Lecture # 20 Branch Banking in Pakistan. A branch, banking centre or financial centre is a retail location where a bank or financial institution offers a wide array of face to face service to its customers. "Banks". National financial institution providing personal and business services.
Lecture # 20
Branch Banking in Pakistan
National financial institution providing personal and business services.
Divisions & Field
Its a written order, drawn by one branch of a bank upon another branch of the same bank, upon other bank under special arrangement to pay a certain sum of money to or to the order of a specified person”
A Pay Order is a written authorization for Pmt , Made in a receipt from issued & Payable by the bank, to the person named & addressed therein on his giving a proper discharge thereon “
“T.T instructions regarding PMT are sent to Drawee branch in a coded language and under confidential number known as TEST Number”
Like T.T funds can be remitted by MT for the Cr of the payee a/c or the Beneficiary can be advised to receive the PMT from Drawee branch either in cash on proper identification or through his banker”
Parties Mail Transfer
Its also a fund transfer but only by Online within the Branches.
Account Opening Department
Types of Account
Operations & Status Of Accounts
The Current Account allows you the facility of unlimited withdrawals up to the extent of the balance in your account. Sometimes There will be no tax deducted on the funds that you choose to keep in these accounts.
The Savings Account allows you the facility of unlimited withdrawals (up to the extent of the balance in your account), while accruing profit on your deposit everyday. You can have the profit paid to you monthly, quarterly, annually or as per your requirement.
The Term Deposit offers you the dual benefit of attractive returns with high liquidity, with options to take your profit monthly, quarterly, annually or at maturity.
A deposit of funds in a savings institution under an agreement stipulating that
(a) the funds must be kept on deposit for a stated period of time,
b) the institution may require a minimum period of notification before a withdrawal is made
You have the option of opening Current, Savings and Term Deposit accounts in different foreign currencies – Like US Dollar, Pound Sterling, Japanese Yen, and Euros. This entitles you to avail all the convenience of local currency accounts including:
As per State Bank of Pakistan circulars/regulations
A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution,