Internship Report On Southeast Bank Ltd - A Study On Customer Satisfaction Of Sebl 4u2gz

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ORIGIN OF THE STUDY I am a student of Dept. of Business istration., Leading University, Sylhet. As per the curriculum, the dept. arranges internship program in attachment with its students after the completion of theoretical courses (i.e., after final semester). Each intern must carry out a specific project, which is assigned by the concerned organization and approved by the Internship and Placement Committee of Dept. of Business istration of Leading University. Consequently a report based on the project is to be submitted to the head of the Dept. The purpose of this internee ship program is to gather a real-life work experience for a period of three months to find out how organizations function. Hence I was placed in the Southeast Bank Limited (Laldighir Par Branch) from June 9 , 2008 to September9, 2008. Within this time span, I have observed the activities of other competent companies, studied literatures, discussed with my project supervisor and made qualitative and quantitative analysis for my study. Upon completion of my internee ship, I have prepared this report on the analysis I have made. I have tried my best to make this report as descriptive and informative as possible.

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INTRODUCTION Southeast Bank Limited is a scheduled commercial bank in the private sector established under the Bank Companies Act 1991 and incorporated in Bangladesh as a public limited company to carry out banking business in Bangladesh. The Bank started commercial banking operations on May 25, 1995. During this short span of time, the Bank has been successful in positioning itself as a progressive and dynamic financial institution in the country. The bank had been widely acclaimed by the business community for its forward - looking business outlook and innovative financial solutions. Thus within this very short period of time it has been able to create an image and earn significant reputation in the country's banking sector as a “Bank with Vision”. The bank has 41 branches, with no overseas branch as on 15 August, 2008. Out of the above 41 branches, 5 branches are designated Islamic branch complying with the rules of Islamic Shariah. Southeast Bank Limited offers services for all commercial banking needs of the customers, which includes deposit banking, loans and advances, export import financing, inland and international remittance facility, etc. The aim of this project paper is to provide a preamble to the various Deposit Products offered by Southeast Bank Limited as well as a through analysis of this. This report paper is arranged as follows: Part II provides a general introduction of the term ‘Bank’ and its short history. The background of Southeast Bank Limited, corporate commitments and performance of the Bank over the years has also been provided in this part. Part III covers all types of Deposit Products offered by Southeast Bank Limited. Some of the related products and services (such as ATM card, process of cheque issuing, Locker service) have also been discussed in this part. In Part IV, an analysis of the deposit growth of the whole Bank as well as Laldighir Par Branch has been provided with graphical presentation. Practical case encountered by me during my internship tenure has been provided in Part V. A comprehensive SWOT analysis of Laldighir Par Branch of Southeast Bank Limited, has been presented in Part VI.

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Page 3 of 69 And finally, some recommendations has been provided in Part VII to improve and enhance the banking service of the concerned Branch.

BROAD OBJECTIVES Internship program is done for the purpose of gathering practical experience about the corporate world. After successful compilation of the internship program everybody has to submit a report on the basis of his working experience. The main objectives of the report are – 

To accumulate practical work experience.



To understand how services are provided by the organization to their customer.



To understand the marketing strategies of companies to stay ahead of competitors.

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To understand the problems and barriers they are facing in the way of doing banking functions.

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To develop the report writing skill.

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To get the general idea about overall operation of Southeast Bank Limited.



To identify the core competencies, which differentiate Southeast Bank from other financial institutions.

SPECIFIC OBJECTIVES 

To find out different products and marketing strategies which Southeast Bank is using to attract and satisfy customers.

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To analyze the current position of Southeast Bank Limited and it’s Laldighir Par Branch in different banking sector.

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To know about the problems and barriers it is facing in providing services.

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To find out the expected level of the customers satisfaction and the services should be offered.

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SCOPE The study is about Southeast Bank Limited and it has 38 branches all over the Bangladesh. So the overall scope of the report should be around 38 braches of Southeast Bank. But my scope was limited because I am appointed by the authority in Laldighir Par Branch of that particular bank. So I had the opportunity to work in that branch only.

METHODOLOGY The report has been prepared based on data collected from both primary and secondary sources. The primary source consists mainly of personal observation during the attachment period, practical work experience in different desk of the bank, face-to-face conversation with the respective clients. Secondary information came mainly from websites, annual report of the Southeast Bank Limited, various book articles regarding general banking, various brochures published by Southeast Bank Limited.

LIMITATION OF THE STUDY While preparing the report, always; there are some different difficulties and limitations have to face. Such as – 

Time was a major constraint in preparing the report. The duration was only twelve weeks. It was too limited to cover all the banking services area.



Several information regarding on-going projects could not be used to analyze further the competitive positioning of Southeast Bank Limited as they were considered confidential.

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As I was working for Southeast Bank Limited, I could not interview employees from its competitors, as it would have been the case normally, and thus had to rely solely on information available to the public.

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BANK AND COMMERCIAL BANK The name bank is derived from the Italian word ‘banco’ which means "desk/bench" and used during the Renaissance by Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth. However, there are traces of banking activity even in ancient times. A Bank is a financial institution whose task is to channelize funds from surplus unit to deficit unit in the form of loans and advances to generate sufficient spread for its sustainable existence. The various definition of bank have been given by many writers; among those some definitions are as follows: 

According to Kinley, “A bank is an establishment which makes to individuals such advances of money as may be required and safely made, and to which individual entrust money when not required by them for use.”



The Negotiable Instruments Act, 1881 defines "Banker is a person transacting the business of accepting for the purpose of lending and investment of deposits of money from the public repayable on demand or otherwise withdraw able by cheque, draft order or otherwise."



In the words of R.R. Paul, “a bank is an institution which deals with money and credit. It accepts deposits from the public, makes the funds available to those who need them, and helps in the remittance of money from one place to another.

Commercial bank is the term used for a normal bank to distinguish it from an investment bank. Generally, the term “Commercial Bank” refers to that category of banks that raises funds by collecting deposits from businesses and consumers via checkable deposits, savings deposits, and time (or term) deposits. It makes loans to businesses and consumers. It also buys corporate bonds and government bonds. Its primary liabilities are deposits and primary assets are loans and bonds. Some important among various function of commercial bank are:

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Page 6 of 69 (1) Accepting Deposit (2) Advances of Loans (3) Credit Creation (4) Agency Functions (5) General Utility Function.

BRIEF HISTORY OF BANKS The first banks were probably the religious temples of the ancient world, and were probably established sometime during the 3rd millennium B.C. Banks probably predated the invention of money. Deposits initially consisted of grain and later other goods including cattle, agricultural implements, and eventually precious metals such as gold, in the form of easy-to-carry compressed plates. Temples and palaces were the safest places to store gold as they were constantly attended and well built. As sacred places, temples presented an extra deterrent to would-be thieves. There are extant records of loans from the 18th century BC in Babylon that were made by temple priests monks to merchants. Ancient Greece holds further evidence of banking. Greek temples, as well as private and civic entities, conducted financial transactions such as loans, deposits, currency exchange, and validation of coinage. There is evidence too of credit, whereby in return for a payment from a client, a moneylender in one Greek port would write a credit note for the client who could "cash" the note in another city, saving the client the danger of carting coinage with him on his journey. The fourth century B.C. saw increased use of credit-based banking in the Mediterranean world. In Egypt, from early times, grain had been used as a form of money in addition to precious metals, and state granaries functioned as banks. When Egypt fell under the rule of a Greek dynasty, the Ptolemies (330-323 B.C.), the numerous scattered government granaries were transformed into a network of grain banks, centralized in Alexandria. This banking network functioned as a trade credit system in which payments were effected by transfer from one to another without money ing. Ancient Rome perfected the istrative aspect of banking and saw greater regulation of financial institutions and financial practices. Charging interest on loans and paying interest on deposits became more highly developed and competitive. With the ascent of Christianity, banking became subject to additional restrictions, as the charging of interest was seen as immoral. After the fall of Rome, banking was abandoned in Western Europe and did not revive until the time of the crusades. Modern Western economic and financial history is usually traced back to the coffee houses of London. The London Royal Exchange was established in 1565. At that time

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Page 7 of 69 moneychangers were already called bankers. They used to receive their customers’ valuables and funds for safe custody and issue receipts acknowledging the same. These notes, in course of time, became payable to bearer on demand and hence enjoyed considerable circulation. In the South Asian region, early banking system was introduced by the Afghan traders popularly known as Kabuliwallas. Muslim businessmen from Kabul, Afghanistan came to India and started money lending business in exchange of interest sometime in 1312 A.D. In India, as early as the Vedic period, banking, in the crudest form, existed. The books of Manu contain references regarding deposits, pledges, policy of loans and rates of interest. Like every other institutions and businesses, growing internationalization and opportunity in financial services has entirely changed the competitive landscape, as now many banks have demonstrated a preference for the “universal banking” model so prevalent in Europe. Universal banks are free to engage in all forms of financial services, make investments in client companies, and function as much as possible as a “one-stop” supplier of both retail and wholesale financial services. This growth and opportunity also led to an unexpected outcome: entrance into the market of other financial intermediaries: nonbanks. Large corporate players were beginning to find their way into the financial service community, offering competition to established banks. The banking system in Bangladesh started functioning with 1,130 branches of 12 banks inherited from Pakistan. Bangladesh Bank, the central bank of the country, was set up on 16 December 1971 by the Bangladesh Bank Order 1972. The government accepted the assets and liabilities of the Deputy Governor's office of the State Bank of Pakistan in Dhaka and declared the Bangladesh Bank as a fully effective and permanent central bank.

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AN INTRODUCTION BANGLADESH

TO THE

PRIVATE SECTOR BANKING INDUSTRY

IN

Banks and financial institutions play an important role in financial intermediation and thereby contribute to the overall growth in the economy. At present the financial system in Bangladesh consists of the central bank, commercial bank and other non-bank financial institutions. Commercial banks can be divided into following groups.  Nationalized Banks  Specialized Banks  Private Commercial Banks  Traditional Private Commercial Bank  Islamic Private Commercial Bank.  Foreign Banks

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Central Central Bank Bank (Bangladesh (Bangladesh Bank) Bank) Bank) Bank)

Commercial Commercial Banks Banks

Private Private Banks Banks

Nationalized Nationalized Banks Banks

Traditional Traditional Banks Banks

Specialized Specialized Banks Banks & & Credit Credit Agencies Agencies Bangladesh Bangladesh Krishi Krishi Bank Bank (BKB) (BKB)

Foreign Foreign Banks Banks

Rajshahi Rajshahi Krishi Krishi Unnayan Unnayan Bank Bank (RAKUB) (RAKUB)

Islamic Islamic Banks Banks

Karmasangsthan Karmasangsthan Bank Bank

Grameen Grameen Bank Bank

Ansar-VDP Ansar-VDP Unnayan Unnayan Bank Bank

Bank Bank of of Small Small Ind. Ind. & & Com. Com.

Bangladesh Bangladesh Silpa Silpa Bank Bank (BSB) (BSB)

Bangladesh Bangladesh Silpa Silpa Rin Rin Sangstha Sangstha

(BASIC) (BASIC)

(BSRS) (BSRS)

Co-operative Co-operative Banks Banks

Bangladesh Bangladesh Samabaya Samabaya Bank Bank Ltd. Ltd.

Central Central Co-operative Co-operative Bank Bank

Primary Primary Co-operative Co-operative Society Society

Southeast Southeast Bank Bank Limited Limited

BACKGROUND OF SOUTHEAST BANK LIMITED The emergence of Southeast Bank Limited was at the juncture of liberalization of global economic activities. The experience of the prosperous economies of the Asian countries and in particular of South Asia has been the driving force and the strategic operational policy option of the Bank. The company philosophy - "A Bank with Vision" has been precisely an essence of the legend of success in the Asian countries. Southeast Bank Limited is a scheduled commercial bank in the private sector, which is focused on the established and emerging markets of Bangladesh. In Dhaka, the first branch was launched in 1995 and the bank has been growing ever since. Southeast Bank Limited has 38 branches throughout Bangladesh and its aim is to be the leading bank in the country's principal markets. The bank by concentrating on the activities in its area of specialization has achieved good market reputation with efficient customer service. The Bank is committed to providing continuous training to its staff to keep them up to date

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Page 10 of 69 with modern practices in their respective fields of work. The Bank also tries to fulfill its share in community responsibilities. By such measures the Bank intends to grow and increase shareholders' earning per share. Southeast Bank Limited pledges to maximize customer satisfaction through services and build a trusting relationship with customers, which has stood the test of time for the last ten years. Southeast Bank Limited has been licensed by the Government of Bangladesh as a Scheduled commercial bank in the private sector in pursuance of the policy of liberalization of banking and financial services and facilities in Bangladesh. In view of the above, the Bank within a period of 10 years of its operation achieved a remarkable success and met up capital adequacy requirement of Bangladesh Bank.

THE VISION To be a premier banking institution in Bangladesh and contribute significantly to the national economy.

MISSIONS OF SOUTHEAST BANK LIMITED        

High quality financial services with the help of the latest technology. Fast and accurate customer service. Balanced growth strategy. High standard business ethics. Steady return on shareholders’ equity. Innovative banking at a competitive price. Attract and retain quality human resource. Firm commitment to the society and the growth of national economy.

BANK’S CORE VALUES Integrity Respect Fairness Harmony Team Spirit Courtesy Commitment Service Excellence Insight and Spirit Enthusiasm for Work Business Ethics

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BANK’S CORE STRENGTH Transparent and Quick Decision Making Efficient Team of Performers Skilled Risk Management Satisfied Customers Internal Control Diversification

COMMITMENTS TO CLIENTS Southeast Bank is a Customer focused modern banking institution thriving fast in both earning and ability to stand out as a leading banking institution in Bangladesh. The bank delivers unparalleled financial services with the touch of their heart to Retail, Small and Medium Scale Enterprises (SME), Corporate, Institutional and Governmental clients through the outlets of branches across the Country. Their business initiatives center on the emerging needs of the clients. The client commitments are the following: 

Provide service with high degree of professionalism and use of most modern banking technology.



Create life-long relationship based on mutual trust and respect.

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Respond to customer needs with speed and accuracy.

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Share their values and beliefs.

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Grow as the customers grow.

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Offer first-rated solutions of clients’ banking problems and issues.

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Provide products and services at competitive pricing.

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Ensure Safety and Security of customer’s valuables in trust with the bank.

MANAGEMENT STRUCTURE OF SOUTHEAST BANK LIMITED The expansion of an organization depends on the management style of their organizations. Southeast Bank is blessed with a well-designed management structure with clearly defined responsibilities, delegation of authority and proper ability. Resultantly, there is transparency in decision-making and management activities. The bank has appropriate organizational structure manned with qualified professionals for proper planning, executing, controlling and monitoring functions. The business units are structured according to the bank’s well-defined customer focused business model framework. To strengthen top management and bring in fresh ideas and synergy, the bank recruited at the end of 2004 its new President & Managing Director who brings with him years of local Banks and overseas experience and ideas to lead the management team. The Chairman is the Head of the Board of Directors. There is one Managing Director, who is also the President, mainly controls and supervises the major divisions of the bank. Two Deputy Managing Director reports to MD & Four Executive Vice Presidents (EVP’s) and one Senior Executive Vice President (SEVP) report to the Deputy Managing Director. Executive Vice Presidents control the credit. Senior Executive Vice President controls the human resource and marketing divisions. Four Vice Presidents work under Executive Vice Presidents. The organization structure of SEBL Limited is quite horizontal where each person reports to only one person, which refers to a very group-working environment. For example, each officer reports to the FAVP or AVP or FVP or VP or SVP or EVP, A VP or FVP or VP or SVP or EVP reports to the SEVP; SEVP reports to the Deputy Managing Director and he reports to the Managing Director. Chart: Hierarchy of Southeast Bank Ltd.

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ENTRY LEVEL

Management Trainee Management Trainee

President & Managing Director Deputy Managing Director Senior Executive Vice President Executive Vice President Senior Vice President Vice President First Vice President Senior Asstt. Vice President Asstt. Vice President Senior Principal Officer Principal Officer Executive Officer Senior Officer

Trainee Asstt. Officer

Officer Junior Officer Assistant Officer

Computer Trainee

Computer Operator

Cashier Trainee

Cashier

ENTRY LEVEL

Probationary Officer

SOUTHEAST BANK LTD. AT A GLANCE General Information Certificate of Incorporation

March 12, 1995

Certificate of Commencement of Business

March 12, 1995

Bangladesh Bank license

March 23, 1995

First Branch opened

May 25, 1995

Dividend offered in 2007

15% cash & 25 Bonus Share

Number of Branches

38 as on 31/12/2007

Number of Employees

1116 as on 31/12/2007

Global Correspondents

598 as on 31/12/2007

Listing of Shares

DSE & CSE

Financial Stability (Taka in million)

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Page 14 of 69 Authorised Capital

3,500.00

Paid-up Capital

2,281.76

Reserve Fund

4,186.60

Deposit

December 31, 2007

55,474.05

Loans and advances

December 31, 2007

48,164.60

Investments

December 31, 2007

8,462.86

Operating Profit

December 31, 2007

2,916.20

* Initial public offering of shares of Tk. 150.00 million was completed in 1999 Chairman of the Bank

Serving Period

Mr. M.A. Kashem

March, 1995 - June, 1998

Mr. Ragib Ali

July, 1998 - June, 1999

Mr. Yussuf Abdullah Harun

July, 1999- September, 2002

Mr. Ragib Ali

September, 2002- August, 2003

Mr. Azimuddin Ahmed

August, 2003 - September, 2004

Mr. Alamgir Kabir, FCA

29th September, 2004 till date

Vice Chairman of the Bank

Serving Period

Mr. Ragib Ali

March, 1995 to June, 1998

Mr. Azim Uddin Ahmed

July, 1998 to June, 1999

Mr. Ragib Ali

July, 1999 to September, 2002

Mr. Azimuddin Ahmed

September, 2002 to August, 2003

Mr. Ragib Ali

August, 2003 to September, 2004

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Page 15 of 69 M/S Tilla Ghar Holdings Limited represented by Mr. 29th September, 2004 till Abdul Hye date President & Managing Director of the Bank

Serving Period

Mr. Syed Anisul Huq

April 4, 1995 to April 3, 2000

Mr. Shah Md. Nurul Alam

July, 1999 to May 11, 2002

Syed Abu Naser Bukhtear Ahmed

30th May 2002 to 30th Sep. 2004

Mr. M.A. Muhith (M.D. C.C.)

01st Oct. 2004 to 20th Oct. 2004

Mr. Neaz Ahmed

21st October, 2004 till date

Company Secretary

Serving Period

Mr. A.K. Qureshi

January 18, 1995 to January 17, 2004

Mr. Muhammad Shahjahan

January 18, 2004 to till date

EXPANSION OF SOUTHEAST BANK OVER THE YEARS o

Authorized Capital:

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o

Paid-up Capital:

o

Total Capital:

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o

Growth in Net Profit:

o

Return on Equity:

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o

Earning Per Share (EPS):

o

Branch Expansion:

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Year No of Branch

o

1998 12

2001 13

2002 19

2003 23

2004 27

2005 31

2006 31

2007 38

1998 447

1999 480

2000 528

2001 575

2002 595

2003 701

2004 835

2005 913

2006 998

2007 1116

2001 280

2002 295

2003 350

2004 463

2005 507

2006 536

2007 598

2001 280

2002 295

2003 350

2004 463

2005 507

2006 536

2007 598

No. of Foreign Correspondents

Year No of Foreign correspondents

o

2000 12

No. of Employees:

Year No of Employees

o

1999 12

1998 238

1999 253

2000 269

No. of Correspondent Banks

Year No of Correspondent Banks

1998 238

1999 253

2000 269

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ORGANOGRAM OF SOUTHEAST BANK LIMITED (Laldighir Par Branch) HEAD OF THE BRANCH Motiur Rob Chowdhury Senior Asstt. Vice President

MANAGER OPERATION (ACTING) Mohammed Abdul Basit Senior Principal Officer

GENERAL BANKING

CREDIT

FOREIGN EXCHANGE

Md. Mizanur Rahman

Aminur Rahman Chy.

I.A.M. Nazmul Kibria

Executive Officer (InCharge)

Officer (In-Charge)

Sajal Kumar Roy Senior Officer

Junior Officer

Md. Jubairul Islam

Md. Jewelur Rob Chy.

Satyabrata Das

Executive Officer(InCharge) Suranjit Bhushan Roy

Senior Officer

Junior Officer

Officer Syed Yasir Hussain

Mgt. Trainee Officer Md. Abul Khayer

Junior Officer Subandu Battacharge

Trainee Officer

COMPUTER SECTION Md. Atiqur Rahman

Senior Officer (InCharge)

Md. Fokor Uddin, Messenger

Guard

Md. Abdul Jalil, Messenger

Guard Guard

Md. Sirajul Islam, Tea Boy Md. Badal Ahmed, Tea Boy

Senior Officer, Cash (In-Charge) Md. Ismail Miah Junior Officer, Cash

Syed Lutfur Rahman

Syed Ismail Hussain

CASUAL SUBORDINATES Guard

Md. Abdul Aziz Chy

Md. Abdul Kader Senior Officer Officer

Md. Salauddin, Driver

CASH DEPARTMET

Md. Habibur Rahm, Bank Md. Jillur Rahman, Bank Md. A.Karim Khan, Bank Md. Johur Ahmed, Bank Md. Koysor Ahmed, Cleaner Md. Hasan Ali, Cleaner

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Trainee Cash Officer Rokeya Begum

Trainee Cash Officer Sayda Johan

Trainee Cash Officer

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DEPARTMENT AND THEIR FUNCTIONS (Laldighir Par Branch) HEAD OF THE BRANCH (MANAGER) Overall in charge of the branch, supervision of the istration, signature of debit expenditure and transfer voucher, cancellation of cheque as per head office instruction. Custodian of 1st set key of strong room and locker, marketing & business development.

PRINCIPAL OFFICER Custodian of security stationary, handling of the test key, authorized signature book, second cancellation of cheque, custodian of 2 nd set key of strong room & locker. He also participates in marketing & business development.

The banking procedures of Southeast Bank Limited (Laldighir Par Branch) are conducted under some departments. The functions of these departments are discussed briefly in the following: Opening Section: The main task of this section is to open different s, issuing cheque books, maintenance of A/C opening , preparation of different bill statements and clearing cheques received for collection. Credit Department: All kinds of credit related works and credit card processing are accomplished in this section. There are many duties under this Dept. those are:      

Preparation of credit proposals, Maintenance, Site survey, Documentation, CL-CIB returns & Preparing statement for Bangladesh Bank & returns. Also involved in marketing & Business development.

s Section: Preparation of daily statement of affairs, extract, transfer scrolling & supplementary, voucher preparation, monthly salary preparation, SBS 1,2,3 preparation, ATM card maintenance, condensed statement etc. related to IT department and

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Page 22 of 69 maintaining the balance of Bangladesh Bank . In addition, this section is also responsible for:  Preparation of business correspondence letters,  CL-CIB computer entry,  Condensed statement preparation,  Daily affairs,  Thursday position,  Credit acceptance letter preparation, MOSCF etc. Remittance & Bills section: Issue & payment of pay order (PO), Demand Draft (DD), Telegraphic Transfer (TT), issuance of duplicate DD and PO, issuance of IBDA & IBCA for online banking. Different types of Bills like Inward bills for collection (IBC), Outward bills for collection (OBC) are handled here. Clearing Inward & Outward are enlisted in this dept. Cash Department: Opening of cash, maintenance of receipt & payment , cash remittance procedure between link & feeding branch, closing of cash, evening cash etc. Bangladesh banks instruction thereof payment of defective notes, forged notes, vault limit, selling-buying of prize bond & record keeping. Dispatch section: Inward & out ward mails, recording in s, maintenance of postage s, Telegram, courier, etc. Advance charges, refund & ing of entries at month end. Acknowledgement of duplicate, ordinary post, ed post, hand delivery by special messenger, use of proper envelope, required postal stamp, Test Key confidentiality for telegraphic communication etc. Fixed Deposit Section: Opening of FDR s for t, single. Interest provision, payment on maturity, premature encashment, handling of deceases s, issuance of duplicate FDR. Indemnity-custody of indemnity bond-FDR block, specimen card, maintenance of FD s, renewal of FDR, balancing & closing of FDR s. IT & Computer Section: One experienced junior officer is responsible for the functioning of the IT department. He is responsible for some important works such as,  Daily voucher posting,  IT statement printing,  Updating programmed and software, maintaining computers. Without this department it is impossible to keep continuous communication with other branches. If the customers have an in different branches of Southeast Bank, thy can know their available balances from the IT department. He is also involved in marketing & development.

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Clearing Section: Outward & Inward cheques handling, keeping , and issuance of IBCA to other branches available in Sylhet.

WHO CAN OPEN AN Branches may open s for the following categories of depositors: a) Individuals Any adult competent to enter into contracts can open an individual . Individual s can be opened for adults (i.e. over 18 years of age) who are competent to enter into contracts. b) t More than one adult tly or adult with minor(s) may constitute t s. c) Sole Proprietorship Concerns A business or trading concern owned by a single adult person is a sole proprietorship concern. d) Partnership firms A business concern owned and managed by more than one person whether ed or not is a partnership firm. e) Private Limited Company A corporate body formed and ed under Companies Act, 1913 with limited liability having a Certificate of Incorporation given by Registrar of t Stock Companies. f) Public Limited Company A corporate body formed and ed under Companies Act, 1913 with limited liability of the shareholders and with no upper ceiling on the number of shareholders. It must have the following valid documents:  Certificate of Incorporation and Certificate of Commencement issued by the Registrar of t Stock Companies.  Memorandum and Articles of Association. Corporations and autonomous bodies are organizations created by special acts of the parliament or by presidential orders. g) Trusts

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Page 24 of 69 Trusts are created by trust deed in accordance with the law. Trustees are given control of an estate, usually of the deceased for the benefit of certain persons who are called beneficiaries. h) Liquidators Liquidators we appointed by court of law for companies going into liquidation. i) s s are appointed by a deceased himself before his/her death by WILL to settle his s after his death. s are appointed by the court of law in the absence of the deceased’s WILL. j) Clubs/Associations/Societies These organizations may be created and ed under Societies Registration Act. They may not be ed organizations. Some of them may be ed under Companies Act. k) Co-operatives These are corporate bodies ed under Societies, Registration Act or Companies Act or the Co-operative Societies Act. l) Non-Government Organizations Non-Government Organizations (NGOs) are voluntary organizations created & ed under Societies, Registration Act or Co-operative Societies Act. m) Non-trading Concerns These are organizations ed under Societies Registration Act or Companies Act or Co- operative Societies Act.

TYPES OF S OFFERED BY SOUTHEAST BANK LIMITED The Southeast Bank Limited offers the following types of s to its various types of customers: 1. Current s 2. Savings 3. Short Term Deposit 4. Fixed Deposit Receipt (FDR) 5. Special Saving Scheme a. Monthly Savings Scheme (MSS) b. Monthly Income Scheme (MIS) c. Pension Savings Scheme (PSS)

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Double Benefit Scheme (DBS) Educational Savings Scheme (ESS) Savers Benefit Deposit Scheme (SBDS) Marriage Saving Scheme (MSS) Wage Earner Pension Scheme (WEPSS)

CURRENT This is a business . Usually this A/C is operated by the name of a business entity. These types of s are for those depositors who want to withdraw their deposit any time in the working days. There is no restriction in maintaining deposit. The purpose of the A/C is to meet the monetary dealings of a business. In current no interest is given. Features of Current 

A Current can be opened with a minimum initial deposit of Tk. 5,000.



Client will get Cheque book having fifty or twenty page.



A Current holder can draw cheques on their s for any amount and any number of times in a day.



Client will not get any interest on his deposited amount.



A CD holder can be overdrawn in relation to the relation among both party.



The Bank reserves the right to refuse or close any without asg any reason thereof.



Every change of address shall be intimated to the Bank.



holder in writing, which shall be recorded, shall make “Notice” stopping payment of any cheques.

Southeast bank provides the following types of current      

Current for individual t current Proprietorship current Partnership current Company : Association

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The customer shall have to submit the following documents to the bank at the time of opening of the Current of Individual/t, Proprietorship, Partnership, Company , Societies, Clubs, and Associations etc. Current s for individual 

Individuals can open an as a representative of the organizations.



Individual have to show all the legal document of the business.



Legal documents of the Board of Directors of the company providing authority to the individual to open and ister the in the name of the company.

t Current A t should be opened only on receiving application signed by all the parties involved in the . While opening banker should obtain mandate, which should contain the following: 1. Drawing of cheques: A banker should acquire very clear instruction as to weather all of them or some of them or any of them can draw on the . 2. Power to overdraw: If such an authority has been delegated, the banker must necessarily establish t and several liabilities. 3. Survivorship: As per ordinary rules, on the death of any one of the t holder’s the survivor is entitled to get all the . 4. Insolvency or death of t deposit holder: In case of bankruptcy or death of t holder, banker should stop the operation of the . 5. Borrowings: In case of borrowing, all the t holders must make t demand signed by all.

Sole Proprietorship Current The following documents are necessary at the time of opening a Sole Proprietorship Current :

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Page 27 of 69

1. Copy of valid Trade License. 2. An introducer who has an in the bank. 3. 2 (Two) copies of photograph attested by the introducer. 4. A citizenship certificate / photocopy of port / Tax Certificate / Voter ID card. 5. Initial deposit of Tk. 1000. 6. KYC form.

Partnership A partnership can be opened only when an application in writing is submitted by one or more partner. For a partnership the following requirement must be considered: 1. Partnership A/C cannot be opened in the name of an individual partner. 2. A banker should get a written request from the entire partner. 3. Banker should go through the partnership deed and carefully study the objects, capital, borrowing power etc. 4. The mandate regarding the name of the person who is authorized to operate the A/C be obtained. 5. When a partner retires from the business, notice of the retirement should be given to the banker. 6. In case of partner death, if the A/C shows a debit balance the banker immediately close the A/C. 7. Copy of Partnership Deed of the Firm (ed / at least Notarized) 8. Firm Registration Certificate (if ed) 9. List of Partners with their addresses.

27

Page 28 of 69

10. Copy of valid Trade License. 11. Photograph (s) of signatories attested by the introducer. 12. A citizenship certificate / photocopy of port / Tax Certificate / Voter ID card. 13. Resolution of the partners of the firm for opening the and authorization for its operation duly certified by the managing partner of the firm. 14. Transaction profile. 15. KYC form.

Company While opening A/Cs of company’s banker should obtain & examine the following documents. 1. Certified copy of the Memorandum and Association of the Company. 2. Certificate of Incorporation. 3. Certificate of commencement of business (for public limited company). 4. Up to date List & Address of all Directors. 5. Boards Resolution to open the & name of the persons who operate the A/C. 6. Extract of the Resolution of the Board Meeting of the Company for opening the and authorization of its operation duly certified by the Chairman / Managing Director of the company. 7. List of names and specimen of signatures of those persons authorized to operate the , duly certified by the Chairman/Managing Director. 8. Organogram of the company. 9. Transaction profile.

28

Page 29 of 69 10. KYC form.

Association The following documents are necessary in opening an Association : 1. Certified copy of the constitution / By-Laws / Trust Deed / Memorandum and Articles of Association. 2. Certificate of Registration of the Association / Club / Charity / Trust / Society for inspection and return. 3. List of of the Governing Body / Executive Committee of the Association / Club / Charity / Trust / Society with their addresses. 4. Extract of the Resolution of the Club / Charity / Trust / Society for opening the and authorization of its operation duly certified by the Chairman / Secretary of the Association / Club / Charity / Trust / Society with their addresses. 5. Transaction profile. 6. KYC form.

29

Page 30 of 69

SAVINGS Saving s are intended especially for the group who has the propensity to save. They have been compensated a fixed interest on their reserves. There are two types of savings s in the bank- (a) Individual savings (b) t savings .

Features of Savings : 

Savings can be opened by the name of adult individual or tly in the names of two or more person.



Any Clubs, Associations and similar Institutions can open this by the names.



A client need to an initial cash deposit of Tk 2000.



An holder will get cheques book having a minimum balance in the .



A Savings A/c depositor shall deposit money as often as he wishes.



A depositor can withdraw from his Savings Bank twice in a week.



Interest is applied on half yearly basis.



Withdrawal without notice is allowed twice in a week or up to 25% of the balance in the subject to a maximum of Tk. 10.000/-. Withdrawal beyond the maximum limit will require 7 days notice. Failure to give notice will entail in forfeiture of interest for the month in which the withdrawal occurs.

30

Page 31 of 69 

Interest is allowed only on s bearing a minimum balance of Tk. 5,000/-.



Statements of dispatched to all Holders by the Bank on a quarterly/half yarely basis.



The holders have to inform the Bank about every change of address immediately for regularity of records.



The Bank reserves the right to alter or introduce new rules at any time.

 

A saving holder is not allowed being overdrawn. holder can make “Notice” for stopping payment of any cheque.



The Bank will accept "Standing Instructions" from the holder.



The interest rate on SB is 6.00%.

Requirements for opening Savings s: 

Opening Form



Any individual having Bangladeshi citizenship. (Minimum 18 years old).



In case of a Minor , copy of birth certificate and photograph is needed.



In case of a Foreign Citizen, photocopy of port with valid visa, QA-22, work permit etc. is required.



Specimen Signature Card.



Nominee form and one copy of nominee (s) photograph (signature to be attested by the holder).



Mandate or authority shall be obtained in case the customer wants to authorize another person to operate the .



Two copies of recent photograph of the A/c holder and Mandate duly attested by the Holder Copy of port/Nationality Certificate /Voter ID of the persons operating the .



Transaction Profile.

31

Page 32 of 69



KYC form.

SHORT TERM DEPOSIT Short-term deposit or STD opening procedure is similar to that of the current . Withdraws from this type of require a prior notice of seven days.

Requirements for Opening Short Term Deposit s To open a Short Term Deposit , Current Deposit Opening Forms are used. The documents required for opening current A/C is also used in opening STD s. In case of a STD A/C on the top of current deposit A/C opening form the word - "Short Term Deposit " is written in block letters and the notice period is noted on the Special Instructions column. Rate of Interest for STD 

The rate of interest for bank is 4.5 %,



For customer: below Tk. 5.00 crore is 6.00 % and Tk. 5.00 crore or above is 6.50 %.



In case of mother (IPO), rate of interest is fixed upon approval from Head Office on case to case basis (generally it is 7.50 % - 8.00 %.)

FIXED DEPOSIT RECEIPT (FDR) There are various fixed deposit schemes in Southeast bank ltd. The interest rate of the deposited amount depends on duration and volume of the amount. If duration is long

32

Page 33 of 69 the interest rate is high and at the same time if the volume of amount is large the interest rate is also high and vice-versa. 

Fixed Deposits are neither transferable nor negotiable.



It can be opened singly or tly.



It can be opened in the name of a minor tly with the guardian.



It can be opened for a period of one month and above.



Interest accrued on FDRs shall be paid only on maturity of the instruments.



In case of pre-mature encashment of FDR, interest shall be paid as per the circular to be issued by Head Office from time to time.



Different amounts of FDR purchased on different dates by any depositor shall be considered as separate deposits and rate of interest shall be applied as per the prescribed rate sheet for those deposits.



Payment of FDR shall be made on demand after the expiry of the maturity period on presentation of FDR duly discharged by the depositor(s).



If an FDR is issued to one individual, additional name(s) shall be added/ included in the FDR, at his request.



If FDR is in t names and request for adding additional name(s) comes from one of the depositors, such change cannot be made without the consent of all other depositors.



Each time FDR is opened it shall be considered as a separate contract. No.

Duration

Below Tk. 1.00 crore

Tk. 1.00 crore & above

01.

1 (one) month

8.00%

8.00%

02.

2 (two) months

8.50%

9.00%

03.

3 (three) months

12.75%

13.00%

04.

6 (six) months

12.75%

13.00%

1 (one) year

13.00%

13.00%

05.

Fund of Institutions, Private parties & Govt. A/C : 7.00%-12.00% 33(for Tk. 1.00 crore & above) For Senior Citizen Scheme: 13.00%

Page 34 of 69 Table: Rate of Interest for FDR with different Maturity & Amount

SPECIAL SAVING SCHEME The types of Special Purpose Deposits/Savings Schemes are: 1. Monthly Savings Scheme (MSS) 2. Monthly Income Scheme (MIS) 3. Pension Savings Scheme (PSS) 4. Double Benefit Scheme (DBS) 5. Educational Savings Scheme (ESS) 6. Savers Benefit Deposit Scheme (SBDS) 7. Marriage Saving Scheme (MSS) 8. Wage Earner Pension Scheme (WEPSS)

34

Page 35 of 69

MONTHLY SAVINGS SCHEME (MSS) Southeast Bank offers “Monthly Savings Scheme” to its depositor with an attractive savings plan. With this scheme the depositor can save on a monthly basis and this will ultimately grow into a large amount of money. The scheme helps an investor to plan his/her future in a better way. Eligibility: 

Any person of 18 years age is welcome to open the Monthly Savings Scheme with the bank at any time of the month.



One person can open more one MSS .

Features of MSS 

Installment Size: Tk. 500/- or multiple up to Tk. 50,000/-



Installment Term: 3 years or 5 years.



Payment on Maturity: Monthly Installment (Tk. 500/- or multiple up to 50,000/-)

Matured Amount (Tk.) 3 Years

5 Years

500/-

21,405/-

40,750/-

1,000/-

42,810/-

81,500/-

5,000/-

2,14,050/-

4,07,500/-

10,000/-

4,28,100/-

8,15,000/-

50,000/-

21,40,500/-

40,75,000/-

35

Page 36 of 69 Table: Monthly installment and total income on MSS 

Installment can be deposited by cash/cheque or can be deposited through a standing debit instruction from the designated CD/SB within 10 th of the month.



MSS can be opened any time of the month. But if the is opened after 10 th of any month in that case 1 st installment shall be due from the following month and shall be realized in the following month.



An holder can nominate one or more person(s) as his/her nominee(s).



The investor can avail a loan of maximum 80% against the lien of the MSS amount deposited.



The investor can close his/her before maturity.



If the monthly installment remains unrealized due to insufficient balance for 4 consecutive months, the will be automatically closed.



A penal interest of 6% per month on monthly installment will be applicable if sufficient balance is not deposited within 10th of the month.



If the is closed before maturity, the will be settled as per the following : Relationship

Rate of Interest

Less than 12 installments

No interest

12or more but less than 36 installments

Prevailing Savings rate

36 or more but less than 60 installments

3 years matured amount + rest as per prevailing Savings rate

MONTHLY INCOME SCHEME (MIS)

36

Page 37 of 69 Southeast Bank offers monthly income scheme to its depositor with an attractive benefits. Under this scheme a fixed amount is deposited for 3 or 5 years and a fixed amount will be added with the deposited amount after the end of each month.

Eligibility: 

Any person of 18 years age is welcome to open the Monthly Income Scheme with the bank at any time of the month.

Features of MIS 

Amount to be Deposited: 1, 00,000/- or it’s multiple.



Term: 3 Years or 5 Years.



Amount of Monthly Income: Monthly Income

Deposited Amount Tk. 100,000/multiple

or

its

3 Years

5 Years

Tk. 975/-

Tk. 1000/-

 Deposited amount will be returned on maturity. 

The applicant must open/have a CD/SB with the branch in which monthly income will be credited automatically.



The holder can avail Loan/Overdraft facility of maximum 80% against the lien on the balance of the MIS .



An holder may close the at any time by a written application by giving reasonable notice in writing to the branch concerned.



If the is closed before maturity, the will be settled as per the following :

Relationship

Rate of Interest

37

Page 38 of 69

After 6 months but within 1 year

Principal + preivailing Savings rate of interest

After 1 year but within 3 years

Principal + simple interest @ 0.5% above the Bank’s prevailing Savings rate

After 3years but within 5 years

Principal + simple interest @ 1% above the Bank’s prevailing Savings rate.

PENSION SAVING SCHEME (PSS) This special deposit product enables an investor to gradually build his/her desired savings. This also offers a pension option to get monthly pension after maturity.

Eligibility 

Any individual having a sound mind is eligible to open a Pension Savings Scheme (PSS) at any working day of a month.



In case of a minor, minor’s legal guardian can operate the .



A person can open more than one PSS in his/her name.

Features of PSS 

Installment Size: Tk. 500/- or multiple up to Tk. 25,000/-



Installment Term: 4 years, 6 years, 8 years & 10 years.



Payment on maturity:

38

Page 39 of 69 Monthly Installment (Tk. 500/- or multiple up to 25,000/-)



Matured Amount (Tk.) 4 Years

6 Years

8 Years

78,000/-

10 Years

500/-

30,500/-

52,000/-

1,11,500/-

1,000/-

61,000/-

1,04,000/- 1,56,000/- 2,23,000/-

5,000/-

3,05,000/-

5,20,000/- 7,80,000/- 11,15,000/ -

10,000/-

6,10,000/-

10,40,000/ 15,60,000/ 22,30,000/ -

25,000/-

15,25,000/ 26,00,000/ 39,00,000/ 55,75,000/ -

The investor can withdraw the matured amount after the maturity or his/her selected tenor or the investor can choose the option of receiving pension for the next 5 years. Monthly pension for different installments after maturity will be as follows: Monthly Monthly Pension Amount for Next 5 Years Installment after Maturity (Tk. 500/- or 6-yr On 8-yr On 10-yr 4-yr On multiple up to On Scheme Scheme Scheme Scheme 25,000/-) 500/-

635/-

1,080/-

1,620/-

2,315/-

1,000/-

1,270/-

2,160/-

3,240/-

4,630/-

5,000/-

6,350/-

10,800/-

16,200/-

23,150/-

10,000/-

12,700/-

21,600/-

32,400/-

46,300/-

25,000/-

31,750

54,000/-

81,000/-

1,15,750/-

DOUBLE BENEFIT SCHEME Under this scheme, a deposit of Tk. 10,000/- or its multiple will be doubled in 6 Years.

39

Page 40 of 69 Eligibility 

A person of 18 to 60 years can open DBS .



DBS can be opened in the name of a minor. In that case the minor shall be followed by his/her nominee.



DBS can be opened in t names or in the name of any institution.



A person can open more than one DBS .

Features of DBS 

Deposited amount: Tk. 10,000/- or it’s multiple.



Investors’ deposit of Tk. 10,000/- or its multiple will be double in 6 years.



The scheme is issible for any individual (singly or tly) or institution.



The Scheme is covered by Insurance and the Insurance shall be borne by the respective branches.



A port size Photograph of each holder is required to open the .



DBS can be opened at any working day of the month.



If any depositor intends to withdraw his deposit before maturity he will not get any interest for the pre-mature encashment within one year.



If the is closed /encased after one year he will get normal saving rate of interest.



The holder can avail credit card facility of maximum 80% against the lien of the deposited amount to meet emergency expenses.

EDUCATIONAL SAVINGS SCHEME (ESS)

40

Page 41 of 69 Under this scheme, an investor can save for his/her children’s education. Client can open maximum three s for his nominated children. This deposit product is aimed at attracting those valued clients who want to save for the study of their children. Eligibility 

The applicant should be of minimum of 18 years of age, being of sound mind and a Bangladeshi national.



The applicant can open a total of 3 ESS s.

Features of ESS 

Monthly installment: Tk. 500/for 5 years Tk. 1000/for 10 years



Tenure: 5 years/10years



The monthly installment must be paid by the 10 th day of every month or else it will be considered as a defaulted installment.



Installments can be paid by cheques or through a standing instruction to debit the SB/CD (of the ESS holder).



In case of delay, a fine of Tk. 2 per day of defaulted installment will be charged and the fine must be paid along with the installment.



Payment on maturity:

Monthly Installment



Money at the end Money at the end of 5 years period of 10 years period

500/-

Tk. 40,000/-

Tk. 408,000/-

1,000/-

Tk. 80,000/-

Tk. 216,000/-

In case of pre-matured withdrawal:

41

Page 42 of 69

Relationship

Rate of Interest

Withdrawal before 6 moths

No interest

Withdrawal within 6 to 12 months

7.5 %

Withdrawal within 1 to 3 years

8.5 %

Withdrawal after 3 years

9%

Limitations of ESS : 

t is not allowed



The installment quantum and the tenure of the scheme, once started, cannot be changed.



The holder can pay a maximum of Tk. 1000/- as installment and the scheme can be for a maximum period of 10 years.

SAVERS BENEFIT DEPOSIT SCHEME (SBDS) Southeast Bank starts a new scheme named “Savers Benefit Deposit Scheme”. In this scheme a client can open of Tk.50,000 or multiple up to 25,00,000 in single name or Tk.50,00,000 in t name. This saving is very profitable. After 8 years deposited amount will be double. In this scheme one can withdraw money before maturity with profit. In case of withdrawal before maturity SBDS holder will get following rate of profit for withdraw of Tk. 50,000.

Maturity (Years)

Total Amount with profit at the time of pre maturity withdraw

1 Years 2 Years

54,000.00 59,000.00

42

Page 43 of 69 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years

65,000.00 72,000.00 79,000.00 89,000.00 99,000.00 1,10,000.00

MARRIAGE SAVING SCHEME (MSS) Maximum three s can be opened by client for his nominated children. Eligibility: 

The applicant should be of minimum of 18 years of age, being of sound mind and a Bangladeshi national.



The applicant can open a total of 3 ESS s.

Features of ESS: 



Monthly installment: Tk. 500/for 5 years Tk. 1000/for 10 years Tenure: 5 years/10years



The monthly installment must be paid by the 10 th day of every month or else it will be considered as a defaulted installment.



Installments can be paid by cheques or through a standing instruction to debit the SB/CD (of the ESS holder).



In case of delay, a fine of Tk. 2 per day of defaulted installment will be charged and the fine must be paid along with the installment.



Payment on maturity: Monthly Installment

Money at the end Money at the end of 5 years period of 10 years period

500/-

Tk. 40,000/-

Tk. 408,000/-

1,000/-

43 Tk. 80,000/-

Tk. 216,000/-

Page 44 of 69



In case of pre-matured withdrawal:

Relationship

Rate of Interest

Withdrawal before 6 moths

No interest

Withdrawal within 6 to 12 7.5 % months Withdrawal within 1 to 3 years

8.5 %

Withdrawal after 3 years

9%

Limitations of ESS : 

t is not allowed



The installment quantum and the tenure of the scheme, once started, cannot be changed. The holder can pay a maximum of Tk. 1000/- as installment and the scheme can be for a maximum period of 10 years.



WAGE EARNER PENSION SCHEME (WEPSS) This product is aimed at attracting Non-Resident Bangladeshi who are working abroad and interested to save in small installment so that a large amount of money can be gained in future. Eligibility: 

Any Non-Resident Bangladeshi of 18 years or above age can open this .



An attested copy of port and a copy of resident card/job certificate/salary certificate is required to submit with the application.



A person can open more than one WEPSS .

44

Page 45 of 69 

To operate WEPSS , the client must open a “Non-Resident Taka ” with the Bank’s nominated branch.



Installments of WEPSS can only be transferred through authorized Remittance Agent to the “Non-Resident Taka ”, from where it will be accumulate in WEPSS within 15th of every month.

Features: 

Monthly installment: Tk. 1000/- or it’s multiple up to Tk. 25000/-



Tenure: 4 years/6 years/8 years/10years.



Matured Amount: Monthly Matured Amount (Tk.) Installment (Tk. 1000/- or 6 Years multiple up 4 Years to 25,000/-)



8 Years

10 Years

1,000/-

59,700/-

1,00,700/-

1,50,000/-

2,12,700/-

5,000/-

2,98,500/-

5,.03,500/-

7,50,000/-

10,63,500/-

10,000/-

5,97,000/-

10,07,000/-

15,00,000/-

21,27,000/-

15,000/-

8,95,500/-

15,10,500/-

22,50,000/-

31,90,500/-

20,000/-

11,94,000/-

20,14,000/-

30,00,000/-

42,54,000/-

25,000/-

14,92,500/-

25,17,500/-

37,50,000/-

53,17,500/-

Investors can withdraw the amount after maturity or they can avail the Pension facility for the next 5 years. Pension at different maturity are given below:

45

Page 46 of 69 Monthly Monthly Pension Amount for Next 5 Years after Maturity Installment (Tk. 500/- or On 4-yr On 10-yr On 6-yr On 8-yr multiple up Scheme Scheme Scheme Scheme to 25,000/-) 1,000/-

1,250/-

2,110/-

3,140/-

4,460/-

5,000/-

6,250/-

10,550/-

15,700/-

22,300/-

10,000/-

12,500/-

21,100/-

31,400/-

44,600/-

15,000/-

18,750/-

31,650/-

47,100/-

66,900/-

20,000/-

25,000/-

42,200/-

62,800/-

89,200/-

25,000/-

31,250/-

52,750/-

78,500/-

1,11,500/-



Advance payments of installments are available.



If the client comes back Bangladesh before the maturity of WEPSS , the will be active as long as the installment amount can be collected from the “Non-Resident Taka ”.



The will be closed in failure of payment of 5 consecutive installments.



In case of premature closure of the , pension facility is not available.



For premature closure of the : No. of Installments

Rate of Interest

Less than 12 installments

No interest

More than 12 but less than Prevailing Savings rate 48 installments More than 48 but less than 4 years matured amount + rest as per prevailing 72 installments Savings rate More than 72 but less than 6 years matured amount + rest as per prevailing 96 installments Savings rate More than 96 but less than 8 years matured amount + rest as per prevailing 120 installments Savings rate

46

Page 47 of 69

ISSUANCE AND DISBURSEMENT OF CHEQUES Issuance of Cheque Books: The Cheque Book shall be processed in the following manner: o

The leaves of the Cheque Book under issue shall be counted to ensure that all the leaves and the blank Requisition Slip are intact.

o

The name and number shall be written properly on the Cheque Book cover and it’s Requisition Slip.

o

The number shall be entered on all the leaves of the Cheque Book with an initial of the issuing Officer.

o

The name and the A/C number of the customer shall be entered in the Cheque Book issue requisition against the particular Cheque Book series.

o

Cheque Book shall be delivered to the customer at the counter against their acknowledgment on the Requisition.

o

Cheque Book can be delivered to the bearer only upon obtaining a letter of authority issued by the holder.

o

After issuing the Cheque Book the Requisition Slip shall be sent to the system for recording the Cheque Series.

Disbursement of Cheques: a) Before posting the instruments in the system, the instruments shall be scrutinized and checked by the Officer concerned thoroughly. b) In case of Cash Cheques, the following aspects shall be ensured: o

number and title of on the Cheque match with the number and title of given in the system.

o

Number of Cheque tallies with the Cheque series noted in the .

o

Stop payment/ other instruction regarding operation of the A/C has been checked.

47

Page 48 of 69

o

The Cheque is drawn on the Bank and Branch, where it is presented for payment

o

The Cheque is an open Cheque or not.

o

Be sure that the Cheque is not postdated or backdated.

o

The amount in words and figures tally.

o

The Cheque is duly signed by the drawer.

c) In case of DD/PO similar procedure shall be allowed as explained above. Besides, demand draft may be encashed upon written approach of the issuing branch and proper identification of the payee/beneficiary. d) In case of Cash Debit Voucher, the following steps shall be followed: o

It is signed by the authorized Officer/MO along with HOB.

o

It is signed by the payee on the reverse.

e) In case of Clearing Cheque, it shall be ensured that: o

Collecting Bank's Clearing Stamp is affixed on the face of the Cheque and bears correct date and is presented in the 1 st or 2nd clearing as stamped.

o

If crossed in favor of a Bank it has been presented through that Bank or its agent.

o

The collecting Bank's discharge is in order.

o

Other points are similar to those explained in foregoing paragraphs.

f) In case of Transfer Cheque, it shall be ensured that: o

The Transfer Stamp is affixed on the face of the Cheque.

o

Collecting Branch's discharge is in order.

o

Other points are similar to those explained in foregoing paragraphs.

g) In case of vouchers, it shall be ensured that:

48

Page 49 of 69 o

It bears the appropriate stamp with correct date.

o

Authorized Officer (s) signs it.

o

Amounts in words and figures tally.

o

number and title of tally.

h) Before posting in the system it shall be ensured that the balances of the previous day have been checked and initialed by an Authorized Officer. i)

It shall be ensured that no Vouchers or Cheque has remained un-posted at the close of business.

Cancellation of Cheques: 1. The cancellation Officer shall accept only those Specimen Signature Cards for custody, which bear the full signature of the Authorized Officer duly itted. All Specimen Signature Cards shall be itted by the Authorized Officer on ing the Signature of the holder from the Opening Forms. 2. All Specimen Signature Cards shall be arranged in a serial order of their number. 3. Before ing a signature on a Cheque, the Cancellation Officer shall invariably refer to the scanned Specimen signature of the drawer of the Cheque. 4. In case signature differs, Cheques shall .not be ed unless the drawer's confirmation and current signature is obtained. 5. If parties have changed the style of their signatures, fresh signatures shall be obtained on the Specimen Signature Cards approved by the Authorized Officer along with a letter of request before ing the Cheque and the old Signature Cards should be treated as canceled giving date and retained with the Specimen Signature Cards. 6. Cancellation Officer shall not any Cheque unless the Cheque is posted in the and initialed by the system Officer.

49

Page 50 of 69 7. The cancellation shall be done by waiving a red line across the signature of the drawer of the Cheque. The Cancellation Officer shall sign in full in red ink near the drawer's signature. 8. In case of payment of Cheques is in cash, "Pay Cash" stamp shall lie affixed on the Cheque, and signed by the Cancellation Officer. 9. The Specimen Signature Cards of all closed s shall be marked " Closed" and kept separately under lock and key.

When Cheques are returned unpaid? a) Cheques may be returned for any of the following main reasons:         

closed Payee's endorsement required Insufficient Fund Amount in figure and word differs Cheque out of date / post dated Drawer's signature differs Payment stopped by drawer Crossed Cheque to be presented through a Bank Cheque alteration / mutilation requires drawer's full signature

b) Cheque returned unpaid by the Bank for any reason shall be sent to the holder, with a Cheque Return Memo duly filled in and signed by an Authorized Officer. c) If the amount of Cheque presented for payment, exceeds the credit balance/drawing power/Overdraft limit of the holder, a search shall be made to various Departments to know the position of any available credits to be released for the . d) The particulars of the Cheque and the reasons for return shall be noted in the "Cheque Return ". e) No Cheque shall be returned HOB/MO/GB/Deposit In charge.

without

50

prior

permission

from

the

Page 51 of 69

ATM CARD The acronym ATM is Automated Teller Machine. It is, in fact, a debit card. If any client has satisfactory balance in his then he can withdraw money from this appliance any time, any day. The process of this system is, the customer has to fill the application form and then it is sent the Head Office. From head office a card is issued with a very confidential that even the banker does not know. For this Tk.500 is debited from the customers per year. The customer places in the card into the machine and provide the then he can do his activities. It is a 24 hours service system.

CREDIT CARD Credit card is a card, which provides one kind of loan. Whenever the customer uses the card he has to pay interest for that amount which he with drowned. 

For this card the customer has to pay a service charge every year and to pay interest on that amount which the customer withdrawal.

Features:  Types : Gold Card & Classic Card 

Dual Card: SEBL VISA dual card offers the facility to access both a client’s local and international spending limit through a single plastic. Therefore, there is no need to carry separate local and international credit cards.



Acceptance : An International / Dual card is accepted at millions of establishments across the world and a Local/ Dual VISA Card is accepted at 10,000 outlets across the country including shops, restaurants, 5 star hotels, hospitals, departmental stores etc.



Credit Facility: Free credit facility up to 50 days without any interest.

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Cash Advance: Facility to draw cash up to 50% of the credit limit against the local VISA Card. Clients can withdraw cash from all SEBL branches and ATMs having VISA Logo.



Supplementary Cards: Client may apply for Supplementary Cards. While each supplementary member will have his / her own independent usage, the expenses will be charged to the client’s (Principal Cardholder's) . Card Cheque: The client can draw cheque up to the available balance in his/her card .





Cardholders can settle their Grameen phone post paid bills giving Auto Debit instruction to Southeast Bank Card Division.

Interest: 

Any amount outstanding after the Payment Due Date will attract an interest @2.50% per month calculated on a daily basis.



In case of cash advance, the interest @ 2.5% per month will be charged until cash advance transaction is paid in full. Cash Advance Fee @2% or Tk. 100.00 whichever is higher for local card or @ 2% or USD. 3 whichever is higher for International Card.

ON-LINE BANKING Southeast Bank Limited is first bank in the country using satellite based most modern VSAT technology for providing Real Time On-line any branch Banking service to its customers. Any customer of this bank can avail the following facilities from its branches.  Cash withdrawal and cash deposit: Any customer of the bank can draw or deposit money from/to his/her from any branch of this bank. The respective will be debited or credited instantly.  Balance Inquiry: Any customer can check his/her up-to date balance from any of the branches of this Bank.  Statement: It is possible to get up-to date statement on-line from any of the branches of this bank.

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 Instant Fund Transfer: Instead of TT, a person can transfer funds instantly from his/her to any other /s maintained with any of the branches of Southeast Bank Limited.

UTILITY BILL PAYMENT Southeast Bank Ltd. offers a multimode utility bill (Cellular phone bill, telephone bill etc.) payment for its customer. Grameen phone bills are accepted at all branch of the bank.

Safe Deposit Locker The Bank provides Safe Deposit Locker Services to the clients of selected branches as decided by Head Office from time to time. These branches are equipped with the required safe deposit lockers for hiring out to the clients. 

Billing and ing: Annual rentals and other charges of a Locker are payable in advance. Locker charges are to be realized as per rates prescribed by Head Office from time to time. The security money is refundable only on withdrawal of the Locker service and surrender of the key by the client.



Surrender of Locker: When the clients surrender the locker he/she must sign the final access slip. The inside space of the locker should be examined in presence of the client and recorded on the history card duly authenticated. The client should surrender the key and the client will sign clauses on the contract card. Then the card will be stamped with a Cancelled stamp duly authenticated and placed in the closed file with all other relevant papers. Locker Services

Yearly Charge

Small

Tk. 750/=

Medium

Tk. 1,250/=

Large

Tk. 2,000/=

Security Deposit Tk.2,500/=(Refundable) for all types of lockers.

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SMS BANKING Because of the widespread implementation of E-Commerce, Southeast Bank Limited, in recent years, has introduced SMS Banking facility. and Conditions of SMS Banking: 1. Registration form must be completed and submitted to the branch, where the (s) is maintained. 2. To reactivate the stopped SMS Banking Service or to know the existing PIN (i) Client has to answer correctly against secret questions that he/she filled up during registration or (ii) By filling up the Registration Amendment Form. 3. Stop Payment and Cheque Leaf Reactivation for Payment services will be available during office hour only. Statement Request is limited for previous 6 (six) months only. 4. Reply SMS charges are monthly payable with 15% VAT. If holder does not pay due SMS charges for consecutive 3 (three) months, SMS service will be discontinued. The various types of services available under SMS Banking facility are as follows: 1. Pull Services:  Balance Inquiry  Last 3 Transactions  Cheque Leaf Status  Interest Rate for different deposit products  Foreign Currency Exchange Rate  Branch Location/Telephone No.  ATM Booth Location  SMS Registration information

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Page 55 of 69  

Help list of Keywords to send SMS Help message format to send SMS

2. Request Services:  Fund Transfer  Mobile Bill Payment  Cheque Book Request  Statement Print Request  Statement Request by Courier  Statement Request by E-mail 3. Execution Services:  Stop Payment  Stopped Cheque Leaf Reactivation  PIN Change 4. Alert Services:  Debit Alert  Clearing Cheque Return Alert  Loan / Time / Scheme Deposit Maturity Alert

Charges (excluding VAT & AIT) in Taka: Servic e Code A

Service Name

Execution Charge

Charge per Other Charges Reply SMS

Pull Services

-

3.00

-

201

Fund Transfer

50.00

3.00

-

202

Mobile Bill Payment

25.00

3.00

-

203

Cheque Book Request

-

3.00

204

Statement Print Request Statement Request by Courier Statement Request by E-mail Execution Services

-

3.00

Charge for cheque book 5.00/ page

-

3.00

25.00

3.00

5.00/page + courier charge -

-

3.00

-

205 206 C

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D

Alert Services

-

3.00

-

DEPOSIT GROWTH The Bank’s deposit stood Tk. 55,474.05 million as on December, 2007 compared to Tk. 46, 056.18 million in 2006, thus, recording 20.45% growth. Competitive interest rates, attractive deposit products, deposit mobilization efforts of the Bank and confidence reposed by the customers in the Bank contributed to the notable growth in deposits.

DEPOSIT MIX The Bank evolved a number of attractive Deposit Scheme to cater to the requirement of small and medium savers. This improved not only the quantum of deposits but also brought about qualitative changes in deposit structure. The deposit mix of the Bank as on December 31, 2008 was as follows:

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DEPOSIT GROWTH OF SEBL, LDP BR. From the analysis of the year-end Balance Sheet of SEBL, LDP Br. it has been found that, the total amount of deposit had shown an upward movement during the period of 2003 to 2007. Increase customer service, introduction of new deposit products, extension of operation to cover a wide range of customers etc. are the main reasons for this upward swing.

DEPOSIT MIX OF SEBL, LDP BR. From the available data, it has been found that, the Fixed Deposit s are holding the major proportion of Deposit Mix of the Laldighir Par Branch of SEBL, with a 73% share of the total deposit. The next major type of deposit is Savings Deposits with a share of 15% of the Deposit Mix, followed by Short Term Deposits (7%). In Sylhet, People generally don’t want to take more risk, for this reason, they just hold money in fixed

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Page 58 of 69 deposits. We also know that in Sylhet, foreign remittances are always increasing. Rather than investing in different sectors people hold money for security.

TOTAL NO. OF S & THE SUB-GROUPS An analysis of the available data revealed that, the Laldighir Par Branch of SEBL currently holding a total of 8,239 different types of s, amounting Tk. 147,92,41,096.93/=

Types of s Current Savings ( included Savings- Staff) Short Term Deposits Fixed Deposits Receipt Pension Saving Scheme Marriage Savings Schemes Educational Savings Schemes Monthly Savings Scheme Double Benefit Scheme Savers Ben. Dep. Scheme Monthly Income Scheme Total

Total s 2232 4323 47 818 549 4 7 177 80 1 1 8, 239

Total Amount 44488056.33 214982582.78 102079240.78 1074257564.68 11100830.33 329436.56 728200.83 5258178.48 21751775.36 665230.80 3600000.00 147,92,41,096.93

Table 7: Total numbers of s available in SEBL, LDP branch as on August 15, 2008

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OPENING AN : PRACTICAL CASE Opening an is not very much easy. Any anonymous person, by randomly entering a branch, can not open an . There are some legal procedures and formalities involved in that process such as assessment of the eligibility and genuineness of the client by the concerned officer (of the Bank), verification of the potential client by an existing holder of the bank, submission of Nationality Certificate, valid Trade License etc. In this connection, I was encountered with such a situation and asked to solve the problem with my own. As that case was related to my Project Paper, I am presenting it here. For confidentiality reason, I am not stating any name and address. Name of the Bank:

Southeast Bank Limited, Laldighir Par Branch

Name of the :

M/S Anonymous Trading Corporation

Type of & No:

Current - 2345

Address:

ABC Road, Sylhet

Owner:

Mr. X

Nature of the Business: According to the Client’s declaration, he has a stone crushing business. In this regard, he presented copy of an expired Trade License.

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Approved Limit of Transaction: Monthly total deposit Tk. 30,00,000/-, Monthly total withdrawal Tk. 20,00,000/- and Highest single deposit Tk. 300,000/-, Highest single withdrawal Tk. 250,000/Name & Address of Introducer: Mr. Y, who has a small stationary store at ‘Z Road, Sylhet’. It is heard that, Mr. Y is planning to sell his current store and open an electronics accessories’ store. Other Information: The introducer informed that, Mr. X is the owner of a big Stone Crushing business. The client came to the branch at the time of opening the and promised to submit other necessary documents later.

Transaction of Mr. X for the Month of January, 2008 Date January 01 January 02 January 04 January 05 January 06 January 07 January 08 January 08 January 08 January 09 January 13 January 14 January 15 January 17 January 17 January 17 January 18

Description Initial Deposit Cash Withdrawal Cash Deposit Cash Deposit Cash Deposit Cash Withdrawal cheque) Cash Withdrawal cheque) TT Deposit (Jessore) Cash Withdrawal Cash Withdrawal cheque) Cash Deposit Cash Deposit Cash Deposit Cash Withdrawal cheque) TT Deposit (Dhaka) Cash Withdrawal Cash Withdrawal

Debit

Credit 100,000/-

(cash 680,000/-

Balance 100,000/4,500/684,500/1,359,500/2,009,500/1,329,500/-

(cash 650,000/-

679,500/-

95,500/680,000/675,000/650,000/-

1,500,000/-

2,179,500/879,500/204,500/-

688,000/695,000/675,000/-

892,000/1,587,500/2,262,500/1,574,500/-

1,000,000/-

2,574,500/1,574,500/1,079,500/-

1,300,000/(cash 675,000/-

(cash 688,000/-

1,000,000/495,000/-

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Page 61 of 69 January 18 January 19 January 21 January 22 January 23 January 23 January 24 January 25

Withdrawal (CLG) Cash Withdrawal cheque) Cash Deposit Cash Deposit Cash Deposit Cash Withdrawal cheque) Cash Withdrawal cheque) Cash Withdrawal cheque)

600,500/(cash 475,000/-

479,000/4,000/480,000/475,000/650,000/-

(cash 680,000/-

484,000/959,000/1,609,000/929,000/-

(cash 700,000/-

229,000/-

(cash 228,5000/-

500/-

The client also applied to the branch to open a LC for importing 100 PC & some electronic accessories.  Except the initial deposit, all other deposits and withdrawals are executed by persons other than MR. X  Some times the Cash officer had to pay after banking hour. The branch asked me to address the following questions: 

1. Analyze Mr. X’s profile and identify whether there is any loop hole. 2. Analyze the stated transactions and identify if there is anything suspicious. 3. State your opinion regarding this and what should be done? Suspicious Facts 1. Mr. X promised to submit other necessary documents later. This can not happen. When the client will be able to submit all compulsory documents, only then an can be opened. 2. Copy of an expired Trade License is not satisfactory for opening a Current , every documents need to be up to date. 3. The introducer, Mr. Y, who is a small businessman, is going to open an electronics accessories’ store. The question is, from where the additional huge investment will come. Mr. X has applied for opening LC for importing PC & electronic accessories. May be there is a connection between these two issues.

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Page 62 of 69 4. According to the agreement, the Approved Limit of Deposit of Mr. X is Tk. 30,00,000/- which has been exceeded for the month of January, 2008 and it is more than double than the Approved Limit. 5. The Approved Limit of Withdrawal is Tk. 20,00,000/- which was also exceeded for the month of January, 2008. 6. Similarly, the Highest Single Monthly Deposit and Withdrawal Limit have not been observed. 7. Cash payment (by the cash officer) after banking hour is illegal. Action that needs to be taken 1. Notification to Mr. X should be sent regarding the above mentioned issues and proper answer should be found out. 2. If Mr. X fails to respond satisfactorily, initiative should be taken to close the .

STRENGTHS It is a high profit generating branch of SEBL in Sylhet region. The branch and its employees have banking experience of over 13 years. It is in a very appropriate place to attract large investors and businessmen. It has an excellent reputation. All modern banking facilities are available at LDP branch of SEBL. Employees’ behaviors towards clients are very appealing. All the employees are contented with the current level of remuneration. Customer retention level is exceptionally high for this branch. Working method of this branch is improving day by day. Employees have a good personal relationship with customers.

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All the employees are well-trained. Good corporate image in the banking sector. It has a huge level of deposit. Most of the employees are with a good educational background. It has some big corporate s of some local Broker Houses and it keeps clients secured. It has good relations with other commercial banks as well as the Bangladesh Bank.

WEAKNESS Number of employees is not adequate. Some employees are not combatant enough to work long hours. Some employees are only fulfilling the requirement of the job, and not interested in the highest utilization of their capabilities. Computer literacy of the employees is very much low. Binding in rules and regulation. Not much careful about safeguarding the documents. Lack of communication between different levels of management. To get some services, the clients need to deal with more than one employee. services are not satisfactory, for example: Decoration of the branch. There is no ATM booth at adjacent places (only one booth covering the whole Sylhet city) and there is no 24 hours banking facilities.

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OPPORTUNITIES Increase in the number of private commercial bank itself suggests a potential huge market for banks in Sylhet. As the number of foreign goers is increasing in Sylhet, SEBL, LDP Branch can collect home bound remittance by its quick service. As Sylhet is a potential Metropolitan City, there is a huge opportunity of industrial advance.

THREATS Numbers of private bank are increasing. Private Banks are giving efficient modern services and continuously innovating new product. Current law and order situation is not positive for the investment part. Pessimistic representation to the government and Bangladesh Bank. Some Banks offering more attractive rate on deposits than Southeast Bank in some cases. Some foreign Banks are introducing many new, exceptional and prestigious products and services to customers. Many foreign banks are penetrating markets by various aggressive advertising and promotional activities. Number of potential competitors, both foreign and domestic, is increasing day by day.

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RECOMMENDATIONS SEBL, LDP Branch should increase management efficiency. It should increase Consumer Banking activity as early as possible. It should pursue aggressive promotional campaign to build a strong image & to attract new clients. The level of deposit balance of SEBL with other banks should be increased as it is desirable that banks keep their cash and balance with other bank to such extent so that it can minimize the chance of liquidity crunch. It should develop more strategic planning as to compete with its rival banks. It may introduce One-Stop service for its client. It should recruit more employees.

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More co-ordination with local merchants is necessary to increase the distribution and usage of ATM cards. It needs to slightly modify their savings scheme to attain superior customer satisfaction. In this case, they should consider maximizing customer profitability alongside the banks. As there is significant scope of improvement for employee knowledge of products, the bank could device training session every few months. This would also allow them to improve the employee to client relationship, in which they seem to be vulnerable at the present state. It also needs to improve the service quality. In this case, they can start with service delivery which is a problem for them at the moment. To resolve this problem, they can divide the service delivery process into several parts and identify the bottlenecks. This will allow them to focus on the problem areas specifically and provide solution that will eventually improve service quality. Most of the customers find the Monthly Savings Scheme as by far the most attractive comparing to the others. So, to make the other schemes as attractive as the Monthly savings scheme it can add some of the feature of that scheme to the other schemes. One very viable option that can be added would be the easy installment opportunity. Expertise should be involved in the process of forecasting future prospect of the banks. Opportunities of financing in the new sectors like Agriculture, Real Estate, IT etc. should be explored out. Necessary training should be provided to upgrade the efficiency of the officers in measuring risk and in selecting the profitable projects. It should be more cautious on operating expenses and establishment expenses. Bank executives should try to mobilize more deposit schemes through better marketing and incentive measures. The decision making process should be faster. Internal tidiness and decorations should be improved.

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CONCLUSION Since the banking service especially the private Banks are doing an outstanding business, so it is clear that the modern people are more concerned about securing their valuable assets and get high-quality and timely services. For this reason lots of new commercial banks has been established in last few years and these banks have made this banking sector very competitive. So, now banks have to organize their operation and do their operations according to the need of the market. Banking sectors no more depends on a traditional method of banking. In this competitive world this sector has trenched its wings wide enough to cover any kind of financial services anywhere in this world. The major task for banks, to survive in this competitive environment is by managing its assets and liabilities in an efficient way. The Southeast Bank’s philosophy - "A Bank with Vision" has been precisely an essence of the legend of success in the Asian countries. The bank has proved to be successful by offering quality and timely services to its customers. The employees of Southeast Bank are very efficient, everyone knows their work very well and can perform efficiently to

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Page 68 of 69 produce the best output. The bank has plans to open more branches to expand their network. They are also playing a significant role in the import and export of Bangladesh. Especially Southeast Bank has more import business than its rivals. This report concentrated on the Deposit Banking Products of the bank and identified some valuable information that could make banking procedure more attractive and also enhance the banks reputation among the customers. Southeast Bank is the most promising private commercial bank in Bangladesh. Every day Southeast Bank endeavor to increase their product and services although they provide a wide range of product of services to their customers. Southeast Bank is helping the economy of Bangladesh by remitting of funds both local and foreign. With the current performance of the Bank and with little improvement here and there will certainly make Southeast Bank the best Private Bank in Bangladesh in the near future.

REFERENCE 1.

Steiner and Shapiro, “Modern Banking”

2.

R.P. Kent, “Money and Banking”

3.

G. Chowther, “An outline of money”

4.

H.L. Bedi & V.K. Hardikar, “Practical Banking Advances”.

5.

Dr. R.R. Paul, “Money Banking and International Trade” (3rd Edition)

6.

A.T.M Abdus Shahid, Professor BIBM, “Credit Investigation- Borrowers”.

7.

Shekhar & Shekhar, “Banking Theory and Practice.” (18th Revised Edition)

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Page 69 of 69 8.

L.R. Chowdhury, “A Text Book on Banker’s Advances.”

9.

R.S. Sayers, “Modern Banking”

10.

Service and price guide of Southeast Bank Ltd.

11.

Prospectus of Southeast Bank Ltd.

12.

Annual Report 2004, 2005, 2006, 2007.

13.

www.southeastbank-bangladesh.com

14.

http://www.thedailystar.net/

15.

http://www.thefinancialexpress-bd.info/

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