National Pension System

National Pension System (NPS) is an easily accessible, low cost, tax-efficient, flexible and portable retirement saving scheme. NPS is designed on contribution basis wherein the subscriber contributes to his own retirement account. The benefit subscribers ultimately receive depends on the amount of contribution, the returns made on the contributions and the period of contributions.

Contribution + Investment Growth – Charges = Accumulated Pension Wealth

(individual contribution)

Who are eligible to open NPS account?

Any citizen of India – Resident or Non-resident, in the age group of 18 to 60 years can open NPS account.

What are the feature of NPS?

Ø  Every individual subscriber is issued a Permanent Retirement Account Number (PRAN) card which has 12 digit unique number.

Ø  Two Types of Sub-accounts under NPS

o   Tier- I account: - This is a permanent retirement account in which subscriber contributes for accumulation of pension wealth.

o   Tier – II account: - This is a voluntary saving facility available as an add-on to any Tier – I account holder. Subscribers will be free to withdraw their saving from this account whenever they wish.

Ø  Regulated : The fund are managed by Pension fund appointed and actively monitored and regulated by PFRDA, the Regulator set up through an Act of Parliament.

Ø  Portable and Technology Driven: On joining the NPS, a subscriber gets a Permanent Retirement Account Number (PRAN) to which all his/her contributions are credited and it is portable across geographies and employments. It being technology driven, subscribers can view their accounts online

Ø  24 X 7 X 365 Access: Riding on a highly efficient technological platform NPS provides online access to account to the subscribers. Subscribers can also access account through NPS mobile App.

Ø  Very Low Cost Structure: The investment cost is very low as compared to other investment products available to market.

Ø  Choice: Active choice/Auto choice:

o   Active choice - investment mix has to be chosen by the individual.

o   Auto choice -  investments will be made based on the age of account holders

Ø  Diversified Portfolio: Judicious mix of investment instruments and asset classes like equity (E), corporate Bond (C) Government Security (G) and Alternate Assest Class (A) ensures optimum returns on investment and have minimal impact on the impact on the returns on subscriber’s contributions even if there is a market downturn. The individual subscriber has a choice of selecting investment mix (E,C,G,A), as per his/her risk appetite. Two new life cycle funds LC 75 (Aggressive) and LC 25 (Non-Aggressive) deciding the equity portion of the investment have been introduced.

(Also Read: Public Provident Fund)

How and where to open NPS account ?

Account can be opened through:

1. e-NPS (NPS Online)

To make the account opening under NPS hassle free, facility has been developed where you can open NPS account online if you have

(i) Aadhaar Card, or

(ii) PAN card with account with internet banking facility in one of the  empanelled bank undertaking KYC verification online.

e-NPS Charge

For transaction through e-NPS, service charge of 0.5% of the contribution amount ad valorem, subject to minimum of Rs. 5/- and maximum of Rs. 5,000//- per transaction would be recovered from the subscribers. The service charges would be rounded off to the nearest rupee and services tax & cess thereupon on services charges would be on actual basis. Charges for all other intermediaries remain the same.

2. Points of presence

The account can be opened through any of the Point-of Presence (POPs) registered with PFRDA by submission of application form.

Contribution Requirement

Particular	Tier I	Tier II
Min Contribution at the time of account opening	Rs. 500/-	Rs. 1000/-
Min amount per contribution	Rs. 500/-	Rs. 500/-
Min Total contribution in the financial year	Rs. 1000/-	-
Min frequency of contribution ( no max limit)	1 per year	1 per year

Tax Benefits and Implications

Tax benefits are available on both employee and employer contributions. The employee can save tax on his own contribution [u/s 80 CCD (1) of IT Act] as well as the contribution made by employer [u/s 80 CCD(2)]

For employee, deduction from taxable income is available upto 10% of salary (Basic + DA) – u/s 80 CCD(1) of IT Act 1961, subject to overall ceiling of Rs. 1.50 Lakh u/s 80 CCE of IT Act 1961.

Additionally, if employer, is also contributing towards pension accounts of the employee, an additional deduction of 10% of salary (Basic + DA) is available to the employees u/s 80 CCD(2).

Furthermore, the employer can claim these contributions upto 10% of salary (Basic + DA) for each employee without any overall limit for all employees as a Business Expense u/s 36(1) iv of IT Act.

Additional Tax benefit

Subscriber is allowed extra tax deduction in addition to the deduction allowed under Sec. 80 CCD (1) for additional contribution in his NPS account subject to maximum of Rs. 50,000/- under sec. 80 CCD 1 (B) of IT Act, 1961.

Please visit www.pfrda.org.in / www.npstrust.org.in / www.enps.nsdl.com

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Banking law & Practice and Technology Question 24.12.17

Banking law & Practice and Technology Question Asked in “Clerical to Officer Promotion Examination ” held on 24-12-17 Based on memory

1. To know existing customer I d - FINDCUST

2. For statement of saving bank account - HPSP
3. Standing instruction in PPF - HPPFSI  
4. Stop payment instruction - HSPP
5. Change of no of instalments for the loan acnt - HLARA
6. TOD reports - HTODRP 
7. Balance certificate of all the accounts under one cust I'd - HCUSBALP
8. Review of loan /cc/od acnt - HACLHM
9. To know the maturity of rird - HDEPMOD
10. Update review date in cash credit acnt - HACLHM
11. To attaching collateral of stocks on cash credit hypothecation a/c – HCLM-HSCLM
12. Inquiry of paid / unpaid status of cheque book - HACHBI
13. To generate the list of potential dormant acnt - HPDRMNT
14. Closure of current a/c – HCAAC

15. Maximum time period for FCNR deposit – 5 Years
16. Menu for unfreeze a/c – HAFSM
17. For lien in a/c – HALM
18. How to obtain interest certificate – HINTCERT
19. Updation of PAN card – MRCR
20. Digit in TAN number – 10
21. Pre transaction limit in M-Connect + - Rs. 50,000
22. Mobile OTP activation – BARODA CONNECT
23. Facility not available in M-Connect + - MUTUAL FUND
24. Loan processing charge collecting menu – HLAFACR
25. In SMA “M” stands for - MENTION
26. Minimum age of minor for current a/c – 14 Years

27. MCLR stands for - Marginal Cost of funds based Lending Rate

……..continue

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How to correct an error “view restricted” in Finacle 10

In Finacle 10, when verification of Dormant account from DORMANT to ACTIVE done by officer having BH2 power, then its signature shows an  error “view restricted” and we are not able to view signature of that customer even it is active.

So these type of error would be corrected by Branch Head using following these step –

1. First we go – SVS

2. Then click on Box of – Perform Administration Activity

3. Then click on  – Maintain Account Status

 4. In Maintain Account Status, write the account number and change the status from Dormant to Reactive

Dormancy type* – Individual

A/c status* – Reactive

A/c ID – write a/c number

A/c Type –  N-Normal type

Then Submit as shown below

Now any one can see the signature details of that customer.


Thanks...!!!

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General Awarenes "Clerical to Officer Promotion"

General Awarenes Question Asked in Clerical to Officer Promotion 24.12.2017

1. Iron man - Sardar V Patel
2. US Open 2016 winner- Stan Wawrinka
3. Diabetes Day Theme - Healthy Future
4. Sagar Kawach - Odisha West bangal
5. Sai Praneeth - Batminton
6. Journalist refused Padmabhushan - Khushwant Singh
7. RRB sponsor - NCB
8. General theory of Equilibrium - Leon Walsas
9. No in Wolley ball Play - 06 player
10. Football half time – 45 min
11. Arjuna Award 2016 -  Lalita Babar
12. khel Ratna - Vishwanath Anand
13. Asian Bankers Summit - Mumbai
14. Gangakumari District - Jalore
15. Flying Sikh - Milkha Singh
16. Manushi Chillar belong - Haryana
17. First RBI governer - O Smith
18. Worthy customers - Prime lending rate.
19. Highest gallantry award - Paramveer chakra
20. Sports university tie up - Australia

Best Of Luck...!!!

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Digital Banking

MCQ based on Digital Banking

1. Per day ATM transaction limit for Rupay EMV Chip Debit card? 

a) `25,000    

b) `50,000    

c) `1,00,000   

d) `2,00,000  

e) none 

2. Per day ATM transaction limit for Visa EMV Chip Debit card?   

a) `25,000    

b) `50,000    

c) `1,00,000   

d) `2,00,000  

e) none 

3. Per day ATM transaction limit for Mastercard Gold ____

a) `25,000              

b) `50,000            

c) `75,000          

d) `1,00,000        

e) none 

4. Per day transaction limit at POS for Visa EMV Chip Debit card is ___    

a) `50,000          

b) `1,00,000         

c) `1,50,000        

d) `2,00,000        

e) none 

5. Per day transaction limit at POS for Mastercard Gold is ___   

a) `25,000           

b) `50,000           

c) `75,000          

d) `1,00,000/-      

e) none 

6. RuPay Card was launched by ____   

a) IDRBT  

b) RBI  

c) NPCI    

d) IBA  

e) VISA 

7. No. of ATM transactions allowed per day in Rupay/Visa Platinum EMV Chip Debit      Card is ___   

a) 4   

b) 5   

c) 8   

d) 10  

e) 12 

8. Mobile OTP Application (M-OTP), a recent initiative by our Bank is an enhanced       security feature of ______

 a. M-Connect         

b. Baroda Connect         

c. Mobile Snippets

d.  M-passbook        

e. all the above applications  

9. No. of ATM transactions allowed per day in Mastercard Gold is ___

a) 4    

b) 5     

c) 8   

d) 10  

e) 12   

                                                                                                          

10. Which of the following account holder is eligible for M-Connect facility?

a. Current account in the name of firm (single)

b. Nagrik Bachat Khata

c. NRE account (single)

d. Minor SB account (>14 years of age)

e. All are eligible 

11. SB accounts opened under Financial Inclusion scheme for minors above the age of        __ with operational instructions as ‗self‘ can be issued a RuPay PMJDY Debit card

a. 10  years       

b. 12 years        

c. 14 years      

d. 15 years        

e. 18 years 

12. The amount of penalty payable to customers for non-reimbursement of failed ATM       transaction amount within seven working days is ____.      

a) `20/- per day      

b) `50/- per day      

c) `100/- per day      

d) `100 per day from 8th working day of receiving complaint          

e)  Equivalent to transaction amount      

13. Visa Platinum EMV Chip Debit Card issued to a customer can be activated  ___    

a) Only at our ATM                      

b) at any POS          

c) at any NFS member ATM     

d) Only at ATMs with VISA logo  

e) none of these 

14. What is the per day/per transaction limit of fund transfer under NUUP platform        by dialing *99# ?

a.`3,000/-       

b. `5,000/-      

c. `10,000/-      

d. `15,000/-     

e. `25,000/- 

15. Our E-Business Department has been renamed as –

a. Transaction Banking Department          

b. Electronic Banking Department    

c. Net Banking Department                      

d. Electronic Transaction Department    

e. no such change 

16. Which of the following transaction options is not available under NUUP platform?

a. Balance enquiry      

b. mini statement      

c. mobile recharge      

d.  Request MMID       

e. IMPS Fund transfer 

                                                                                                 

17. What is the minimum amount per transaction under NUUP platform by dialing *99#

a.`10/-       

b. `50/-      

c. `100/-      

d. `500/-     

e. `1,000/- 

18. Which of the following type of account is NOT exempted from recovery of service       charges for our Debit cards?

a. Staff/ex-staff

b. Senior Citizens

c. Pensioners 

d. Current Account

e. No frill/Basic SB account 

19.What is the per transaction limit for IMPS P2M transaction for our M-Connect       Users?

a. `10,000/-    

b. `5,000/-     

c. `20,000/-   

d. `25,000/- 

e. `50,000/- 

20.What is the per day limit for IMPS P2M transaction for our M-Connect Users?   

a.`10,000/-    

b. `5,000/-     

c. `20,000/-   

d. `25,000/- 

e. `50,000/- 

21. IMPS stands for

a) Immediate Payment Service

b) Interbank Mobile Payment System

c) Indian Money Payment System

d) Internet banking Money Payment Service 

22. What is the per day transaction limit for Mobile Banking in our Bank?

a) `25,000       

b) `40,000   

c)`50,000    

d) `1,00,000     

e) none of these 

23.How much minimum amount can be loaded in Baroda Gift Card?    

a) `50      

b) `100     

c) `500    

d) `1000      

e) none 

24.Above the minimum amount, further amount that can be loaded to Baroda Gift Card      in multiples of __  

a) `1        

b) `10         

c) `50     

d) `100        

e) `500 

25.Baroda Travel Easy Card is available in which of the following currencies?

a. USD         

b. EURO        

c. GBP          

d. (a) & (c) Only     

e. all a, b & c

                                                                                                           

26.What is minimum load value for the Travel Easy Card?  

a. USD200, GBP150, EURO150         

b. USD200, GBP200, EURO200    

c. USD100, GBP100, EURO100         

d. USD500, GBP200, EURO200    

e. as requested by the customer 

27. Baroda Gift Card can be used for transactions at ___    

a) POS only    

b) POS & Online purchases   

c) POS & BoB ATM     

d) Any ATM     

e) POS & Online purchases & Bob ATM 

28. National Financial Switch is presently handled by ___    

a) RBI        

b) IDRBT  

c) NPCI      

d) IBA        

e) RTGS 

29. Baroda Contact Centers are located at ___    

a) Delhi & Mumbai   

b) Mumbai & Baroda  

c) Baroda & Lucknow 

d) Baroda & Delhi     

e) None 

30. Toll free numbers of Baroda Contact Centers are ___    

a) 1800 220 400 & 1800 102 44 55  

b) 1800 22 33 44 & 1800 102 44 55      

c) 1800 102 44 55 & 1800 102 56 27 

d) 1800 22 33 44 & 1800 102 56 27

 

31. What are the timings for Contact Centre services through IVR ie, without the help of agent?

a. 6 a.m to 8 p.m

b. 6 a.m to 10 p.m

c. 8 a.m to 8 p.m

d. 8 a.m to 10 p.m

e. Round the clock  

                                                                                                           

32. What are the timings for Contact Centre services through agents and web-chat?

a. 6 a.m to 8 p.m

b. 6 a.m to 10 p.m

c. 8 a.m to 8 p.m

d. 8 a.m to 10 p.m

e. Round the clock 

33. Which of the following modes does not allow a customer for Aadhar number         seeding in his/her account?

a) M-Connect

b) SMS      

c) Baroda Connect   

d) ATM    

e) Contact Centre 

34. Baroda e-Gateway processes _____ transactions.     

a) Internet Banking transactions    

b) Mobile Banking transactions      

c) Visa & Master Card transactions 

d) All e-banking transactions      

e) Baroda Cash Management Services (BCMS) 

35. Baroda Cash Management System has ___ fund management modules.    

a) 2    

b) 3     

c) 4    

d) 5    

e) 6 

36. ASBA facility is to facilitate the customer to –     

a) Tax payment online   

b) School fee payment   

c) Investment in Company Shares       

d) A facility to Corporate customers for fund management     

e) none of these 

37. What is the minimum period that can be opted for investment in FDR through our        Baroda Connect (Internet Banking) facility?   

a) 7 days            

b) 15 days         

c) 46 days          

d) 181 days       

e) 12 months    

                                                                                                           

38. What are the services available for a customer under ―Baroda SMS Banking‖         facility by sending an SMS to 5616150 –     

a. Balance Enquiry        

b. Mini Statement       

c. Cheque Status      

d. All the three (a), (b) & (c)      

e. only (a) & (b) 

39. Which one of the following is not a fund management module under BCMS –  

a. Collection                       

b. Payment                   

c. Liquidity Management            

d. Financial management     

e.  (a) & (b) 

40. Which of the following transactions in a Cash Credit Account gives an SMS alert?

a. cheque return transactions (inward & outward) irrespective of amount 

b. debit/credit transactions for `1.00 lac and above 

c. debit/credit transaction for `50,000/- and above 

d. (a) and (b) only  

e. (a) and (c) only   

41. What type of Banking services made easy with the help of ‗Unstructured         Supplementary Services Data‘ (USSD)?

a. E-Gateway     

b.Mobile Banking     

c.Net Banking    

d. All ADCs    

e. None 

42. Which is real time and session oriented platform for Mobile Banking transactions?

a. RTGS     

b. NUUP    

c. Baroda E-gateway     

d. NEFT     

e. NPCI 

43. NUUP provides certain basic banking services, which does not include –  

a. Account balance enquiry  

b. Mini Statement    

c. IMPS fund transfer    

d. mPin change    

e. cheque payment status

                                                                

44. What is the per transaction & per day limit for third party fund transfer for a         Retail User in our Baroda Connect?    

a.`2.00/`4.00 lacs                   

b. `2.00/`5.00 lacs                  

c. `3.00/`5.00 lacs      

d.`1.00/`3.00 lacs                    

e. `4.00/`4.00 lacs 

45. What is the maximum amount that can be remitted through NEFT/RTGS per        transaction through Baroda Connect by a Retail User? 

a) `1.00 lac       

b) `2.00 lacs         

c) `3.00 lacs    

d. `4.00 lacs       

e. `5.00 lacs 

46. Which of the following facilities is not presently available in our Baroda Connect? 

a. investment in FDR      

b. investment in shares through ASBA      

c. IMPS fund transfer through NEFT instantly      

d. instant third party fund transfer after registration      

e. opening of RD account 

47.What is the per transaction/per day limit without debit card in our Cash Deposit       Machine?

a. `10,000/-        

b. `15,000/-     

c. `20,000/-    

d. `30,000/-     

e. `49,900/- 

                                                                                           

48. What beneficiary details are sufficient for a customer to affect an IMPS        remittance through M-Connect (Person to Person)?   

(1) Mobile number  (2) MMID    (3) Account Number   (4) IFSC

a. only (3) & (4)  

b. only (1) & (2)

c. (1), (3) & (4)

d. only (3) & (4)

e. all (1) (2) (3 & (4)  

49. What is the per transaction limit for NEFT transaction through our ATM for BOB   Customer?

a. `10,000   

b. `15,000    

c. `25,000    

d. `50,000    

e. `1,00,000 

50. In Baroda connect, how many beneficiaries can be registered in one day?

a. 5             

b. 3              

c. 2               

d. 1                 

e. any number

51. PAM is one of the security Measures used in online banking where the user can       confirm the authenticity of the website. What is PAM stands for?

a. Personal Acceptance message      

b. Personal Assurance Message

c. Permanent Acceptance Message   

d. Personal Assurance Media

e. Personal Acceptance media       

                                                                  

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