MARKETING IN BANKING SERVICES
Punjab and Sind Bank came in the year 1908, when a humble idea to uplift the poorest of poor of the land culminated in the birth of Punjab & Sind Bank.
It started with the far-sighted vision of personalities like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. They enjoyed the highest respect with the people of Punjab.
The bank's principle was social commitment, to help the weaker section of the society in their economic activities to raise their standard of life and still it stands committed to honor the social commitments of the founding fathers.
The products of the banks are categorized as such:
1. Domestic banking
2. International banking
Domestic banking is further categorized as such:
Deposits are also categorized:
* Saving account
* Recurring deposit
* Fixed deposit
Under the RBI direction to achieve greater financial inclusion Bank has since introduced a no frill deposit account named as "SARAL SAVINGS SCHEME” that would make accessible banking to vast section of society, which has been deprived of the banking facilities till date.
"Saral Savings Account" can be opened with the initial deposit of Rs100/- and thereafter the balance may go below Rs 100/- and will continue to be operative with even zero balance, unless the account holder request to close the account. No charges shall be levied in this regard.
Such accounts shall remain operative even when these have Zero balance & can be opened in any branch of the bank
This product is not for Non Resident Indians, Trusts, and Societies etc.
The account can be opened by filling up of usual Saving Bank Accounts Opening forms and self verified photograph to be attached.
It can be opened by Individuals (singly or jointly), a firm, company, club, Association , Institution, Govt. or Semi Govt. Body, Co-operative societies, religious and charitable institutions etc.
Minimum deposit in the Account - Minimum of Rs. 10/-
Maximum deposit in the Account - Maximum of any amount per month.
It can be opened in any branch of the bank.
Such account can be opened in the name of individuals (singly or jointly, Minors (through their guardians) firms, corporate bodies, trusts, Regd. Associations, Joint Hindu family firms and public undertakings.
VARIOUS FIXED DEPOSIT SCHEMES OF THE BANK
1) FIXED DEPOSIT SCHEME ORDINARY
2) SAVING WITH SMILE DEPOSIT SCHEME
3) SHORT TERM DEPOSIT SCHEME
4) CAPITAL GAIN DEPOSIT SCHEME etc
2. PRIORITY RECTOR
8. DEBT RESTUCTURING
9. OTHER RESOURCES
10. FPC LENDING
Bank's Housing Loan Scheme facilitates for purchase of Plot and for Construction/ Acquisition/ Purchase/ Extension/ Repair / Renovation.
CONVEYANCE - Auto Loan scheme Facilitates owning a vehicle with the friendliest and most convenient car loan. Either one can purchase a new Car/ Van/ Jeep or raise loan to purchase old vehicles that are not older than 2 years.
They all are sold on all the branches of banks.
Any person/entity resident outside India may open NRO account. The account may be held jointly with residents and/or with non-resident. NRO account may be opened in the form of savings, current, recurring or fixed deposits for the purpose of putting through bonafide transactions in rupees. Legitimate dues in India of the account holder can be credited freely.
Any amount of remittance in foreign exchange from overseas can be remitted to any Indian individual/firms/ company or to open the following type of accounts as per Government/RBI guidelines. All Indian rupee conversions to Non-Resident Accounts (for 100% value) would be done at the prevailing market rates.
This account can be kept in various forms like Current, Savings, Recurring or Term Deposits. The account is maintained only in Indian Rupees and amount of deposit and interest earned is fully repatriable.
Income from interest on balances standing to the credit of NRE accounts is exempt from income tax. Likewise balances held in such accounts are exempt from wealth tax.
This account can be kept in our bank for a period of 1 year and above up to and inclusive of 5 years in one of the five specified currencies viz. Pound Sterling, US Dollars, Euro, Australian Dollar or Canadian Dollar & can be made in the same currency or in any other permitted currency. Amount of deposit and interest earned thereon are fully repatriable. There is no minimum amount requirement for opening this account. The exchange risk in this account is borne by our bank.
GOLD CARD SCHEME
Exports play a crucial role in a developing economy like India which attaches considerable importance to export promotion. With a view to further simplify access of Bank credit to exporters especially small and medium exporters and make it borrower friendly in terms of procedure and credit terms, the Minister of Commerce and Industry had proposed issuance of a Gold Card to Credit Worthy Exporters with good track record for easy availability of export credit on best terms. Accordingly, a Gold Card Scheme has been worked out by RBI in consultation with select banks and exporters. The scheme envisages certain additional benefits based on the record of performance of exporters. The Gold Card holders would enjoy simpler and more efficient credit delivery mechanism in recognition of his good track record
* CHANNELS USED BY BANKS TO SELL THESE PRODUCTS
There can be many channels:
1) First it can directly sell all these through all the branches of banks.
2) And another it can sell through different channels, where all the agents can come who have to complete their given target.
3) It can also be done through advertisement and telemarketing.
4) And at last it can also do it through internet.
Thus all the products are sold through all the branches of bank.