NON- RESIDENT INDIANS (NRIs) Business

FEATURES OF VARIOUS DEPOSIT SCHEMES FOR NON- RESIDENT INDIANS (NRIs)

Particulars	Foreign Currency A/c (Bank Scheme)    (FCNR (B) A/c)	Non Resident (External) Rupee          (NRE A/c )	Non-Resident (Ordinary) Rupee     (NRO A/c)
Eligibility	Any NRI/PIO (except Bangladesh/Pakistan nationality which require RBI prior approval).	Any NRI/PIO (except Bangladesh/Pakistan nationality which require RBI prior approval).	Any NRI/PIO (except Pakistan nationality which require RBI prior approval). Opening of accounts by individuals of Bangladesh nationality may be permitted subject to evidencing valid visa and residential permit issued by FRO/FRRO
Eligible credits	Proceeds of Remittance to India in any permitted currency received through normal banking channel	Proceeds of Remittance to India in any permitted currency received through normal banking channel	Legitimate dues in India including current income like rent, dividend, pension, interest, etc. & Proceeds of Remittance to India in any permitted currency received through normal banking channel
Type of Account	Term Deposit	Current /Saving / Term Deposit	Current / Saving/ Term Deposit
Periodicity of Term deposit accounts	Term Deposit for any period between 1 to 5 years	Term Deposit for any period between 1 to 10 years	As applicable to local residents
Currency in which a/c can be opened	USD,GBP,EUR, JPY, CAD & AUD	INDIAN RUPEE	INDIAN RUPEE
Repatriability	Principal + Interest Repatriable	Principal + Interest Repatriable	Repatriable up to USD 1 Million per calendar year out of balance held in a/c subject to payment of tax & production of  C.A.Certificate .
Joint Accounts	Allowed with other NRI  / Residents*	Allowed with other NRI  / Residents*	Allowed with other NRIs & under “Former or Survivor” basis with resident close relatives
Nomination	Allowed	Allowed	Allowed
Loan against term deposits	Permitted up to 90% of present value of deposit	Permitted up to 90% of present value of deposit	Permitted up to 90% of present value of deposit
Premature withdrawal	Allowed, No interest is paid if the deposit is withdrawn before one year of deposit. Penalty of 1% is levied on the applicable rate of interest for which deposit remained with Bank or prevailing rate for that period, whichever is less	Allowed, No interest is paid if the deposit is withdrawn before one year of deposit. Penalty of 1% is levied on the applicable rate of interest for which deposit remained with Bank or prevailing rate for that period whichever is less.	Allowed. No penalty is levied provided the deposit remained with Bank for a minimum period of one year and the amount does not exceed Rs 5 lacs. In all other cases, penalty interest will be calculated @ 1% below the rate applicable for the period for which deposit remained with bank.
Tax Exemption	Interest earned & balance in FCNR exempted from Income/Wealth tax.	Interest earned & balance in NRE exempted from Income/Wealth tax	Income / Wealth taxes is levied @30%  +  surcharge. Exemption, if any, is subject to   double tax avoidance agreement with certain countries.
Other facilities	Account operation    allowed for local payments through Power of Attorney.	International Debit Card. Internet banking. Facility to issue Online Fixed/Recurring Deposit Account operation allowed for local payments through Power of Attorney.	International Debit Card. Internet banking. Facility to issue Online Fixed/Recurring Deposit Account operation allowed for local payments through Power of Attorney.

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Finacle

                   Objective Questions – Finacle

1.  By using which of the following menus, entry for revocation of a “Stop Payment” instruction can be made in finacle?

a)    HCHBM

b)    SPP

c)    REVSPP

d)    SPPREV

2.     What will be the value of DP Indicator at the time of opening any loan account in Finacle?

a)    N - None

b)    D - Derived

c)    M - Maintained

d)    E – Equal

3.     Which menu can be used to receive scheduled payments in loan accounts?

a)    HLAUPAY

b)    HLASPAY

c)    HLARSH

d)    HLPAYOFF

4.     Which menu can be used to receive unscheduled payments in loan accounts?

a)    HLAFACR

b)    HLASPAY

c)    HLARSH

d)    HLAUPAY

5.     Packing Credit can be disbursed using which of the following menus in finacle?

a)    HLADISBPC

b)    RPCTM

c)    TM

d)    HPCDISB

1.      

2.      

3.      

4.      

5.      

6.      

7.     While opening a LABOD A/c, Installment Frequency must be given as:

a)    Bullet

b)    Monthly

c)    After Maturity

d)    Quarterly

8.     Detailed interest report of any Loan/CC/OD Account can be obtained by using menu :

a)    INTRPT

b)    ACINT

c)    AINTRPT

d)    INTREP

9.     Stock and Book Debt statement can be linked to a Cash Credit (Hyp.) Account using which of the following menus?

a)    HALM

b)    HDML

c)    HCLM

d)    HLNM

10.   Which menu can be used to generate account statement of any office a/c (GL/PL) like Cash, Sundry etc.?

a)    HACLI

b)    HPSP

c)    ACLPCA

d)    ACLPOA

11.   Which menu allows the finacle users to Change Scheme code ?

a)    ACXFRSOL

b)    ACXFRSCH

c)    SCHCODCHG

d)    ACXFRSC

12.   Which menu is used to inquire about a customer using his pan number or mobile number?

a)    CUSTSEARCH

b)    FINDCUST

c)    CUSTFIND

d)    CUSINQ

13.   Which menu can be used to find out the unapplied interest accrued upto date for NPA accounts in Finacle?

a)    NPATM

b)    NPARPT

c)    ACACCR

d)    AINTRPT

.

14.   Limit Node can be created using which of the following menus in finacle?

a)    HLNM

b)    HCLM

c)    HALM

d)    LNDI

15.   Which of the following menus is used to change SOL ID of any account?

a)    ACXFRS

b)    ACXFRSC

c)    ACXFRSOL

d)    ACXSOLTRF

16.   Which menu can be used by a user to generate a date-wise report of live guarantees in finacle?

a)    GILR

b)    GMM

c)    BGSTMNT

d)    ACXSOLTRF

17.   A finacle user wants to change his password himself. Which menu will allow him to change his own password?

a)    PAPW

b)    REGPW

c)    PWMNT

d)    UCMR

18. Which of the following SB Scheme code name has recently been changed as “GovtScholarship-DBT” a/c

          a)  SB-124

          b)  SB-150

          c)  SB-138

          d)  SB-114

           e) SB-113

 19. What is the Loan Scheme code of newly launched “Baroda Home Loan Advantage” for residents ?                             

     a)    LA 183

     b)   LA 184
     c)    LA 185
     d)   LA 188
     e)   LA 190

20. A new product “Baroda Home Loan Suraksha Personal Loan” for home loan      Borrowers has ben launched , for funding life insurance premium of group  Credit life insurance . What is the scheme code in finnacle for residents   Borrows ?

    a)    LA 185

    b)   LA 178
    c)    LA 180
    d)   LA 188
    e)   LA 190

21. What is the new scheme code for Resident Short Deposit in Finacle?

a)    TD108

b)   TD118

c)    TD164

d)   TD154

e)   TD564

22. What is the menu option for reversal of wrong entry made in NPA A/Cs in Finacle?

a) NPATMREV

b)NPATMRVR

C)NPATM

d)NPATMRV

e)NPATMREVE

23. What is new menu option created for generating report for CERSAI?

a)    CERSAIREP

b)   CERSREP

c)    CERSAIR

d)   CERSREPRT

e)   CERSAIRPT

24. What is the menu option to mark NPA for Packing credit a/c?

a)BOBMEAC

b)MEAC

c)ACM

d)through ASCROM

e)No option

25. What is menu option to generate report for details of accounts which are activated from dormant status for the particular period?

a)    DACUP

b)   DORACT

c)    DORMNTACT

d)   DORMNT

e)   DORACTR

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Banking Regulation

The Reserve Bank of India (RBI) is the central banking authority and the regulator of Indian Banking System. RBI draws its regulatory powers from Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949. Banking regulation is not peculiar to India. Every country regulates its banking system through some authority.

For example, the Bank of England regulates the banking system in UK. Similarly, the Federal Reserve Board is the regulator of the banking system in USA.

Important of Banking Regulation –

A. Public confidence and trust

B. Investors’ interest

C. Fair and efficient financial markets

D. Adherence to rules.

Constitution of RBI

RBI was constituted under the Reserve Bank of India Act, 1934 and started functioning from 1 April, 1935. It is the oldest among central banks operating in developing countries. Its headquarters are in Mumbai.

A. Ownership

RBI is a state-owned institute under the Reserve Bank (Transfer of Public Ownership) of India Act, 1948. The Act empowers the Union Government to issue such direction to RBI as is necessary in public interest. However, the union Government must consult the Governor before issuing the directions.

B. Control

The control of RBI vests in the Central Board of Directors. The Central Board of Directors compromise the Governor, 4 Deputy Governors and 15 Directors.

C. Appointment

The Union Government appoints the Governor and Four Deputy Governors and also nominates the 15 Directors.

Objective of RBI

A. Monetary Stability

B. Financial Stability

C. Payment System

D. Credit Allocation

E. Price Stability

F. Development of Financial Markets

Function of RBI

A. Issue of Notes

B. Government’s Banker

C. Banker’s Bank

D. Development of the Financial System

E. Exchange Control

F. Monetary Control

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Important date & Link for JAIIB/CAIIB June/July-2017

Hello friends,
Here I am providing the important date and link for JAIIB/CAIIB examination. The online link for fill-up JAIIB/CAIIB has been announce and activate very soon.

JAIIB EXAMINATION – June/July 2017

OPEN PERIOD FOR REGISTRATION (10-03-2017 TO 9-04-2017)

Click Here apply online for Registration for JAIIB Examination

Note: Last Date for receipt of Change of Centre Requests at the respective PDC/MSS Offices : 20^th April 2017.

CAIIB EXAMINATION – June/July 2017

OPEN PERIOD FOR REGISTRATION (30-03-2017 TO 29-04-2017)

Click Here  apply online for Registration for CAIIB Examination

Note: Last Date for receipt of Change of Centre Requests at the respective PDC/MSS Offices : 18^th May 2017.

Also visit - Schedule for JAIIB/CAIIB

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Schedule of JAIIB/CAIIB Examination June/July 2017

 Here I am presenting Schedule of JAIIB CAIIB Examination 2017. Now read Schedule of JAIIB CAIIB Examination 2017,

Schedule for JAIIB/DB & F and CAIIB /CAIIB Electives has been announce. Please note the following date : -

JAIIB/DB & F

Subject	Examination Date
Principal & Practice of Banking	04-06-2017 / Sunday
Accounts & Finance for bankers	11-06-2017 / Sunday
Legal & Regulatory Aspect of Banking	18-06-2017 / Sunday

CAIIB /CAIIB Electives

Subject	Examination Date
Advance Bank Management	02-07-2017 / Sunday
Bank Finance Management	09-07-2017 / Sunday
Corporate Banking	16-07-2017 / Sunday
Rural Banking
International Banking
Co-operative Banking
Financial Advising
Human Resource Management
Informational Technology
Risk Management
Central Banking
Treasury Banking

Revised Examination Fees inclusive SERVICE TAX @15% with effect from 1stJun, 2016

(Examination Eligible for Members Only)
Sr. No.	Name of the Exam	Attempts	For Members(Rs)
1	JAIIB	First Block of 2 attempts	2760
		Second Block of 2 attempts	2760

(Examination Eligible for Members Only)
Sr. No.	Name of the Exam	Attempts	For Members(Rs)
1	CAIIB	First Block of 2 attempts	3105
		Second Block of 2 attempts	3105

Please Note :

1. Fresh Admit letter will be emailed to the candidates in their email id registered with the Institute, 10 days before the examination date.
2. Fresh Admit letter of all eligible candidates will be hosted on Institute’s website under the heading ‘Exam Related’, 1 week before the examination date.
3. Last Date for receipt of Change of Center Requests at the respective PDC/MSS Offices is 18th May 2017. Candidates are required to send valid proof while sending the request for center change.

For more kindly visit :

 IIBF website by click on - JAIIB , CAIIB

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