDS on the interest earned.
 Eligibility : Only Individuals in the group of 18 – 40 years.(Joint account - permitted)
 Period of Deposit : 60 Months and 120 Months only.
 Minimum Amount of monthly installment : Rs. 250/-
Effective Yield :
 For 60 Months : 9.70% p.a.
 For 120 Months : 11.00% p.a.
Insurance Benefits:
 Insurance cover will be made available to the depositor.
 The amount of insurance cover available to the depositor will be the maturity value of the
deposit or Rs. 10.00 lakh whichever is lower. It also covers accidental death.
 In case of joint account, only the life of the first holder will be covered under the
scheme.
 Insurance cover to the extent of maturity value or Rs. 10.00 lakh whichever is lower will
be available venthough the installements under the scheme are discontinued at a later
stage.
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Recurring Deposit account opening form.
Re-Investment deposits:
Beneficial for people who do not need money for a specific (longer) period in between at
intervals.
Minimum amount is Rs.1000.
Minimum period for reinvestment deposits also starts with minimum 12months to 120 months.
Accrued interest is compounded quarterly & credited to deposit a/c.
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4. Balbhavishyayojna :
In BalBhavishyaYojna, Lump sum one time deposit is required to be deposited by the depositor.
Period of deposit will depend on Date of Birth of child. BalBhavishyaYojna contains four
schemes for deposits, as mentioned below:
a. Lakhpati scheme: Lump sum amt will be calculated as per DOB of child and maturity
will be on the 18th birthday of the child.
b. Money back: Deposit 10,000 today and after 5 yrs of deposit bank will give Rs.1500
every year to the child till maturity & on maturity a certain lump sum amt.
c. Yearly RD: Fixed amountt on fixed date. Penalty clause as applicable.
d. Monthly RD: Same as Recurring Deposit but period is longer till majority of child.
32 | P a g e
5. Double decker accounts:
a. In double Decker accounts, depositor can earn higher interest rate of a fixed deposit and
at the same time, enjoy the flexibility of savings bank account.
b. Minimum amount is Rs. 10,000/-
c. Interest on double Decker deposit is paid either monthly, quarterly, half yearly or at the
time of maturity as per your choice.
d. Add on in Double Decker account can be done at any time with a minimum of Rs.
2,500/- Or multiples thereof.
e. Interest Is Charged On The Amount Withdrawn And For The Period It Remains
Withdrawn.
f. Nominal interest @1.5% p.a. over and above the interest paid on deposit is charged.
g. Minimum period for deposits is 13 Months & Maximum Period is 36 Months.
h. A depositor can withdraw up to 90% of the principal amount.
i. Debit bal (amt withdrawn) will carry 1.5% interest more than ROI on deposit.
j. Double Decker Account can be opened by an Individual, 2 or more joint persons.
k. Proprietors, Partnership, Co’s& minors cannot open double Decker Account.

33 | P a g e
l. Double Decker Account Opening Form
6. Fleximoney deposit scheme:
ADD FLEXIMONEY ADVANTAGE TO YOUR SAVING & CURRENT A/C BY

INVESTING YOUR MONEY IN FLEXI ADVANTAGE SCHEMES
Now earn FD Interest in Saving & Current A/c upto 9.25%.
This is a specially designed FD Scheme wherein the amount deposited carries FD Interest but at
the same time the customer has access to money deposited.
Advantages
 Advantage of Personalised Cheque Book, Tele-Banking , ATM Card, Internet Banking

etc.
 Advantage of withdrawing money on the very first day of opening Fleximoney Deposit
Account.
 Advantage of drawing any amount at any time without dismantling the entire edifice of
your Fixed Deposit.
A Fixed Deposit Scheme structured to permit you to use your own money whenever you need it,
without-
 Losing on returns
34 | P a g e
 Breaking the entire deposit
 Availing any loan there against
 Visiting the branch
 The hassles of cumbersome documentation.
Features
Flexi Advantage Schemes
Flexi Saving Flexi Current
Minimum Balance Rs.10,000/- Rs. 50,000/-
Add on amount Rs.1000/- Rs. 5,000/-
Conversion / breaking of units Rs.1000/- Rs. 5,000/-
Period of Deposit 12 months 12 months
Interest on units kept for less than 14 days 4% Nil
Interest on units kept for more than 14 days Applicable Term Deposit rate
This account can be opened as normal SB or C/A wherein on withdrawal units will be broken as
indicated in table above. The rate of interest payable on these broken units shall be the one
prevailing on the day the units were made, for the period for which the units remained with the
Bank. The balance deposits /units continue to earn the original contracted interest. The scheme
ensures liquidity & higher returns
Note
35 | P a g e
 Interest on the broken units is credited to your account on the next working days.
 The amount withdrawn need not be re-deposited.
 Interest on the deposit is paid only on maturity, (i.e. 12 months from conversion to units).
 The breaking of units takes place in a LIFO Method.
7. Karmuktyojna-special scheme for tax saving :
a. This is a special scheme for saving tax.
b. Period of Deposit is 5yrs.
c. ROI - 10%
d. Pan no. is to be compulsorily quoted on the FDR.
e. Loan cannot be availed against the said deposit.
f. It cannot be withdrawn prematurely.
36 | P a g e
8. PMC - Double Deposit Scheme:
1. The customer gets DOUBLE the amount of his investment on maturity.
2. The period of the deposit is 88 months.
3. The minimum amount of investment is Rs. 25,000/- or multiples thereof.
4. The Tax Deducted at Source will be as applicable on deposits.
37 | P a g e
D) Demat Services:
PMCB offers following demat services through its DP Cell.
The following are the demat services:
1. Account Opening
2. Dematerialization and Rematerialisation
3. Settlement and Transfer of Shares
4. Pledge
5. Freezing / Unfreezing of account
6. Corporate Benefits
7. IDeAS Facility – Internet based Demat Account Statements
8. Conversion of Mutual Fund Units in Demat form (CRF)
9. Account Closure and Transmission
10. Reports and Miscellaneous
11. FAQ
12. Annexures
38 | P a g e
E) NRI Banking:
Who can open an NRI account ?
 Indian citizens who stay out of India ( Other than Nepal and Bhutan ) for the purpose of
employment, business or vocation or for any other purpose indicating his intention to stay
outside India permanently or for an uncertain period.
 Indian citizens working abroad on assignment with any foreign Government,
Government agencies or with International / Regional agencies like United Nations
Organisations including its affiliates.
 Official of Central and State Governments and Public Sector undertakings deputed
abroad on assignment or posted to their own overseas offices (including Diplomatic
Missions).
 Indians who have settled abroad permanently.
 Indians who have gone abroad on Immigration.
 Foreign national of Indian origin (other than citizen of Pakistan and Bangladesh).
 Foreign national spouse of a Non-Resident Indian citizen or of a person of Indian origin
(other than citizen of Pakistan and Bangladesh).
 Indian students studying abroad.
What are the requirements for opening an NRI a/c ?
The prospective account holder has to submit the following documents to the authorised Branch
for opening NRI Account:
Photocopy of the passport showing name, address, citizenship , Date of issue and date of expiry,
date of departure from India, date of arrival in India if any. (In case of joint account holders the
particulars of joint account holders are to be submitted).
39 | P a g e
 Photocopy of Visa showing purpose of visit to foreign country or resident permit, work
permit or shipper's Identity card (In case of crew member of the foreign shipping
company)
 Photograph duly signed at its back.
 Non-resident account opening form of our Bank filled, signed by the proposed account
holder and introduced by any of our account holders while in India or while you are
abroad, In the account opening form, your signature may be verified by anyone of the
following:
Indian embassy/consulate
Your bank abroad
A person known to the Bank.
Notary public verified by an official of Indian Embassy office in the country of proposed
account holder.
 Your Non Resident Account can be funded by way of:
o Foreign Currency conversion while your stay in India,

o Transfer from any NRE account and
o Inward remittances (Foreign Routing details 3 major
currencies; USD, GBP andEURO) and JPY
Change in status from NRI a/c to Resident a/c.
After your return to India with intention of residing in India for an uncertain period you are
hereby requested to kindly intimate us at the earliest.
Products/Services for NRIs:
i) Savings/current account:
1. Account will be maintained in Indian rupees

2. Account can be held jointly with Non Residents/Residents close relatives**
3. Balances held in the account are freely repatriable
40 | P a g e
4. Accrued interest income and balances held in the account are exempt from Income tax
and Wealth tax respectively
5. Nomination facility available
6. Power of Attorney holders cannot open/close the NRE accounts but can undertake normal
account operations.
7. Interest payable on saving accounts presently @ 4.0 % p.a. on daily products
8. **(as defined in section 6 of the companies Act, 1956)on "Former or Survivor" basis as a
Power a Attorney holder in accordance with extant RBI instructions during the life time
of the account holder
ii) Term deposits:
 Term Deposit accounts can be funded out of inward remittance from abroad/transfer from
existing NRE/FCNR accounts
 Can be maintained for a period of one year and above for NRE deposits
 Interest rates
 Interest payable with quarterly rests/quarterly compounded as the case may be.
 Principal alongwith interest is freely repatriable in case of NRE Deposits
and interest only in case of NRO Deposits
 Accrued interest income is free from income tax in case of NRE
Deposits. Whereas in case of NRO Deposits,interest income is subject to
TDS.
iii) Loan Products :
Loan against term deposits
 Loan to depositor: 90% of the book value of the deposits with interest at 1.00% above the
deposit rate
41 | P a g e
 Loan to third party: 85% of the book value of the deposits with interest at 2.00% above
the deposit rate or commercial rate which ever is lower.
 Maximum amount : Rs. 50,00,000 per depositor
 The loan can be granted for all genuine purposes excluding the purposes of
agriculture/Plantation activities and for re-lending.
 Repayment of the loan should be out of inward remittances from abroad/transfer from
existing NRE/FCNR Deposits, else the commercial rate of interest would be applicable.
42 | P a g e
iv) Forex Services :
Foreign Currency Notes

Encashment of Foreign Currency:
We encash Foreign Currency Notes/Travellers Cheques in all major currencies at all our
authorized branches.
NRIs can deposit the Foreign Currency Cash/TCs in the account during their visit to India.
Issue of Foreign Currency Notes:
Foreign Currency Notes can be issued to Resident Indian only for various eligible purposes, at
the Maximum Permissible limit of USD 3000 or its equivalent.
Issue of Forex Travel Cards:
We issue HDFC Bank Forex Travel Cards which are accepted at 13 million VISA merchant
establishments across the globe. Forex Plus card is a Pre-paid pre- loaded travel card offering
the following facilities:
 It is a VISA card available in the currencies of USD, EURO,GBP, CAD,AUD and JPY.
 Access to 24Hours VISA ATMs across the world(over 850000 ATMs)
 Security: VISA Electron is PIN Protected and its value is stored on the Pre-Paid Host
system and not on the card. In case if you lose your card, you do not lose your money.
 Card is valid for five years
 Reloadable anytime remotely against your mail request to us.
 Statement of usage of card account can be provided, if requested.
 Insurance: Personal Accident Insurance cover of Rs.200000. Also loss of Baggage and
Passport reconstruction insurance covers.
v) Money Transfer Services:

Encashment of Foreign Currency:
The Bank has made tie-up arrangement with UAE Exchange and Financial Services limited to
receive your money instantaneously from abroad through “MoneyGram”/”XpressMoney”.
43 | P a g e
The recipient can walk in at any of our Branches with the Photo identification as well as
Address proof and the PIN number given by sender and receive the money promptly, without
deduction of any charges.
It is not compulsory to hold a Bank account with us. Payments above Rs. 50,000/- will be paid
by Payorder/transfer to your existing account with us.
You can have 12 transactions in a calendar year (January to December) with a single transaction
limit of USD 2500 or its equivalent in Indian Rupees.
Only Personal Remittances and not trade related remittances like payment towards
exports/services.
Inward Remittances:
Collection of Foreign Currency Cheques/Drafts
We handle collection of Foreign Currency cheques/Drafts payable abroad through our tie-up
arrangements with Authorised Dealer- I Banks. Please deposit the
Instruments at any of our branches by filling up the pay-in slip alongwith FEMA declaration
together with purpose of remittance.
Telegraphic Transfers(TT)
Receipt of legitimate remittances
In order to enable you to remit the money, please click here for routing details of Foreign
Currency Accounts in USD, EURO, GBP and JPY
Outward Remittances:
Miscellaneous remittances
Private Visits : Remittance by Tour Operators/travel agents to overseas agents/principals/hotels,
Business / Participation in International Conferences/ seminars/ Specialised training Film
44 | P a g e
Shooting Medical Treatment abroad, Disbursement of crew wages,Education abroad

Remittances of fees towards examintation held in India,Employment and processing,assessment
fees for overseas job applications:
Based on actuals.Emigration and Emigration consultancy fees , VISA Fees,
Registration/Subscription/Membership fees to International organizations:
Imports
Advance payments
We undetake to make advance remittances to overseas suppliers towards imports.
Direct Bills received by Importer/Bank.
Overseas Suppliers/Banks can dispatch the import documents directly to our Bank. As per the
Importers instructions, we settle the payment of the documents.
Issue of Import Letters of credit.
we undertake to issue import Letters of credit for our importer customers on DP/DA basis. If
required, confirmation to LC can also be added. We book Forward Contracts against letters of
credit in order to hedge against the exchange risk. Further, we also arrange for Buyers’ credit as
per RBI regulations against goods imported under Letter of credit.
Exports
Advance payments
Export Bills Purchase/Discount/Negotiation of Documents under Export Letters of credit.
We handle the export bills and forward the same to Drawee’s Banker without delay.
We book forward contract against the export bills wherever requested.
We also finance the Export Bills for credit worthy exporters at competitive rates.
We grant Packing Credit/Post Shipment Credit facilities to our Exporter customers

Export Bills on collection basis.
We handle the export bills on collection basis and forward the same to the Drawee’s Bankers
without delay and also arrange to book forward contract against the export bills wherever
45 | P a g e
requested.
F) Loans
46 | P a g e
1. Personal loan:
Purpose:
The Bank offers Personal Loan for various purposes such as meeting medical expenses,
renovation of residential accommodation, traveling, marriage etc.
Loan amount:
The Maximum Loan Amount of loan is restricted to Rs. 5,00,000/- only.
Period of loan:
Loan may be repaid in 36/48/60 Equated Monthly Installments (EMI).
Rate Of Interest:
Please Contact Your Nearest Branch
Margin:
47 | P a g e
Not applicable.
Guarantee:
Personal guarantee of two solvent third parties.
2. Consumer loan:
“Life is where the home is”, it is said. House is the most sacred, peaceful, and loving place one
can think of. Owning a house, equipped with all the comforts and modern gadgets is dream of
all of us. The Bank helps in realizing our dream by financing the purchase of consumer durables
and utility articles such as fridge, washing machine, cooking range, computers, etc. under the
head “Consumer loan”.
Purpose:
For purchase of consumer durables and utility articles such as fridge, washing machine, cooking
range, computers, etc. under the head "Consumer loan".
Loan amount:
Cost or invoice value of the articles to be purchased subject to the maintenance of prescribed
margin.
Period of loan:
48 | P a g e
Maximum period of loan is 60 months. It should be paid in EMI.
Rate Of Interest:
Please Contact Your Nearest Branch.
Margin:
If the loan amount is less than Rs. 1,00,000/- - Nil

If the loan amount is more than Rs. 1,00,000/- - 25 %
Guarantee:
One or two solvent third parties depending on Loan amount.
Security:
Hypothecation of the articles to be purchased.
49 | P a g e
3. Private car loan :
In the past, owning a car or two-wheeler was matter of prestige and symbol of ones standard of
living. Due to economic development and availability of variety of vehicles in the market, it has
become a way of life. It leads to comfort of life and helps a person in his profession and
vocation. It increases ones efficiency and income generation capacity. Realising this need of the
person, the Bank has designed a loan scheme called “Car Loan Scheme"
Purpose:
To purchase a four wheeler
Loan Amount:
The loan amount covers the cost of the vehicle as per invoice, registration and one time tax in
case of new vehicle and agreement value or market value, whichever is lower, in case of second
hand vehicle after maintaining the prescribed margin.
Period of Loan:
50 | P a g e
1. New Vehicle - Maximum 5 years

2. Second Hand Vehicle:
Age of the Vehicle Max Rep. period
upto 1 year old 60 months
upto 2 years old 48 months

Rate Of Interest:
Please Contact Your Nearest Branch.

Margin:
1. New Car/Jeep/Van - 10% of invoice Value (Purchased from Authorised Dealer) - + RTO
one time taxes
2. Second Hand Vehicle
Make Upto 2 Years Old Above 2 &upto 4 Years

BMW & Mercedes 30 % 50 %
Maruti and Hyundai 40 % 50 %
All Other Make 50 % 50 %

Security:
Hypothecation of the vehicle to be purchased.
Guarantee:
One or two depending on the size of credit facility
51 | P a g e

SERVICES offered by PMC Bank
1) 8 to 8 Banking:
 PMCB works from 8:00 am to 8:00 pm rendering uninterrupted service.

 The bank also works on Sundays and public holidays for facilitating banking services to
service class.
2) Any branch banking:
Core Banking Solution (CBS) has facilitated any branch banking to the customers. PMCB also
provides token less Banking for convenience at no additional cost.
3) Safe and quick mode of remittance:
A step towards E- Banking – PMCB provides RTGS/NEFT facility for immediate fund transfer
anywhere in the country for marginal charges.
4) E- Payment of taxes:
The Bank provides the service to the customers to pay their taxes through e- payment. Advance
Tax, Self Assessment Tax, Taxes on Regular Assessment, Tax Deducted at Source, Wealth
Tax/Securities Transaction Tax, Hotel Receipts Tax/Interest Tax/Estate Duty, Expenditure to
other Tax/Gift Tax, Fringe benefit Tax, Centralised Service Tax (CST),Value Added Tax
(VAT),Service Tax, Central Excise Duty.
5) Visa debit card:
PMCB provides the customers International Debit Card having access to the benefits privileges
and extensive reach of the global VISA network.This card will also be used at VISA enabled
ATMs.
6) SMS Banking/ Mobile banking: 52 | P a g e
Customers who have registered for SMS Banking can get instant information of their accounts’
activities any new schemes, products launched by the bank. PMCB facilitates transaction through
53 | P a g e

PMC Bank Summer Internship Report

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PMC Bank Summer Internship Report

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PROJECT REPORT ON

A STUDY ON PRODUCTS & SERVICES OFFERED BY PMC BANK

PUNJAB & MAHARASHTRA CO-OPERATIVE BANK

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF

MASTER OF MANAGEMENT STUDIES

MANPREET SINGH SASAN

MMS-II (SEM III)

LALA LAJPATRAI INSTITUTE OF MANAGEMENT

A STUDY ON PRODUCTS & SERVICES OFFERED BY PMC BANK

SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF

MASTER OF MANAGEMENT STUDIES

MANPREET SINGH SASAN

MMS-II (SEM III)

LALA LAJPATRAI INSTITUTE OF MANAGEMENT

PUNJAB & MAHARASHTRA CO-OPERATIVE BANK

MANPREET SINGH SASAN

MMS-II (SEM III)

Date: 31st August 2013

Prof. N Balasubramanian Dr V.B. Angadi

Project Guide Director,

I, Mr. Manpreet Singh, student of Lala Lajpatrai Institute of Management of MMS

Manpreet Singh Sasan

I was extremely pleased to work in PMC Bank friendly atmosphere. My sincere

I am very grateful to Dr.Angadi, Director of LalaLajpatrai Institute of

2. PMC Bank’s Network 2.

3. PMC Bank’s organizational chart 3.

5. Certain 1st to PMC Bank’s credit 7.

6. Awards & Accolades 8.

8. Social Responsibility 10.

9. Research Methodology 11.

10. Products of PMC bank

11. Services offered by PMC Bank 64.

12. Conclusion 67.

13. Recommendations 68.

14. Bibliography 69.

SR NO. Particulars Details

1 Registered Office 240, Shankar Sadan, Sion East, Mumbai-

DATED: 26th October, 1983

Dated : 9th JANUARY, 1984

PMC Bank’s Network:

Total 83 Branches and Two Extension Counters

PMCB ORGANISATIONAL CHART:

Managing Director – Mr. Joy Thomas

General Manager General Manager

Mr. HK Kamath Mr. LM Kamble

Joint General Managers

(2) Ms.MeghnaGokhale: Departments: Strategic Planning & Infrastructure,

Deputy General Managers

(1) Ms.KarmenRebello (Credit)

(2) Ms.Aarti Desai ( Credit)

(3) Ms.Jasvinder Kaur (Strategic Planning)

(4) Ms. Shiny Mithbaokar (Operations)

(5) Ms. Rebecca Solomon (Audit & Vigilance)

(6) Mr.ParagDalvi (System & MIS)

(7) Ms.Geeta Singh (Accounts, Investment)

(8) Ms.ManishaNehrurkar (Marketing & Merger)

(9) Mr.Shirali (Bangalore)

Assistant General Managers

(1) Mr.Charanjit Singh Bhatia: Harbour: Branches at Vashi, Koparkhairane,

(2) Ms.SunitaGauthman: Western-I: Branches at Oshiwara, Versova,

(4) Mr.SanjeevShere: KYC Cell Central Office

(5) Mr.SatishBendre : Forex