Long term deposit policy abhyudaya bank

1. LONG-TERM DEPOSIT POLICY OF ABHYUDAYA BANK vis -a vis ORIENTAL BANK - By Aditya Gupta Roll no. 857 B.B.A LLB ( Hons .) VI Semester

2. The Beginning   The Bank was started by a group of social workers and labour movement activists, 1964 , with a small share capital of Rs. 5,000. In a short period of time Abhyudaya Co-op. Credit Society got converted into an Urban Co-op. Bank. Finally in June 1965, Abhyudaya Co-op. Bank Ltd. was established with the motto of "Prosperity through Co-operation". INTRODUCTION

3. As on 31st March 2013, the bank has  1.51 lakh  members and more than  16.66 lakh depositors . Bank has achieved substantial growth in all perspectives reflecting an overall growth of  20.64%  in business mix & total business mix of the bank has reached over  Rs. 13145 Crore .   As on 31st March 2013, Bank’s Deposits have reached upto   Rs. 8036.40 Crore  with rise of  23.27%  while Advances have reached upto    Rs. 5108.88Crore.   Paid up Capital and Reserves have amounted to  Rs. 970.08 Crore  and Investments are to the tune of  Rs. 3428.00 Crore . For the F.Y. 2012-13, the Net Profit of the Bank after tax/provision stood at  Rs. 91.22 Crore . The Current Position of Abhyudaya Bank

4. Time Period Rate of Interest for General Public, Trusts etc. Rate of Interest for Senior Citizens Less than 6 months 8.00 8.50 Above 6 months but not more 15 months 9.50 10.00 Above 15 months but not 1more 24 months 9.75 10.25 Above 24 months but not more 36 months `10.25 10.35 Above 36 months but not more 120 months 8.50 8.75 RATE OF INTEREST ON THE DEPOSITS

5. AMOUNT OF DEPOSITS IN THE ABHYUDAYA BANK.

6. MONTHLY INCOME DEPOSIT SCHEME QUARTERLY INTEREST DEPOSIT SCHEME QUARTERLY INTEREST CUM REINVESTMENT PLAN RECURRING DEPOSIT SCHEME ABHYUDAYA TAX SAVING SCHEME (ATSS) DEPOSIT SCHEMES OFFERED BY THE ABHYUDAYA BANK

7. WHO CAN OPEN AN ACCOUNT : An Individual in his/her name More than one person jointly  An illiterate person A blind / visually Impaired / Incapacitated Persons A guardian on behalf of minor in the minor's name Clubs, Association, ( only if registered)  Local bodies, all types of Co-operative Societies or any other body Student who has completed 14 year of Age . PASS BOOK:  Pass book will be supplied to every savings Bank depositor showing the his account number, Name, address, transactions with date, amount and particulars. FEATURES OF THE DEPOSIT ACCOUNT OF ABHYUDAYA BANK

8. INCIDENTAL CHARGES:  If a minimum balance of Rs.1000/- (with cheque book facility) or Rs.300/- (without cheque book facility) is not kept, the Bank will charge incidental charges at the rates as in force from time to time.  Also refer to our Service Charges elsewhere on this site for other incidental charges. Initial Deposit for opening Savings Bank Account & minimum balance to be maintained in the account :  With Cheque Book Facility - Rs.1,000/- Without Cheque Book Facility - Rs. 300/-   FEATURES OF THE DEPOSIT ACCOUNT OF ABHYUDAYA BANK

9. FEATURES OF THE DEPOSIT ACCOUNT OF ABHYUDAYA BANK MINIMUM DEPOSIT : Rs. 500/-  INTEREST : Interest will be paid on the deposits at the rate in force from time to time. Interest amount will be paid Quartely . Interest will either paid in cash or credited to the Bank Account of the depositor. TERM DEPOSIT CERTIFICATE :  The Bank will issue a certificate in favour of the depositor /s showing the amount deposited, the period for which the deposit is accepted, maturity date and maturity amount.  DUPLICATE CERTIFICATE :  In case of loss of original Fixed Deposit Certificate the depositors would have to intimate the Bank immediately. On an application satisfying the prescribed rules the certificate indicating the particulars of the deposit will be issued to the depositor. The Bank will charge Duplicate Certificate at such rates as in force from time to time.  LOAN AGAINST DEPOSIT :  90% Loan against deposit amount is available. Any person or persons approved by the Bank. Co-operative Societies, Registered Trust, Institutions and Associations. By two or more persons in their joint names. By a natural guardian i.e. father or mother approved by the Bank on behalf of a minor.

10. ORIENTAL BANK OF COMMERCE : AN INTRODUCTION Established by Late Rai Bahadur Lala Sohan Lal in 1943.The bank was nationalised on 15 April 1980. Within a decade the bank turned into one of the most efficient and best performing banks of India. The bank has progressed on several fronts crossing the Business Mix mark of  2 lac crores as on 31 March 2012 making it the 7 th largest Public Sector Bank in India, achievement of 100% CBS, reorienting of lending strategy through Large & Mid Corporates and establishment of new wings viz., Rural Development and Retail & Priority Sector. The Bank has to its utmost credit lowest staff cost with highest productivity in the Indian banking industry .

11. VISION STATEMENT   " TO BE A CUSTOMER FRIENDLY PREMIER BANK COMMITTED TO ENHANCING STAKEHOLDERS VALUE“ MISSION STATEMENT Provide quality, innovative services with state-of-the-art technology in line with customer expectations . Enhance employees’ professional skills and strengthen cohesiveness . Create wealth for customers and other stakeholders. VISION & MISSION STATEMENT

12. Financial Result of Oriental Bank

13. Time Period Rate of Interest for Deposit less than 1 Cr. Rate of Interest for Deposit more than 1 Cr. Less than 6 months 8.75 9.00 Above 6 months but not more 15 months 9.00 9.00 Above 15 months but not 1more 24 months 9.00 9.25 Above 24 months but not more 36 months `9.00 9.00 Above 36 months but not more 120 months 8.75 8.75 Interest Rates offered by the Oriental Bank of Commerce

14. Deposits in Oriental Bank

15. ORIENTAL DOUBLE DEPOSIT SCHEME ORIENTAL DIAMOND SAVING SCHEME DEPOSIT SCHEMES OFFERED BY THE ORIENTAL BANK OF COMMERCE

16. 1. ORIENTAL DOUBLE DEPOSIT SCHEME

17. 2. ORIENTAL DIAMOND SAVING SCHEME

18. A COMPARATIVE ANALYSIS: ABHYUDAYA BANK & ORIENTAL BANK

19. Overall , the Abhyudaya Bank offers a better rate of Interest than Oriental Bank when the lock –in period of the deposit is above 6 months and below 36 months. Oriental Bank offers a better rate of Interest when the deposit is made for a period of more than 3 years. THE ANALYSIS

20. Abhyudaya Bank offers a high rate of Interest to Senior citizens. Oriental bank does not offer any such incentives. However, Oriental Bank offers more deposit schemes than the Abhyudaya Bank , giving investors the opportunity to invest according to their requirements. THE ANALYSIS