Professional Documents
Culture Documents
Following departments are working in NBP Main Branch Muzaffargarh are as follows; Cash Department Deposit Department Account Department Clearing Department Advances and Credit Department Remittances Department Pension Department
Cash Department
Cash department is the main department of the bank where all the activities regarding cash take place. For Example Deposits of Cash, Withdrawals of Cash, presenting a cheque for encashment and other cash activities. CASH RECEIPT: Cash may be received by using any of the following documents: Pay in Slip Credit Voucher CASH PAYMENT: Cash may be paid through using any of the following documents: 1. Cheque. 2. Demand Draft. 3. Pay Order. 4. Debit Voucher. 5. Telegraphic Transfer. BOOKS MAINTAINED BY THE CASH DEPARTMENT: The following books are prepared by the cashier, Receiving Cash Book Token Book Paying Cash Book Scroll Book Cash Balance Book
When cash is received in counter, it is entered in the Scroll Book and the Receiving Cash Book. At the end of day these are balanced with each other. The consolidated Figure of receipt and payment of cash is entered in the Cash Balance Book and then closing balance of cash is drawn.
DEPOSIT DEPARTMET
We can rightly state that deposits are the blood of the banks which cause the body of an institution to get to work. These deposits are liability of the bank so from the viewpoint of bank we can refer to them as liabilities.
TYPES OF DEPOSITS
Deposits can be segregated on two bases: 1 . Time Deposits One is the duration in which these funds are expected to be with the bank 2 . Demand Deposits Second is the cost of getting these funds. And on the basis of the cost of acquire these funds, a deposit can be classified as any one of the following four: a ... ... b ... ... c ... ... d ... ... High Cost Medium Cost Low Cost No Cost
ACCOUNT DEPARTMENT
This department is responsible for accounts of customers. Different types of accounts are opened by National Bank of Pakistan. Following are the main accounts openend by the bank. Current Account PLS Saving Account Term Deposits Accounts
CURRENT ACCOUNT In this type of accounts, the client is allowed to deposit or withdraw money as and when he likes, but there is requirement of maintaining the minimum balance of Rs.5000/- other wise Rs.50/- will be deducted every month. Usually the businessmen open this type of account and the bank pays no profit on it. These types of deposits are also exempt from compulsory deduction of Zakat. PLS SAVING ACCOUNT This type of account is for those persons who want to make small savings. This type of account is opened with a minimum deposit if Rs.200/- If the balance in the account falls below the minimum requirement then a flat charge of Rs.150/- is made in the account once in a half year. Zakat and other withholding taxes are deducted as per rules of the government. Fixed Deposit Account (Time Deposit) The deposits that can be withdrawn after a specified period of time are referred to as Fixed or Term Deposits. Fixed deposit accounts have higher rate of interest as compare to other accounts. The rate of interest rises with the length of period and the amount of deposit.
CLEARING DEPARTMENT
Every banker acts both as a paying as well as a collecting banker. It is however an important function of crossed cheques. A large part of this work is carried out through the bankers clearing house. A clearing house is a place where representatives of all the banks of a city get together and settle the receipts and payments of cheques drawn on each other bank. 1) Inward Transfer cheques are those cheques which are collected and paid on branches of the same bank situated in the same city. 2) Outward Transfer cheques are those cheques which are collected and paid on branches of another bank, but branches are not in the same city or they are not the members of clearing house.
PROCEDURE:
Whenever a cheque is received for collection, at first the branch-crossing stamp is affixed on the face of the cheques. After that the entry is made in Software SonaWare (version 5.6) 1st clearing stamp is also affixed on the face of the cheques. Then a stamp stating that the amount credited to the customer account and require signature of authorized officer is affixed on the back of the stamp along with the customer Account Number. At the end of the day, Clearing Sheet is obtained from the System in order to confirm that out of all the transactions recorded are handed over to the representative of the NIFT. The NIFT representative then collects these cheques from the bank. The credit slips are posted in Shadow i.e. these are kept in temporary account called SHADOW and is released to the actual account when the fate (confirmation of the clearance) arrives.
Procedure:
In which there are customer come with application to take an advance or loan for home construction or land purchased. It could be against gold, pledge and mortgage. There are some requirements according to the occupation of the debtors. Advance for job holders are 1-20 salaries and repayable in 1-60 months with interest rate.
Remittance Department
Banks are source to provide the liquidity to organization. For this purpose, the banks often are to engage in transferring funds from one place to another. The department of bank that deals with this transferring of fund is called remittance department.
Remittance is of following types and different documents used for remittance are: 1. Demand Draft (DD) 2. Payment Order (PO) 3. Telegraphic Transfer (TT)
1) Demand Drafts
Drafts drawn by one branch on another branch or on the Head Office of same bank or vice versa, are not cheques or bills, as these have no distinct drawer and drawee.
2) Telegraphic Transfer
Telegraphic Transfer is a form of remittance, which is advised by telegram, telex or fax machines. The fundamental principles of such transfer are otherwise identical with the Mail Transfer. It is the message, which is sent from one branch to another on the order of payer to payee through wire.
3) Pay Order
NBP provides another reason to transfer your money using our facilities. NBP pay orders are a secure and easy way to move your money from one place to another. And, as usual, NBP charges for this service are extremely competitive.
PROCEDURE:
First the bank receives a written request in shape of Application form; from the customer to issue, with the payment in cash or cheque, covering the amount of Demand Draft. Telegraphic Transfer, Pay Order and it also contains the commission of the bank. While issuing a bank draft it is necessary that the draft should be free from alterations and in case of alteration the alteration must be duly signed by the authorized officer. All the details must be written clearly in ink. After issuance a demand draft and pay order, it is handed over to the applicant and its advice containing the particulars of the draft is sent to drawer branch with its necessary information and payment of the draft on its presentation. The SWIFT online communication and messaging services for International Banking are available to all the branches dealing in Foreign Exchange business for incoming and outgoing messages. NBP has also started automated queuing system designated branches to offer more organized, disciplined and secured cash counter services.
Pension Department
Pension manager Mr. Mehboob trained me very nicely and I learned lot of things in this department. They give the pension to retired Govt. employees. There are three type of pensions given, 1= Provincial 2= Central 3= Defence These are different according to their PPO numbers For example: Provincial PPO 123456 Central PPO 12345/pak Defence PPO da/dg1/gh/4 etc. I am full trained now in this particular job and I serve 1000 people in this week. How to fill farm? How to enter in ledgers and balance account and what is file and book and all other things relating to pension department.