internship report on southeast bank ltd - a study on customer satisfaction of sebl
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ORIGIN OF THE STUDY
I am a student of Dept. of Business Administration., 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
Administration 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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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.
• To understand the problems and barriers they are facing in the way of doing
banking functions.
• To develop the report writing skill.
• 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.
•
To analyze the current position of Southeast Bank Limited and it’s Laldighir ParBranch in different banking sector.
• To know about the problems and barriers it is facing in providing services.
• 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 analyzefurther the competitive positioning of Southeast Bank Limited as they were
considered confidential.
• 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.
ABank 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.”
• TheNegotiable 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 ofR.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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(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 account to another without money passing.
Ancient Rome perfected the administrative 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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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 nowmany 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 TO THE PRIVATE SECTOR BANKING INDUSTRY IN
BANGLADESH
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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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 isfocused 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
Central Bank
(Bangladesh Bank) Bank)
CommercialBanks
CommercialBanks
Specialized Banks& Credit Agencies
Co-operativeBanks
Co-operativeBanks
PrivateBanks
PrivateBanks
ForeignBanks
ForeignBanks
Nationalized Banks
Nationalized Banks
TraditionalBanks
TraditionalBanks
slamicBanks
slamicBanks
Bangladesh !rishiBank (B!B)
Bangladesh !rishiBank (B!B)
"a#shahi !rishi$nna%an Bank
("A!$B)
"a#shahi !rishi$nna%an Bank
("A!$B)
BangladeshSamaa%aBank 'td
BangladeshSamaa%aBank 'td
rameenBank
rameenBank
Bank o* Smallnd & Com
(BASC)
Bank o* Smallnd & Com
(BASC)
Bangladesh Silpa"in Sangstha
(BS"S)
Bangladesh Silpa"in Sangstha
(BS"S)
!armasangsthanBank
!armasangsthanBank
Ansar-+,P$nna%an Bank
Ansar-+,P$nna%an Bank
Primar%Co-operative
Societ%
Primar%Co-operative
Societ%
Bangladesh SilpaBank (BSB)
Bangladesh SilpaBank (BSB)
CentralCo-operative
Bank
CentralCo-operative
Bank
Sotheast Bank 'imitedSotheast Bank 'imited
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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 clientsthrough 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.
• Respond to customer needs with speed and accuracy.
• Share their values and beliefs.
• Grow as the customers grow.
• Offer first-rated solutions of clients’ banking problems and issues.
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• Provide products and services at competitive pricing.
• 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 accountability.
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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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)
President & Managing Director
Deputy Managing Director
Senior Executive Vice President
Executive Vice President
Senior Vice PresidentVice President
First Vice President
ENTRY LEVEL Senior Asstt. Vice President ENTRY LEVEL
Asstt. Vice President
Senior Principal Officer
Management Trainee Principal Officer
Management Trainee Executive Officer
Senior Officer Probationary
Officer
Officer
Junior Officer
Trainee Asstt. Officer Assistant Officer
Computer Trainee Computer Operator
Cashier Trainee Cashier
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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 AliSeptember, 2002- August,
2003
Mr. Azimuddin AhmedAugust, 2003 - September,
2004
Mr. Alamgir Kabir, FCA29th 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 AhmedSeptember, 2002 to August,
2003
Mr. Ragib AliAugust, 2003 to September,
2004
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M/S Tilla Ghar Holdings Limited represented by Mr.
Abdul Hye
29th September, 2004 till
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 Ahmed30th 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 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
No of
Branch
12 12 12 13 19 23 27 31 31 38
o No. of Employees:
Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
No of
Employees
447 480 528 575 595 701 835 913 998 1116
o No. of Foreign Correspondents
Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
No of
Foreign
correspondents
238 253 269 280 295 350 463 507 536 598
o No. of Correspondent Banks
Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
No of
Correspondent
Banks
238 253 269 280 295 350 463 507 536 598
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ORGANOGRAM OF SOUTHEAST BANK LIMITED (Laldighir Par Branch)
HEAD OF THE BRANCHMotiur Rob Chowdhury
Senior Asstt. Vice President
MANAGER OPERATION (ACTING)Mohammed Abdul BasitSenior Principal Officer
CREDIT
Aminur Rahman Chy.
Officer (n!Char"e#
Md. Jeweur R!" Chy.
$unior Officer
#a$ya"ra$a Da%
$unior Officer
COMP&TER#ECTION
GENERA'BANING
Md. Mianur Rahman
%&ecuti'e Officer (n!Char"e#
#a*a umar R!y Senior Officer
Md. Ju"airu I%am
Officer
#yed +a%ir Hu%%ain
M"t. rainee Officer
Md. A"u hayer$unior Officer
#u"andu Ba$$a,har-e
rainee Officer
Md. A$iur Rahman
Senior Officer (n!Char"e#
Md. A"du aderSenior Officer
#yed 'u$/ur Rahman
Officer
CA#&A' #&BORDINATE#
Md. #aauddin) *ri'er Md. Ha"i"ur Rahm0 Ban+,uardMd. F!1!r &ddin) Messen"er Md. Jiur Rahman0 Ban+,uardMd. A"du Jai0 Messen"er Md. A.arim han0 Ban+,uard
Md. J!hur Ahmed0 Ban+,uardMd. #ira*u I%am0 ea Boy Md. !y%!r Ahmed) CleanerMd. Bada Ahmed0 ea Boy Md. Ha%an Ai0 Cleaner
20
CA#HDEPARTMET
Md. A"du Ai Chy
Senior Officer) Cash(n!Char"e#
Md. I%mai Miah$unior Officer) Cash
#yed I%mai Hu%%ain
rainee Cash Officer
R!1eya Be-um
rainee Cash Officer
#ayda J!han
rainee Cash Officer
FOREIGNE2CHANGE
I.A.M. Namu i"ria
%&ecuti'e Officer(n!Char"e#
#uran*i$ Bhu%han R!y
Senior 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 administration, 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 2nd 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:
Account Opening Section:The main task of this section is to open different accounts,
issuing cheque books, maintenance of A/C opening register, 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.
Accounts 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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maintaining the balance of Bangladesh Bank Account. 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 register, 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 registers, maintenance of
postage accounts, Telegram, courier, register etc. Advance charges, refund & passing of
entries at month end. Acknowledgement of duplicate, ordinary post, registered 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 accounts for joint, single. Interest provision,
payment on maturity, premature encashment, handling of deceases accounts, issuance of
duplicate FDR. Indemnity-custody of indemnity bond-FDR block, specimen card,
maintenance of FD registers, renewal of FDR, balancing & closing of FDR accounts.
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 account 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 register, and issuance
of IBCA to other branches available in Sylhet.
WHO CAN OPEN AN ACCOUNT
Branches may open accounts for the following categories of depositors:
a)Individuals
Any adult competent to enter into contracts can open an individual account. Individual
accounts can be opened for adults (i.e. over 18 years of age) who are competent to enter
into contracts.
b)Joint Account
More than one adult jointly or adult with minor(s) may constitute joint accounts.
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 registered or
not is a partnership firm.
e)Private Limited Company
A corporate body formed and registered under Companies Act, 1913 with limited
liability having a Certificate of Incorporation given by Registrar of Joint Stock
Companies.
f)Public Limited Company
A corporate body formed and registered 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 Joint 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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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)Administrators
Administrators are appointed by a deceased himself before his/her death by WILL to
settle his accounts after his death. Administrators 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 registered under Societies Registration Act.
They may not be registered organizations. Some of them may be registered under
Companies Act.
k)Co-operatives
These are corporate bodies registered 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 &
registered under Societies, Registration Act or Co-operative Societies Act.
m)Non-trading ConcernsThese are organizations registered under Societies Registration Act or Companies Act or
Co- operative Societies Act.
TYPES OF ACCOUNTS OFFERED BY SOUTHEAST BANK LIMITED
The Southeast Bank Limited offers the following types of accounts to its various types of
customers:
1.Current Accounts
2.Savings Account
3.Short Term Deposit Account
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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d.Double Benefit Scheme (DBS)
e.Educational Savings Scheme (ESS)
f.Savers Benefit Deposit Scheme (SBDS)
g.Marriage Saving Scheme (MSS)
h.Wage Earner Pension Scheme (WEPSS)
CURRENT ACCOUNT
This is a business account. Usually this A/C is operated by the name of a business entity.
These types of accounts 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 account no interest is
given.
Features of Current Account
• A Current Account can be opened with a minimum initial deposit of Tk. 5,000.
• Client will get Cheque book having fifty or twenty page.
• A Current Account holder can draw cheques on their accounts 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 account without assigning any
reason thereof.
• Every change of address shall be intimated to the Bank.
• Account holder in writing, which shall be recorded, shall make “Notice”
stopping payment of any cheques.
Southeast bank provides the following types of current account-
Current account for individual
Joint current account
Proprietorship current account
Partnership current account
Company Account:
Association Account
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The customer shall have to submit the following documents to the bank at the time of
opening of the Current Account of Individual/Joint, Proprietorship, Partnership,
Company Account, Societies, Clubs, and Associations etc.
Current Accounts for individual
• Individuals can open an Account 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 administer the account in the name of the company.
Joint Current Account
A joint account should be opened only on receiving application signed by all the parties
involved in the account. While opening account 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 account.
2.Power to overdraw: If such an authority has been delegated, the banker mustnecessarily establish joint and several liabilities.
3.Survivorship: As per ordinary rules, on the death of any one of the joint account
holder’s the survivor is entitled to get all the account.
4.Insolvency or death of joint deposit holder: In case of bankruptcy or death of
joint account holder, banker should stop the operation of the account.
5.Borrowings: In case of borrowing, all the joint account holders must make joint
demand signed by all.
Sole Proprietorship Current Account
The following documents are necessary at the time of opening a Sole Proprietorship
Current Account:
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1.Copy of valid Trade License.
2.An introducer who has an account in the bank.
3.2 (Two) copies of photograph attested by the introducer.
4.A citizenship certificate / photocopy of passport / Tax Certificate / Voter ID
card.
5.Initial deposit of Tk. 1000.
6.KYC form.
Partnership Account
A partnership account can be opened only when an application in writing is submitted
by one or more partner. For a partnership account 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 (Registered / at least Notarized)
8.Firm Registration Certificate (if registered)
9.List of Partners with their addresses.
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10.Copy of valid Trade License.
11.Photograph (s) of signatories attested by the introducer.
12.A citizenship certificate / photocopy of passport / Tax Certificate / Voter ID
card.
13.Resolution of the partners of the firm for opening the account and authorization
for its operation duly certified by the managing partner of the firm.
14.Transaction profile.
15.KYC form.
Company Account
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 account & name of the persons who operate the
A/C.
6.Extract of the Resolution of the Board Meeting of the Company for opening the
account 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 account, duly certified by the Chairman/Managing Director.
8.Organogram of the company.
9.Transaction profile.
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10.KYC form.
Association Account
The following documents are necessary in opening an Association Account:
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 members 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
account 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.
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SAVINGS ACCOUNT
Saving accounts 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 accounts in the bank-(a) Individual savings account(b)
Joint savings account.
Features of Savings Account:
• Savings Account can be opened by the name of adult individual or jointly in the
names of two or more person.
• Any Clubs, Associations and similar Institutions can open this account by the
names.
• A client need to an initial cash deposit of Tk 2000.
• An account holder will get cheques book having a minimum balance in the
account.
• A Savings A/c depositor shall deposit money as often as he wishes.
• A depositor can withdraw from his Savings Bank Account 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 account 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.
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• Interest is allowed only on accounts bearing a minimum balance of Tk. 5,000/-.
• Statements of account dispatched to all Account Holders by the Bank on a
quarterly/half yarely basis.
• The account 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 account holder is not allowed being overdrawn.
• Account holder can make “Notice” for stopping payment of any cheque.
• The Bank will accept "Standing Instructions" from the account holder.
• The interest rate on SB account is 6.00%.
Requirements for opening Savings Accounts:
• Account Opening Form
• Any individual having Bangladeshi citizenship. (Minimum 18 years old).
• In case of a Minor Account, copy of birth certificate and photograph is needed.
• In case of a Foreign Citizen, photocopy of passport 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 account holder).
• Mandate or authority shall be obtained in case the customer wants to authorize
another person to operate the account.
• Two copies of recent photograph of the A/c holder and Mandate duly attested by
the Account Holder Copy of Passport/Nationality Certificate /Voter ID of the
persons operating the account.
• Transaction Profile.
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• KYC form.
SHORT TERM DEPOSIT ACCOUNT
Short-term deposit or STD account opening procedure is similar to that of the current
account. Withdraws from this type of account require a prior notice of seven days.
Requirements for Opening Short Term Deposit Accounts
To open a Short Term Deposit Account, Current Deposit Account Opening Forms are
used. The documents required for opening current A/C is also used in opening STD
accounts. In case of a STD A/C on the top of current deposit A/C opening form the
word - "Short Term Deposit Account" 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 account (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
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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 jointly.
• It can be opened in the name of a minor jointly 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 joint 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. DurationBelow 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%
05.
1 (one) year 13.00% 13.00%
Fund of Institutions, Private parties &
Govt. A/C : 7.00%-12.00%
(for Tk. 1.00 crore & above)
For Senior Citizen Scheme: 13.00%
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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)
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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
account with the bank at any time of the month.
• One person can open more one MSS account.
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/-
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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 account within 10th of the
month.
• MSS can be opened any time of the month. But if the account is opened after 10th
of any month in that case 1st installment shall be due from the following month
and shall be realized in the following month.
• An account 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 account before maturity.
• If the monthly installment remains unrealized due to insufficient balance for 4
consecutive months, the account 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 account is closed before maturity, the account will be settled as per the
following terms:
Relationship Rate of Interest
Less than 12 installments No interest
12or more but less than 36
installmentsPrevailing Savings rate
36 or more but less than 60
installments
3 years matured amount +
rest as per prevailing Savings
rate
MONTHLY INCOME SCHEME (MIS)
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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
account 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:
•
Deposited amount will be returned on maturity.
• The applicant must open/have a CD/SB account with the branch in which
monthly income will be credited automatically.
• The account holder can avail Loan/Overdraft facility of maximum 80% against
the lien on the balance of the MIS account.
• An account holder may close the account at any time by a written application by
giving reasonable notice in writing to the branch concerned.
• If the account is closed before maturity, the account will be settled as per the
following terms:
Relationship Rate of Interest
Deposited AmountMonthly Income
3 Years 5 Years
Tk. 100,000/- or its
multipleTk. 975/- Tk. 1000/-
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After 6 months but within 1 yearPrincipal + 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 SavingsScheme (PSS) at any working day of a month.
• In case of a minor, minor’s legal guardian can operate the account.
• A person can open more than one PSS account 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:
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• Theinvestor
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:
DOUBLE BENEFIT SCHEME
Under this scheme, a deposit of Tk. 10,000/- or its multiple will be doubled in 6 Years.
Monthly
Installment
(Tk. 500/- or
multiple up to
25,000/-)
Matured Amount (Tk.)
4 Years 6 Years 8 Years 10 Years
500/- 30,500/- 52,000/- 78,000/- 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/
-
Monthly
Installment
(Tk. 500/- or
multiple up to25,000/-)
Monthly Pension Amount for Next 5 Years
after Maturity
On 4-yr
Scheme
On 6-yr
Scheme
On 8-yr
Scheme
On 10-yr
Scheme
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/-
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Eligibility
• A person of 18 to 60 years can open DBS account.
• DBS account can be opened in the name of a minor. In that case the minor shall
be followed by his/her nominee.
• DBS account can be opened in joint names or in the name of any institution.
• A person can open more than one DBS account.
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 admissible for any individual (singly or jointly) or institution.
• The Scheme is covered by Insurance and the Insurance Premium shall be borne
by the respective branches.
• A passport size Photograph of each account holder is required to open the
account.
• DBS account 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 account is closed /encased after one year he will get normal saving rate of
interest.
• The account holder can avail credit card facility of maximum 80% against the lien
of the deposited amount to meet emergency expenses.
EDUCATIONAL SAVINGS SCHEME (ESS)
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Under this scheme, an investor can save for his/her children’s education. Client can open
maximum three accounts 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 accounts.
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 10th 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 account (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:
• In case of pre-matured withdrawal:
Monthly
Installment
Money at the end
of 5 years period
Money at the end
of 10 years period
500/- Tk. 40,000/- Tk. 408,000/-
1,000/- Tk. 80,000/- Tk. 216,000/-
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Limitations of ESS account:
• Joint account is not allowed
• The installment quantum and the tenure of the scheme, once started, cannot be
changed.
• The account 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 account of Tk.50,000 or multiple up to 25,00,000 in single name
or Tk.50,00,000 in joint 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 54,000.00
2 Years 59,000.00
Relationship Rate of Interest
Withdrawal before 6 moths No interest
Withdrawal within 6 to 12
months7.5 %
Withdrawal within 1 to 3 years 8.5 %
Withdrawal after 3 years 9 %
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3 Years 65,000.00
4 Years 72,000.00
5 Years 79,000.00
6 Years 89,000.00
7 Years 99,000.00
8 Years 1,10,000.00
MARRIAGE SAVING SCHEME (MSS)
Maximum three accounts 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 accounts.
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 10th 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 account (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
InstallmentMoney at the end
of 5 years period
Money at the end
of 10 years period
500/- Tk. 40,000/- Tk. 408,000/-
1,000/- Tk. 80,000/- Tk. 216,000/-43
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• In case of pre-matured withdrawal:
Limitations of ESS account:
• Joint account is not allowed
• The installment quantum and the tenure of the scheme, once started, cannot be
changed.
• The account 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 account.
• An attested copy of passport 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 account.
Relationship Rate of Interest
Withdrawal before 6 moths No interest
Withdrawal within 6 to 12
months7.5 %
Withdrawal within 1 to 3 years 8.5 %
Withdrawal after 3 years 9 %
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• To operate WEPSS account, the client must open a “Non-Resident Taka Account”
with the Bank’s nominated branch.
• Installments of WEPSS can only be transferred through authorized Remittance
Agent to the “Non-Resident Taka Account”, from where it will be accumulate in
WEPSS account 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:
• 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:
MonthlyInstallment
(Tk. 1000/- or
multiple up
to 25,000/-)
Matured Amount (Tk.)
4 Years 6 Years 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/-
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• Advance payments of installments are available.
• If the client comes back Bangladesh before the maturity of WEPSS account, the
account will be active as long as the installment amount can be collected from the
“Non-Resident Taka Account”.
• The account will be closed in failure of payment of 5 consecutive installments.
• In case of premature closure of the account, pension facility is not available.
• For premature closure of the account:
Monthly
Installment
(Tk. 500/- or
multiple up
to 25,000/-)
Monthly Pension Amount for Next 5 Years after Maturity
On 4-yr
SchemeOn 6-yr
Scheme
On 8-yr
Scheme
On 10-yr
Scheme
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/-
No. of Installments Rate of Interest
Less than 12 installments No interest
More than 12 but less than
48 installmentsPrevailing Savings rate
More than 48 but less than72 installments
4 years matured amount + rest as per prevailingSavings rate
More than 72 but less than
96 installments
6 years matured amount + rest as per prevailing
Savings rate
More than 96 but less than
120 installments
8 years matured amount + rest as per prevailing
Savings rate
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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 Account number shall be written properly on the Cheque Book
cover and it’s Requisition Slip.
o The Account 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 account 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 Account number and title of account on the Cheque match with the account
number and title of account given in the system.
o Number of Cheque tallies with the Cheque series noted in the account.
o Stop payment/ other instruction regarding operation of the A/C has been
checked.
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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:
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o It bears the appropriate stamp with correct date.
o Authorized Officer (s) signs it.
o Amounts in words and figures tally.
o Account number and title of account 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 admitted. All
Specimen Signature Cards shall be admitted by the Authorized Officer on verifying
the Signature of the account holder from the Account Opening Forms.
2.All Specimen Signature Cards shall be arranged in a serial order of their account
number.
3.Before verifying a signature on a Cheque, the Cancellation Officer shall invariablyrefer to the scanned Specimen signature of the drawer of the Cheque.
4.In case signature differs, Cheques shall .not be passed 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 passing 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 pass any Cheque unless the Cheque is posted in the
account and initialed by the system Officer.
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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 accounts shall be marked "Account
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:
• Account 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 accountholder, 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 account holder, a search shall be made to various
Departments to know the position of any available credits to be released for the
account.
d)The particulars of the Cheque and the reasons for return shall be noted in the
"Cheque Return Register".
e)No Cheque shall be returned without prior permission from the
HOB/MO/GB/Deposit In charge.
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ATM CARD
The acronym ATM isAutomated Teller Machine. It is, in fact, a debit card. If any client
has satisfactory balance in his account 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 password
that even the banker does not know. For this Tk.500 is debited from the customers
account per year. The customer places in the card into the machine and provide the
password 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 payinterest 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 ofestablishments 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) account.
• Card Cheque: The client can draw cheque up to the available balance in his/her
card account.
• 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 [email protected]% 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 account from any
branch of this bank. The respective account will be debited or credited instantly.
Balance Inquiry:
Any customer can check his/her up-to date account balance from any of the branches of
this Bank.
Account Statement:
It is possible to get up-to date account 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 account to any other
account/accounts 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 Accounting:
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 Security Deposit
Small Tk. 750/=
Tk.2,500/=(Refundable) for all types
of lockers.Medium Tk. 1,250/=
Large Tk. 2,000/=
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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.
Terms and Conditions of SMS Banking:
1.Registration form must be completed and submitted to the branch, where the
account(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. Account Statement Request is limited for
previous 6 (six) months only.
4.Reply SMS charges are monthly payable with 15% VAT. If account 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:
• Account 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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• Help list of Keywords to send SMS
• Help message format to send SMS
2.Request Services:
• Fund Transfer
• Mobile Bill Payment
• Cheque Book Request
• Account Statement Print Request
• Account Statement Request by Courier
• Account 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
eCode
Service Name Execution
Charge
Charge per
Reply SMS
Other Charges
A 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 Charge for
cheque book
204 Account Statement
Print Request
- 3.00 5.00/ page
205 Account Statement
Request by Courier
- 3.00 5.00/page +
courier charge
206 Account Statement
Request by E-mail
25.00 3.00 -
C Execution Services - 3.00 -
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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 Accounts 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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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 ACCOUNTS &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 accounts, amounting Tk.
147,92,41,096.93/=
Types of Accounts Total
Accounts
Total Amount
Current Account 2232 44488056.33Savings Account ( included Savings- Staff) 4323 214982582.78
Short Term Deposits 47 102079240.78
Fixed Deposits Receipt 818 1074257564.68
Pension Saving Scheme 549 11100830.33
Marriage Savings Schemes 4 329436.56
Educational Savings Schemes 7 728200.83
Monthly Savings Scheme 177 5258178.48
Double Benefit Scheme 80 21751775.36
Savers Ben. Dep. Scheme 1 665230.80
Monthly Income Scheme 1 3600000.00Total 8, 239 147,92,41,096.93
Table 7: Total numbers of accounts available in SEBL, LDP branch as on A