Internship Report on

Tariq Road Branch, Karachi

Submitted by:
Mohammad Hamza Rasheed
(HRD/MK/741)

Acknowledgement
All praise to Almighty Allah, the most merciful and
compassionate, who give me skills and abilities to
complete this report and internship successfully.
I am grateful to my parents who are always been a source
of encouragement for me throughout my life and from
start to the end of this internship.
I feel deeply indebted to all my teachers for provision of
inestimable, priceless and valuable cooperation and
support.
I would also like to thank Meezan Bank Limited for
provision of valuable guidance and information. I found
everyone very cooperative and helpful for providing me
the theoretical as well as practical knowledge about the
function and operation of the bank.
Last but not least I would prefer to convey the credit to
IoBM without whose on time support and guidance it
would be difficult for me to achieve this task successfully.

Mohammad Hamza Rasheed

(HRD/MK/741)

Abstract
This report is specially meant for the student of BS
Accounting, Management and Law. It is concerned to a
brief study of the operation, function, tasks and services of
Meezan Bank Limited.
Banking play very important role in the commerce and
economic development of a county. Now-a-days banks are
using different modern technologies, which influence the
managerial activities that is why I decided to do my
internship in the bank.
In preparation of this report I have tried my best to provide
all possible information about the operation, function and
tasks of MBL in brief and comprehensive form. The report
begins with the purpose of making such report then
detailed introduction of MBL is discussed. It also includes
management structure of MBL and different products and
services offered by MBL along with their features. It also
includes a brief department worked during internship and
SWOT analysis of MBL. Furthermore it includes latest
financial statements.

Introduction
Islamic Banking
Islamic Banking and finance growth has generated considerable
interest in the financial world in recent years. The concept of
Islamic banking has received encouraging response from different
corners of the globe as one discovers its ideological dimensions
and practical significance. Given its ability to offer innovative
financial solutions for basic financial needs in under-served
markets especially in the Muslim worlds to complex financial
requirement of the modern times, it is seen as a socially
responsible and ethical banking model with considerable growth
potential. In the Muslim world and increasingly in the West,
significant segments of the institutional and retail markets are
choosing Islamic finance for their financing and investment needs.
Islamic financial system also draws it strength form it being asset
backed nature and directly linkage to the real economic
transactions and avoidance of any element of interest and
speculative activity. Building on the very basic of Islamic teaching
& philosophy, Islamic Economics thoughts accept that every
human being needs involvement in some kind of economic activity
for survival and it is a legitimate right for every individual. Thus
Islam banking is focused to provide an ideologically superior model
to the modern day economic problems and aims for the
establishment of a just & fair society. The central philosophy
emerges from the divine guidelines allowing trade as an
alternative of Riba or usury.

Islamic Banking and Finance

Islamic Banking & Finance - Global Growth Trends The impressive
growth track of Islamic banking over the last few years has created
high expectations in the stake-holders and has compelled the

major players of the banking industry, investors as well as

regulators and government to view it as a separate segment in the
banking industry. Keen interest in this discipline has already
extended beyond Islamic countries and to nonIslamic financial
institutions. In the recent times, the global financial services
industry is witnessing a sharp rise in the demand for Islamic
financial services. Today, more than 700 Islamic Financial
Institutions are operating across the globe with around $1.2 trillion
assets under management in more then 85 countries. Financial
Institutions from Middle East, Far East, US and Europe to Africa,
South and Central Asian republics are offering Islamic banking
services. The industry is growing at a rate of roughly 15-20%
percent per year, and could serve 40 to 50 percent of the world's
Muslim population within a decade. According to a recent estimate
by Standards & Poors the market potential for Islamic banks is
estimated at $ 4 trillion. Recently countries like Oman, Nigeria,
Tanzania, Uganda & Maldives have opened their doors for Islamic
finance and encouraging new and existing financial institutions to
offer Islamic financial services to their customers.

Understanding the difference

When we look at the differences between Islamic Financial
Institutes and the Interest-based conventional Institutes,
we find out that the differences are on three levels: 1.
Conceptual & Socio-religious level 2. Business model &
Governing framework 3. Product Level Implementation
Without a clear understanding of these differences, some
people, even experts tend to make a common mistake of
equating Islamic banks with other conventional banks with
mere change of name.

Key Differences between Islamic Banks &

Conventional Interest Based Banks
At Conceptual & Socio-Religious level
- Islamic banks (IB) are not money
- Conventional Interest based banks (CB) are in
lending institutes but they work as a the business of lending & borrowing money
trading/investment house.
based on interest.
- Islamic banks work under the socio- - In CB we see no such restrictions. Interest is
religious guidelines that prohibit
the back-bone of this system and short sale,
charging and paying interest and avoidsale of debts and speculative transactions are
all impermissible transactions like
common.
gambling, speculation, short selling & - In CBs all type of industries are financed, only
Sale of debts & receivables.
businesses deemed illegal by law of land are
- Islamic banks do not permit financingnot supported.
to industries which can cause harm to
the society such as alcohol, tobacco
etc.

At Business Model & Governing Framework

- IBs business model is based on trade,- On the other hand, generally CBs did not
thus IBs need to actively participate ininvolve themselves in trade and business as
trade and production process and
they act only as a money lender.
activities.
- In CBs no such framework is present and
- IBs have a strong Shariah governing actually it is a key litmus test to judge the claim
framework in terms of Shariah Advisorof those who fails to see differences between
&/or Shariah Supervisory Board, whichIBs & CBs
approves the transactions & product in
the light of the Shariah rulings

Product Level implementation

- Islamic banking products are usually - CBs treat money as a commodity and lend it
asset backed & involve trading of
against interest as its compensation
assets, renting of asset and
- In CBs almost all the financing & deposit side

participation on profit & loss basis.

products are loan based.
- IBs recognize loan as a noncommercial and exclude it from the
domain of commercial transaction. Any
loan given by IBs must be interest free.

Vision
Establish Islamic banking as banking of first choice to facilitate the
implementation of an equitable economic system, providing a
strong foundation for establishing a fair and just society for
mankind

Mission
To be a premier Islamic bank, offering a one-stop shop for
innovative value-added products and services to our customers
within the bounds of Shariah, while optimizing the stakeholders
value through an organizational culture based on learning,
fairness, respect for individual enterprise and performance.

Values
Shariah-compliance, Integrity, Professionalism, Innovation, Service,
Excellence, Social Responsibility Committed, motivated and
professionally trained employees who are empathic to their
customers needs.

Board of Directors
Mr. Riyadh S.A.A. Edrees (Chairman)
Mr. Faisal A.A.A. Al Nassar
Mr. Badar H.A.M.A Al Rabiah
Mr. Rana Ahmed Humayon
Mr. Alaa A. Al-Sarawi
Syeda Azra Mujtaba
Mr. Muhammad Zarrug Rajab
Mr. Mohammad Abdul Aleem

Mr. Noorur Rahman Abid

Mr. Talal S.A. Al Shehab
Mr. Irfan Siddiqui (President and CEO)
Mr. Ariful Islam (Deputy CEO)

Shariah Supervisory Board

Successful implementation of the Islamic Banking model rests
upon absolute adherence to the principles of Islamic Shariah.
The foundations of a strong Shariah underpinning at Meezan
Bank were laid from the beginning. A world-renowned Shariah
Supervisory Board and a highly qualified and experienced in
house Shariah Advisor are fundamental aspects of the Bank's
core USP. The primary role of this Board is to maintain and
further strengthen this ommitment and to ensure strict Shariahcompliance in all areas of the Bank's operations.Members of the
Shariah Supervisory Board of Meezan Bank are Internationallyrenowned scholars, serving on the boards of many Islamic
banks operating in different countries.
Justice (Retd.) Muhammad Taqi Usmani (Chairman)

Sheikh Issam H. Haq

Dr. Muhammad Imran Ashraf Usmani (Resident Shariah Board
Member)

Credit
Rating
Category

Latest

Previous

Medium to Long-Term

AA

AA-

Short Term

A1+

A1+

Outlook

Stable

Stable

CR-VIS, the Banks Credit Rating Agency has upgraded Banks

long-term entity rating to AA (Double A) from AA- (Double A
Minus) with Stable Outlook and maintained short-term rating to
.A1+ (A-One Plus) which is the highest short-term rating
Double A rating assigned by JCR VIS denotes high credit
quality, strong protection factors and modest risk but may vary
from time to time because of economic conditions. Whereas
short term rating A1+ denotes high certainty of timely
payments, excellent liquidity factors supported by good
.fundamental protection factors and minor risk factors

There are 3 main departments at the branch:

CUSTOMER SERVICES AND CREDIT DEPARTMENT
OPERATIONS DEPARTMENT
CASH DEPARTMENT

Customer Service and Credit

Department
It is mainly important for opening and closing accounts and
other credit facilities such as Car Ijarah, Bike Ijarah etc
Products offered by this department:
a) Riba Free Rupee Savings Account
Current account
Saving Account
b) Riba Free Dollar Savings Account
Foreign Currency Account
BASIC OF ACCOUNT OPENING
Account opening is the basic and first relationship, which is established between
Bank and the customer. In account opening extreme care has to be exercised in
case of completion of account opening documentation.Whenever a client comes in
the bank in order to open an account the first information thatis given to him/her
about the types of accounts, which can be opened, so far this purposethe client is
given detailed information about the accounts and their respective profitrates.
TYPE OF ACCOUNTS OPENED
CURRENT
SAVING
TERM DEPOSIT
Sub-categories of Accounts and the Basic Requirements:
MINOR ACCOUNT
Bay form and copy of passport minor
National Identity card of Guardian
Signature requirement of guardian
INDIVIDUAL ACCOUNT
Copy of national identity card
Complete account opening form

Letter of introduction if required

Visiting Card (if the person is employed)

JOINT ACCOUNTS
As evident from the name these accounts can be jointly opened by any number
of persons. The minimum number of persons required to open a joint account is two
butthere is no maximum limit.
Requirements:
National Identity card of all Applicants.
Signature of all Applicants.
Zakat Affidavit of all Applicants (zakat Examption).
Operation of account clearly mentioned.
The options available to operate the account are:
Jointly
Either or Survivor
Other(s)(Please specify)
CLUB /SOCIETY/ASSOCIATION [Requirements]:
Certified copy of resolution
Certified copy of rules
Copies of National Identity cards of all directors/passports
Completed account opening form

Specimen Signature Card

TRUSTS ACCOUNTS
Completed account opening form
Specimen Signature Card
Certified copy of trust deed
Copy of rules/by laws
Copies of National Identity cards of all trustees
CORPORATE ACCOUNTSACCOUNTS OF SOLE PROPRIETOR
(Requirements)
Declaration Letter
Copy of NIC/Passport of the proprietor
National Tax Certificate
Declaration of Sole Proprietor on company letterhead
Business registration Certificate
Specimen Signature Cards and completed account opening
form.
ACCOUNT OF PARTNERSHIP (Requirements)
Partnership Deed, certified copy.

Photocopies of NIC of all partners.

Partnership Mandate (Prescribed Format).

ACCOUNT OF LIMITED COMPANIES (Requirements)

List of Directors of company.
NIC of all Directors.
Copy of certificate of Incorporation.
Memorandum of Association.
Article of Association.
Copy of Board Resolution.
Latest Copy of Form-29
Stamp of Company, which is to be affixed on the
account opening form.
Certificate of Commencement of Business
ACCOUNTS OF LITERATE [Photo Account]
These accounts can be opened individually or jointly.
For me n, the ri ght hand thu mb impre ss ion and fo
r w o m e n , t h e l e f t h a n d t h u m b impression is taken on
account opening form.The customer is given advice
to come to bank by himself in order to withdraw any
cashor deposit the cheque.
Requirements:
Photocopy of NIC of Account Holder.
Two-three passport size photographs.
PROCEDURES FOR ACCOUNT OPENING
First of all, after inquiring from the customer what type of
account he/she wants to open,the account opening form is
got fi lled from the customer and signed it. Along with
theaccount opening form, the customer is also signed two
Specimen Signatures Cards.After fulfi lling all the formalities
of account opening, the computer generated
accountnumber is given to the customer that is of special
series depending on the type of account.
REQUISITION SLIP
A requisition slip is given to the customer to
s i g n i t s o t h a t t h e c u s t o m e r c a n g e t chequebook.

Chequebook is issued after one day of receiving the requisition

slip.
LETTER OF THANKS
After opening the account A Letter Of Thanks is send to the
customer in order to thank the customer for opening an
account in the Bank. This letter tells all the
informationregarding his/her accounts, which are kept very
confidential.
ACCOUNT OPENING REGISTER
After an account is opened, an entry is made in the
account opening register, which has the following columns:
Date
Account Number
Name & Address
Telephone Number
Initial Deposit Customer Services/Relation Offi cer
enters the new account opened in computer and
theSpecimen signature Cards are also scanned so that
whenever a cheque of the respectiveaccount comes for
encashment, the signatures can be verified.

Overall functions performed by Customer Services

Department:
ACCOUNT OPENING
ACCOUNT CLOSING
GENERAL CLIENT DEALING

Car Ijarah
Car Ijarah is Meezan Banks car financing product and is Pakistans
first Interest-free car financing. It is based on the Islamic financing
mode of Ijarah (leasing). This product is ideal for individuals who
want to get interest-free financing for acquiring a car.
Car Ijarah works through a car rental agreement, under which
the Bank purchases the car and rents it out to the customer for
a period of 1 to 5 years, agreed at the time of the contract.
Upon completion of the Ijarah period, the vehicle will be sold at
a token amount or gifted to the customer.
Features
Lowest Up Front Payment
Rental Payment starts after Vehicle Delivery
Quick Processing Time
Tracker will be installed in all vehicles free of installation and
monitoring cost
Free accidental death coverage of upto Rs. 400,000
Minimum security deposit as low as 10%*
Meezan Bank will bear W.H.T (With Holding Tax) on purchase of
vehicle

Bike Ijarah

Bike Ijarah is Pakistans first Riba-free motorcycle financing

facility which is based on the Islamic financing mode of Ijarah
(leasing). It is ideal for individuals who want to get interest-free
financing for acquiring a motorcycle.
Bike Ijarah works through a bike rental agreement, under which
the Bank purchases the vehicle and rents it out to the customer
for a period of 1 to 3 years, agreed at the time of the contract.
Upon completion of the Ijarah period, the vehicle will be sold at
a token amount or gifted to the customer.

Features
Two Periodic Maintenance
Low Monthly Rental
Rental after Delivery
Fast Processing and Delivery
Takaful Available

Consumer Ease(Products)
LEDs
Washing Machines
Phones
Cameras
Split ACs
Laptops
Generators
Wedding Packages

Meezan Bank Easy Home - Islamic Housing

Finance

With Easy Home you participate with Meezan Bank in joint

ownership of your property, where the Bank will provide a
certain amount of financing. You agree to a monthly payment to
the bank of which one component is for use of the home, and
another for your equity share. In fact, the total monthly
payment is reduced regularly as your share in the property
grows. When you have made the full investment, which had
been agreed upon, you become the sole owner with a free and
clear title to the property.

Features
Highest Financing Amounts
Maximum Finance against Property Value
Flexiblility to make Partial Pre-payments
Shariah Complaint Life Takaful Facility
Affordable Installments and regular reducing monthly rental

Products
Easy Buyer
Choose it and get ready to move in!
Flexible financing from minimum PKR 500,000 to PKR 50
million for Salaried, SEP, NRP & Businessmen customers.
Easy selection of financing tenure from 3 years to 20 years
Maximum 25 years tenure for Salaried & SEP customer
Bank Investment Ratio (BIR)
Up to 75% for Salaried / SEP / NRP.

 Up to 65% for Business persons.

Easy Builder
For that special home you want to build!
Easy Builder allows you to get financing for Residential
House on already owned land OR purchase of land &
consturction thereon.
Flexible financing from minimum PKR 500,000 to PKR 50
million for Salaried, SEP, NRP & Businessmen customers
Easy selection of financing tenure from 2 years (excluding
construction period of max 12 months) to 20 years
Maximum 25 years tenure for Salaried & SEP customer
Bank Investment Ratio (BIR)
Up to 75% for Salaried / SEP / NRP.
Up to 65% for Business persons.

Easy Renovate
Make your home even better or just repair it!
Flexible financing from minimum PKR 500,000 to PKR 50
million for Salaried, SEP, NRP & Businessmen customers.
Easy selection of financing tenure from 3 years to 20 years
Maximum 25 years tenure for Salaried & SEP customer

Easy Replace
Transfer your existing mortgage!
Easy Replacement allows you to transfer your existing
house finance facility from any other bank to Meezan
Bank.

 Flexible financing from minimum PKR 500,000 to PKR 50

million for Salaried, SEP, NRP & Businessmen customers.
Easy selection of financing tenure from 3 years to 20 years
Maximum 25 years tenure for Salaried & SEP customer
Bank Investment Ratio (BIR)
Up to 75% for Salaried / SEP / NRP.
Up to 65% for Business persons.

OPERATIONS DEPARTMENT
FUNCTIONS PERFOMED:
CLEARING
REMITTANCE

CLEARING

In clearing process, if the account holder of MBL receives the

cheque of other bank like City Bank, Habib Bank Limited etc, and
he submits it in MBL branch to be cashed. At the same time the
clearing process starts. First the bank name, Cheque number and
the amount are written in the register. After this three kind of
stamps are required first bank name stamp, secondly clearing
stamp of next date and If the cheque is not local then the inter-city
clearing stamp is required. Some cheques are local and some are
outstation. The institution N.I.F.T. provides the services in clearing
the cheque. They send the different cheque to different banks.
The N.I.F.T service is only in few cities, like Karachi, Lahore,
Rawalpindi. The cheque of inter city is send through N.I.F.T. And
where, the N.I.F.T service is not available so the cheque is sent
through T.C.S. The clearance of cheque is informed through advice.
Some cheque is not passed so they should return so Rs. 100 is
deducted and if the cheque is inter city then the postage charges
is deducted. For this purpose the Debit & Credit voucher is used.
When the cheque is cleared the today stamp is required. Some
cheque is drawn on MBL. This is called outward clearing. These
cheques will be entered in the outward clearing register.And the
advice is sent for the clearance of cheques. The account holder
account iscredited.
Inward clearing
Outward clearing

INWARD CLEARING
In the morning, the bank receives its own cheques, which have
been presented by the customers in some other bank to be
deposited in their account. NIFT provides the facility of bringing
cheques for inward and also takes the cheques of outward clearing
to other banks. The cheques received in inward clearing are the

cheques drawn on bank and the bank has to pay for them. For this
purpose the bank makes clearing in computer by checking the
balances of the respective customer, if their balances are up to the
mark then that cheque is cleared and the respective customer
account is debited with the respective amount. If the balances are
short then that cheque is bounced back to the related bank.
Reasons for returning a cheque:

All required stamps of Clearing, Crossing and Endorsement are

not present oncheques.
Cheque is postdated.
Refer to drawer
Effects not cleared, may be presented again
Amounts in words and figures differ. If any of these reasons exists
then that cheque is returned through NIFT and deducts Rs.300
from customer account as cheque returned charges.Then the
report of returning any cheque is sent through fax to the head
office Karachi.After this put the entry in Cheque return register
showing the following columns:
Date
Title of account
Account number
Cheque number
Bank and Branch name
Reason to return
OUTWARD CLEARING:
All the cheques of other banks which are deposited to MBL are
presented in outward clearing. This is said as outward clearing

because they are presented on the very next day after depositing
a cheque.

SERVICES PROVIDED BY CLEARING FUNCTION

I.TRANSFER OF AMOUNT
II.TELLING ACCOUNT BALANCES
III.ISSUING CHEQUES BOOKS

I. TRANSFER OF AMOUNT
If a customer holds two accounts in the bank and he/she wants to
transfer money from one account to other account, customer
writes a cheque and fills deposit slip in which he/she writes
account number to which amount is to be transferred. After making
transfer entry in the computer, affix transfer stamp in the middle
of the cheque, crossing on the upper left and banks endorsement
stamp on the backside of the cheque.
II. TELLING ACCOUNT BALANCES
Whenever clearing officer receives phone call from the customer
inquiring about his/her account balance after confirming the name,
address and other information he tells the balance through
computer.
III. ISSUING CHEQUE BOOKS
It is also the duty of department to issue a cheques book when an
officer receives request from the customer.

REMITTANCE

Another important department in MBL is Remittances Department.

The remittancesdepartment transfers the funds from one bank to
other bank and from one place to another place. In remittances
department the collection take place. The MBL made payment of
only open cheques on the counter and prohibits
the payment of crossed cheques. MBL transfers money from one
place to another by the following means:
a) Pay order
b) Demand drafts
c) Inward collection

a) PAY ORDER:
Pay order is an order to pay money but this payment is to be made
within city. In other words it can be said that the payee and the
payer should be in one city.
In pay order the payment can be made in
A) Cash
B) Clearing
C) Transfer
PROCEDURE:
In case of pay order first of all the customer has to fill a pay order
application form in favoring section: name, account number,
amount, beneficiary name, address, etc. The data is entered in
already set format of pay order in computer and pay order print
out is taken. An authorized person and manager operations are
signed pay order. The original copy of the pay order is given to the
customer and carbon copy is kept with bank for office record.

b) DEMAND DRAFT
An order to pay money to the payee who is residing outside the
city. DD can be for a customer who may or may not have an
account in the bank but the other persons account must be
maintained with the bank for which the payer has demanded the
DD.
c) INWARD COLLECTION
When the bank receives cheques of any other bank from its any
branch situated in thesome other city, then those have been dealt
as inward collection

OTHER FUNCTIONS UNDER OPERATIONS DEPARTMENT

a) LOCKERS
Lockers operations shall not be permitted under power of attorney
of a customer. A customer wishing to allow another person or
agent may be requested to open a new locker account under joint
names and close the existing account. In offering this facility
branches have to be selective and should provide lockers to the
customers whose identity and integrity is verified, who should
maintain account with the branch and have potential for deposits
and other banking business. It is reiterated that honesty,
creditability and good reputation of the customer is of utmost
importance in the selection of customer for lockers.
KEY FEATURES:
Available in selected branches
Available in 3 sizes (small, medium and large)
For all eligible Account Holders

Key security Deposit PKR 5000

Procedure
Application on Prescribed Form duly filled
Saving/Current Account with MBL
02 Passport size Photographs

b) Cheque Books Handling

Application for New Cheque Book

RIBA FREE TERM DEPOSITS OFFERED BY BANK

The following products are handled under the operation
department.
Certificate of Islamic Investment
Monthly Mudarabah Certificates
Dollar Mudarabah Certificates
Meezan Amdan Certificates

Certificate of Islamic Investment

The Certificate of Islamic Investment (COII) is a Mudarabahbased deposit product through which you can invest your
savings for periods ranging from 3 months to 5 years and earn
.Halal profit on a periodic basis
Features
Investment Periods

Investment can be made for 3 months, 6 months, 1 year, 2

years, 3 years and 5 years

Profit Payments
Profit payment options are monthly, quarterly or at maturity

Minimum Investment
/Quarterly and on-maturity payment = Rs. 50,000
/Monthly profit payment = Rs. 200,000

COII Plus
Enjoy a higher weightage with COII Plus on your term deposit
.on 3 months to 1 year by investing Rs. 1 million or more

Pre Mature Withdrawal

Pre-mature withdrawal can be made as per approved schedule

Monthly Mudarabah Certificates

The Riba-Free Monthly Mudarabah Certificate (MMC) is a shortterm deposit product which has been designed to give you
.expected monthly returns

Features
Investment Periods
One month with re-investment option available on a continuous
basis

Profit Payments
Monthly profit payment will be made to your Meezan Bank
account

Minimum Investment
-/Minimum Investment required is Rs. 100,000

MMC Plus
Enjoy a higher weightage with MMC Plus on your monthly
.investment by investing Rs. 1 million or more

Pre Mature Withdrawal

Pre-mature withdrawal can be made as per approved schedule

Dollar Mudarabah Certificates

The Dollar Mudarabah Certificate (DMC) is a deposit product

through which you can invest your US Dollars with Meezan
Bank for periods ranging from 3 months to 3 years and earn
.six-monthly or at maturity profit payments on your investment
Features
Investment Periods
Investment tenures are 3 months, 6 months, 1 year and 3 years

Profit Payments
Profit payment will be made either at maturity or on a sixmonthly basis to your Meezan Bank Dollar Saving Account

Minimum Investment
-/Minimum Investment required is USD 10,000

Pre Mature Withdrawal

Pre-mature withdrawal can be made as per approved schedule

Meezan Amdan Certificate

Meezan Amdan Certificate is a Mudarabah-based long-term
deposit product that offers a high expected return to investors

and is ideal for those individuals and corporate clients who

need a regular stream of monthly income.
Features
Investment Periods
Investment can be made for 5 1/2 years and 7 years
Profit Payments
Profit payment is made to your Meezan Bank account on a
monthly basis
Minimum Investment
For Individuals = Rs. 100,000/For widows and seniors = Rs. Rs.
50,000/First Cheque Book
Free first cheque book for customers who open an account for
MAC issuance

Pre Mature Withdrawal

Pre-mature withdrawal can be made as per approved schedule
CASH DEPARTMENT
The cash department is the most important department of the
bank. It receives cash from customers and then deposits it into
the accounts of the customers and maintained their balances.
This is the most important and critical department in a Bank.
There are two basic functions performed by the cash
department. These are
Receipts
An individual who has account in the Bank can deposit money
in his account. For deposit of the money the individual has to fill

the deposit slip in which the account holder writes his name,
Account number, amount of the money both in figures and in
words .After filling the deposit slip the Cash amount along with
the deposit slip is submitted with the cashier. The cashier
collects the cash and counts it and after verification the cashier
stamps the deposit slip. One part of the deposit slip is given
back to the customer and the other part of the deposit slip
remains with the bank for the record purposes. The cashier also
record the deposits made by the customers in credit sheets
daily. The deposits of all customers of the bank are controlled
by mean of ledger account. Every customer has its own ledger
account and has separate ledger cards in which his / her total
record is kept. Bill collection is also one of the main functions of
bank. Cashier has to prepare a list of bills serial number, a
copy of which is to be sent to the corresponding organization.
Payments
The procedure of clearance of a cheque or payments is as
following. First of all the customer presents his cheque to the
cashier. The cashier records the account number and the
amount, which is to be drawn. Then the cashier check the
cheque number in the computer for the verification whether the
account holder has such amount in his account which he is
demanding or not. If the computer passes the cheque, the
Passing officer signs the cheque and sent it to the cash counter
then cashier pays the written amount to the customer and then
in the end cashier records the amount paid in computer.

In cash department following books are maintained.

Scroll book
Paying book
Cash balance book

SCROLL BOOK
When cash is received at the customer it is recorded in the
scroll book.
PAYING CASH BOOK
The cashier makes entry in the paying cashbook when cash is
paid.
CASH BALANCE BOOK
The consolidated figure of receipt and payment of cash is
entered in cash balance book.

Statement of Financial Position

Profit and Loss Account

Statement of Comprehensive Income

Statement of Cash Flow

Statement of Changes in Equity