BANK

A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:

A central bank circulates money on behalf of a government and acts as its monetary authority by implementing monetary policy, which regulates the money supply. A commercial bank accepts deposits and pools those funds to provide credit, either directly by lending, or indirectly by investing through the capital markets. Within the global financial markets, these institutions connect market participants with capital deficits (borrowers) to market participants with capital surpluses (investors and lenders) by transferring funds from those parties who have surplus funds to invest (financial assets) to those parties who borrow funds to invest in real assets. A savings bank (known as a "building society" in the United Kingdom) is similar to a savings and loan association (S&L). They can either be stockholder owned or mutually owned, in which case they are permitted to only borrow from members of the financial cooperative. The asset structure of savings banks and savings and loan associations is similar, with residential mortgage loans providing the principal assets of the institution's portfolio. The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena, Italy, which has been operating continuously since 1472.

A Bank's main source of income is interest. A bank pays out at a lower interest rate on deposits and receives a higher interest rate on loans. The difference between these rates represents the bank's net income

History
Banking in the modern sense of the word can be traced to medieval and early Renaissance Italy, to the rich cities in the north like Florence, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th century Florence, establishing branches in many other parts of Europe. Perhaps the most famous Italian bank was the Medici bank, set up by Giovanni Medici in 1397. The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy

BANKING Standard activities

Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and automated teller machine (ATM). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotesand bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending. Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account. Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate

substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings too

Channels
Banks offer many different channels to access their banking and other services:

ATM is a machine that dispenses cash and sometimes takes deposits without the need for a human bank teller. Some ATMs provide additional services. A branch is a retail location Call center Mail: most banks accept check deposits via mail and use mail to communicate to their customers, e.g. by sending out statements Mobile banking is a method of using one's mobile phone to conduct banking transactions Online banking is a term used for performing transactions, payments etc. over the Internet Relationship Managers, mostly for private banking or business banking, often visiting customers at their homes or businesses Telephone banking is a service which allows its customers to perform transactions over the telephone without speaking to a human Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch.clarification

Business model
A bank can generate revenue in a variety of different ways including interest, transaction fees and financial advice. The main method is via charging interest on the capital it lends out to customers. The bank profits from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle. Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In the past 20 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. First, this includes the Gramm-LeachBAILEY Act, which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability). Second, they have expanded the use of risk-based pricing from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of default on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise be denied credit. Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. They make it easier for consumers to conveniently make transactions and

smooth their consumption over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home). However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the credit- debit - cards. This helps in making profit and facilitates economic development as a whole.

NRI BANKING 1) DEFINITION

An Indian citizen, staying abroad for the purpose of employment, business or vocation or for any other purpose in circumstances indicating an indefinite period of stay outside India. An Indian citizen on deputation abroad to a foreign government or International Agency or Indian Embassies/consulates abroad. A foreign national of Indian origin(not being a citizen of Pakistan or Bangladesh.) A foreign born spouse(not being a citizen of Pakistan or Bangladesh.)of an Indian citizen or of a person of Indian origin provided Bank Account is opened jointly with NRI Spouse. Overseas companies, partnership firms, societies, trust and other corporate bodies (OCBs) which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or Origin resident outside India.

2)TYPES OF ACCOUNTS

An existing rupee account, opened prior to one's departure from India will be designated as NRO A/C, or one can also open NRO A/C by fresh remittance from abroad or by transfer of funds from own NRE/FCNR (B) Accounts. All legitimate dues arising in India can be credited to this account. Proceeds of remittances received from abroad in any permitted currency can be credited to this account. Debits for all local payments in rupees are freely permitted. Interest earn on NRO balances is subject to deduction of Income Tax at source.

Remittance upto USD 10,00.000.00 (USD One Million) per Financial Year permitted out of balances held in NRO accounts, subject to deduction of Income Tax and other RBI guidelines.

Non-Resident External (NRE) Rupee Account :

Account is opened with initial deposit of remittance from place of stay abroad. NRE accounts can be opened in any of the bank's deposits schemes. Funds are fully repatriable No Income Tax is applicable on interest earned. Balance is exempt from Wealth Tax. Debits for local payments are freely permissible. Gifts, out of balance in NRE accounts, to close relatives in India are free of gift tax.

Foreign Currency(Non-Resident) Accounts( Banks) Schemes(FCNR-B).

Account is opened with initial deposit by remittance from place of stay abroad. Funds earn competitve interest rates Funds are fully repartiable, whenever desired. No Income Tax is payable on interest earned by individuals Accounts can be opened under term deposits scheme only. Accounts can be opened in six currencies viz.Stg. Pounds, US dollars,Euro, Japanese, Yen,Australian Dollars and in Canadian Dollars. Exchange risk on funds kept under the scheme is borne by the bank.

Interest on deposits is payable in currencies in which the account is maintained. Inter Changeability of funds between NRE& FCNR(B) accounts is permitted. Gifts to close relatives in India out of balance in FCNR(B) accounts are free from gift tax.

Bank Accounts for Non Resident Indians Returning to India.

Resident Foreign Currency (RFC) Accounts Scheme. Scheme is available for NRIs returning to India, who have been resident outside India for a continuous period of not less than one year and who became resident in India on or after 18-41992. Accounts can be opened with remittance from outside India out of the NRI's eligible assets aboard or transfer of funds from his NRE/FCNR(B) accounts without penal provisions of premature withdrawal. Accounts can be opened in any foreign currency and in any scheme i.e Saving/current/Time Deposits. Exchange risk is borne by the Bank. The Deposit earns higher interest than what is earned abroad. Funds are repatriable outside India for bonafide needs of the depositors and their close relatives.

3)SERVICES PROVIDED BY BANKS TO NRIS Almost all the Indian Banks provide services to the NRIs. There are different types of accounts for them. They are:

Non-Resident (Ordinary) Account - NRO A/c Non-Resident (External) Rupee Account - NRE A/c Non-Resident (Foreign Currency) Account - FCNR A/c

An Indian resident who is earning forign exchange can also maintain Foreign Currency account in the country with an authorised dealer bank but only to the maximum limit of 50% of such foreign exchange earnings under the Exchange Earners Foreign Currency Account (EEFC) Scheme.

a) What are the special features of each bank account? The special features are as under: NRO A/c.: The funds, credited to this account, cannot be repatriated outside India in foreign exchange, without prior permission of the Reserve Bank of India. Interest, earned is eligible for repatriation outside India, net of Indian taxes. The remittance of interest (net of taxes) will be permitted by the authorised dealer who maintains the account, if the account holder makes an application to the authorised dealer, in the prescribed form. No RBI permission is required for remittance of interest. NRE A/c.: The funds, standing to the credit of this account, as well as interest earned thereon, are remittable outside India in free foreign exchange, without permission of the RBI. The interest income is not subject to Indian Income-tax. Credits to the accounts should be in the form of remittance in foreign exchange from outside India, as well as other funds, which are eligible to be

remitted outside India, in free foreign exchange. Funds, emanating from local sources, are not eligible to be credited to these accounts, unless these funds are otherwise remittable outside India, in terms of the existing Exchange Control Regulations. FCNR A/c.: These accounts can be opened in four foreign currencies:

Pounds Sterling; US Dollars; Japanese Yen; Euro.

For the purpose of opening an account, remittance in foreign exchange, in the same currency, should be received in India. The accounts can be opened only as fixed deposits, with a minimum maturity of one year and, a maximum maturity of three years. The principal, as well as interest, earned on these accounts, is remittable outside India, in the same currency or, in other convertible currency, as desired by the account holder. The interest, earned on these deposits, is exempt from Indian Income-tax. b) Can Non Resident accounts be opened/ operated by the

Power of Attorney holder in India, on behalf of the nonresident?

The accounts cannot be opened by the Power of Attorney holder in India. However, the latter can operate the accounts for the purpose of local payments to be made on behalf of the non-resident account holder. The Power of Attorney holder is not permitted to make gifts from these accounts and, is not allowed to make remittances outside India.

C) What

happens to the status of these accounts when the non-resident holder becomes a person, resident in India?
The accounts are to be re-designed as resident accounts, when the non-resident account holder becomes a person, resident in India. In the case of fixed deposits opened by the account holder, before becoming resident in India, the contracted rate of interest will be paid till maturity of the deposits. Similarly, FCNR deposits will be eligible to be held in respective currencies till maturity of the deposits, even after the non-resident holder become a resident in India. He will, however, cease to get tax exemption on interest on the erstwhile deposits (NRE/FCNR deposits), after he becomes resident in India. In certain situations, it might be advisable for the account holder to convert the account to a Resident Foreign Currency Account Deposit (RFC)
d) What

are the various facilities available to NRIs/OCBs?

The facilities available to NRIs/OCBs for making investment in India are as follows:

opening and maintenance of bank accounts in India; investment in shares and securities of Indian companies, government securities, units of domestic mutual funds and ,deposits with Indian companies/firms; investment in immovable properties in India; investment in proprietorship/partnership concerns in India.

e)Are NRIs permitted to send remittances outside India out of the assets in India that are inherited by them?
Yes. RBI will consider application from NRIs for remittance of assets, inherited by them in India. Such remittance may be permitted up to US$ 100,000 per year.
f) Can

a person of Indian origin acquire any immovable property in India by way of inheritance?
A person of Indian origin, resident outside India, may acquire any immovable property in India by way of inheritance from a person, resident outside India, who had acquired such property in accordance with the provisions of foreign exchange law in force at the time of acquisition by him or the provisions of Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000. Immovable property, by way of inheritance, can also be acquired by a person of Indian origin resident outside from a person resident in India.
G)

Can NRIs and Overseas Corporate Bodies (OCBs) invest in India?

The Government of India has adopted a liberal policy, with respect to investments by NRIs and OCBs in India. Such investments are allowed, both, through the RBI route and also through the Government route, i.e., through the Foreign Investment Promotion Board (FIPB) NRIs and OCBs are permitted to invest up to 100% equity in real estate development activity and civil aviation sectors. Investment, made by the NRIs and OCBs, are fully repatriable, except

in the case of real estate, which has a 3 year lock-in period on original investment and, 16% cap on dividend repatriation. For those proposals that do not qualify under the automatic route, Government approval is granted through FIPB.
h) What

is the extent and application of Foreign Exchange Management Act (FEMA)?

FEMA extends to the whole of India. It also applies to all branches, offices and agencies outside India, owned or controlled by a person, resident in India. It also applies to any contravention, there under, committed in or, outside India, by any person to whom the Act applies.
i) What

is the penalty for contravention of FEMA?

Any person, contravening FEMA, shall be liable, upon adjudication, to a penalty up to three times the sum involved in such contravention, where such amount is quantifiable, or up to Rupees Two hundred thousand, where the amount is not quantifiable. In addition, where such contravention is a continuing one, the person will be liable to further penalty, which may extend to Rupees Five thousand for every day after the first day, during which the contravention continues.
j) Can

a person of Indian origin resident outside India gift properties acquired earlier in terms of the provisions of FERA/FEMA?
Yes. A person of Indian origin resident outside India may transfer residential or commercial property in India by way of gift to a person resident in India or to a person resident outside India who is a citizen

of India or to a person of Indian origin resident outside India. A Person of Indian origin resident outside India may also transfer by way of gift agriculture land/farm house/plantation property in India to a person resident in India who is a citizen of India.
k) Can

an NRI account be opened in the name of crew members of shipping companies?

Yes, if their posting is not based in India and they derive their income from other country in foreign currency

SARASWAT BANK

INDIAS LEADING CO-OPERATIVE BANK

About Us
The Bank has a very humble but a very inspiring beginning. On 14th September 1918 , "The Saraswat Co-operative Banking Society" was founded. Mr. J.K. Parulkar became its first Chairman, Mr. N.B. Thakur, the first Vice-Chairman, Mr. P.N. Warde, the first Secretary and Mr. Shivram Gopal Rajadhyaksha, the first Treasurer. These were the people with deep and abiding ideals, faith, vision, optimism and entrepreneurial skills. These dedicated men in charge of the Society had a commendable sense of service and duty imbibed in them. Even today, our honorable founders inspire a sense of awe and respect in the Bank and amongst the shareholders. The Society was initially set up to help families in distress. Its objective was to provide temporary accommodation to its members in eventualities such as weddings of dependent members of the family, repayment of debt and expenses of medical treatment etc. The Society was converted into a full-fledged Urban Co-operative Bank in the year 1933. The Bank has the unique distinction of being a witness to History. The Bank, which was originally founded in 1918, i.e. close on the heels of the Russian Revolution, also witnessed as a Society and as Bank-the First World War, the Second World War, India's freedom Movement and the glorious chapter of post-independence India. During this cataclysmic cavalcade of history, the Bank as a financial institution and its members could not of course remain unaffected by the economic consequences of the major events. The two wars in particular brought in their wake, paucities of all kinds and realities and stand by its members

in distress as a solid bulwark of strength. The Founder Members and the later-day management's of the Bank continued to demonstrate their unwavering faith in the destiny of the common man and the co-operative movement and they encouraged the shareholders to save despite all odds.

MISSION STATEMENT
"To emerge as one of the premier and most preferred banks in the

country by adopting highest standards of professionalism and excellence in all the areas of working !!!"

MILESTONES
Thanks to these sustained and assiduous efforts over 25 years after its inception, the Bank had gained Strong foundation in terms of its membership, resources, assets and profits. By 1942, the Bank was fulfilling all the banking needs of its customers. During the late fifties, the Bank grew from strength to strength. The Bank had established five branches within the city of Mumbai and one each at Pune and Belgaum. In its 50th year, the Bank chose a bee motif to symbolise the Bank's emblem - a fitting and appropriate characteristics of a Bank that believed in hard work, a search for all that is good, a team spirit to achieve its objectives and a selfless service to its members and customers. The Bank has grown in stature, progressed in its social and economic objectives and produced an image of what an ideal bank should be. Resultantly, in the year 1977-78, the Bank's gross income crossed the Rs.3.00 crore mark for the first time. Last two decades the Bank has witnessed a steady growth in the business. The bank has a network of 222 fully computerised branches covering six states viz. Maharashtra, Gujrat, Madhya Pradesh, Karnataka, Goa and Delhi. The Bank is providing 24- hour service through ATM at 118 locations. In 1988 the bank was conferred with "Scheduled" status by Reserve

Bank of India.The Bank is the first co-operative bank to provide Merchant Banking services.The Bank got a permanent license to deal in foreign exchange in 1978. Presently the Bank is having correspondent relationship in 45 countries covering 9 currencies with over 125 banks. In 1992 Bank completed 75 years. Platinum Jubilee Celeberations were inaugurated on 14th September,1992. Bank also crossed the business level of Rs 700 Crores The Beginning of the 21st Century has been a giant leap forward for the Bank. Bank chose a path of organic/inorganic growth and our pace of growth accelerated .Bank's total business which was around Rs 4000 Crore in 2000 almost tripled to Rs 15295 Crore in 2007. The Business of the Bank as on 31st March 2009 had crossed Rs 21000 Crores.

As on 31 st March,2010 Bank had surpassed the business level of Rs 23000 crore business. Bank by 1st November,2010 has already surpassed the business level of Rs 25000 crore .As on 31st March ,2011 Bank's business had crossed Rs 26000 crore.

NRI SERVICES
The Saraswat Co-operative Bank is the only Urban Co-operative Bank having a permanent licence from RBI to deal in foreign exchange.This division plays an active role in the Forex operations through its Bcategory branches. The Bank continues its relationship with more than 125 correspondents spread over 45 countries covering nine currencies. Our International Banking Divisionmonitors the flow of export credit and has taken a number of initiatives to provide a fillip to this sector.

SERVICES PROVIDED BY SARASWAT BANK

1) DEPOSIT

ACCOUNTS

Authorised Dealer in Foreign Exchange since 1979.Foreign Currency Accounts in 9 Major Currencies of the World. Correspondent relationship with 125 Banks spread over 45 Countries. 11 Forex Centres in Maharashtra & Goa and Specialised NRI Centre. Well Equipped Treasury Department Member of SWIFT Network for speedy & accurate Funds Transfer. All types of Forex services rendered to many other Co-operative Banks

A)FCNR ACCOUNT
We accept FCNR Term Deposit in US Dollar, Sterling Pound and EURO for a period one-year to five years Minimum deposit accepted is US Dollars 1000/-. Accounts can be opened/credited with remittances from abroad/transfer from existing NRE/FCNR accounts/deposit of foreign exchange brought into India, during visits to India. No exchange loss, since principal is repayable in the currency of deposit. In case of fixed deposit for one year interest is paid on maturity and deposit for more than one year and up to three years interest is payable on half yearly basis. In case of deposit for more than one year, interest can be compounded on half- yearly basis under our KALPATARU Deposit Scheme Other

conditions are similar as in the case of NRE Accounts. Accounts can be opened jointly with any other Non-Resident Indian. Principal amount with interest earned is eligible for repatriation abroad. Loans up to 20 Lakhs against deposits are available for purposes other than relending / carrying on agricultural /plantation.Nomination facility available for these accounts.

B)NRE Account
NON-RESIDENT (EXTERNAL) RUPEE ACCOUNT (NRE ACCOUNT ): Savings Accounts Current Account Term Deposits : Fixed Deposits (Interest paid quarterly ) Kalpataru Deposit (Interest compounded every quarter ) Recurring Deposits Term deposits accepted for a term of one year to five years . Accounts can be opened/credited with remittances from abroad/transfer from existing NRE/FCNR accounts/ deposit of foreign exchange brought into India, during visits to India. Accounts can be opened jointly with any other Non-Resident Indian . Principal amount with interest earned is eligible for repatriation abroad

Transfer of funds between NRE accounts of different persons, for genuine personal purposes, freely permitted . Non-Resident Indians can authorise residents to operate their NRE accounts for local payments through a Power of Attorney/Letter of Authority. Withdrawals for local payments or payments abroad in any convertible currency are allowed . Loans up to 20 Lakhs against deposits are available for purposes other than relending / carrying on agricultural /plantation.

C)NRO ACCOUNT
Savings Account Current Accounts Term Deposits: Fixed Deposits Kalpataru Deposits Recurring Deposits Account is maintained in Indian Rupees.Accounts can be opened/credited with legitimate local funds of the non-resident; foreign exchange funds may also be credited into the accounts. Accounts can be opened jointly with non-residents/residents . Funds held in NRO accounts, can be repatriated outside India with an overall limit of USD one million per calendar year including sale of assets held

by NRIs in India, on production of an undertaking and certificate by a person making remittance in Form and application for remittance as given under section 195 of the Indian Income-Tax Act . Interest is subject to dedustion of tax at source at the rate of 30% plus surcharge if any for the financial year 2006-07. Loans against the deposits can be availed of for purposes other than relending, carrying on agricultural / Plantation activities / real estate business .

D)RCF ACCOUNT(RESIDENT FOREIGN CURRENCY) RESIDENT FOREIGN CURRENCY (RFC) ACCOUNTS FOR NRIS RETURNING TO INDIA PERMANENTLY
NRIs returning to India permanently can open Resident Foreign Currency accounts with The funds in RFCs can be remitted abroad for any bonafide banks in India. We maintain RFC Account in US Dollar . Minimum deposit accepted is US $1,000. The balances in NRE/FCNR accounts and other foreign currency funds brought in by the NRI at the time of return and subsequently from the assets maintained abroad can be freely invested in RFCs. purpose of the account-holder or his dependents without RBI`s approval.The funds can also be withdrawn by converting into rupees for local payments. If the Returning Indian subsequently goes abroad to become an NRI, the balance in his RFC account can be converted into an NRE/FCNR account

2)PERSONAL LOANS
We grant Rupee loans to NRI customers against the following:A)Security of funds held in NRO Term Deposits B)Security of funds held in NRE Term Deposits, FCNR (B) Deposits (Loan amount maximum upto Indian Rupee 100 lacs) C)Against the security of shares or other securities held in the name of the borrower 1) The loan shall be utilised for meeting the borrower's personal requirements or for his own business purposes; and 2) The loan shall not be utilised either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely;(I) the business of chit fund, or (ii) Nidhi Company, or (iii) agricultural or plantation activities or in real estate business (excluding development of townships, construction of residential/ commercial premises, reads or bridges), or construction of farm houses; or (iv) trading in Transferable Development Rights (TDRs). (v) Investment in capital markets including margin trading and derivatives. 3) The Reserve Bank's directives on advances against shares/securities/immovable property shall be duly complied with. 4) The loan amount shall be credited to NRO account of the borrower. 5) The loan amount shall not be remitted outside India. Housing Loan for NRIs

Banks may provide housing loan to a non-resident Indian or a person of Indian origin resident outside India, for acquisition of a residential accommodation in India, subject to the following conditions, namely: a)The quantum of loans, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person resident in India; b) the loan amount shall not be credited to NRE/FCNR/ account of the borrower, c) the loan shall be fully secured by equitable mortgage of the property proposed to be acquired, and if necessary, also by lien on the borrower's other assets in India; d) the instalment of loan, interest and other charges, if any, shall be paid by the borrower by remittance from outside India through normal banking channels or out of funds in his NRE/FCNR/NRO account in India or out of rental income derived from renting out property acquired by utilisation of the loan; e) the rate of interest on the loan shall conform to the directives issued by the Reserve Bank . Repayment Repayment shall be made by fresh inward remittances from outside India through normal banking channels. The loan can be also repaid out of the local rupee resources in NRO/NRE/FCNR account of the borrower or through sale proceeds of shares or securities or immovable property against which such loan was granted. In case of Loans against Term Deposits, repayment can be made by adjustment of the deposit. In case of Housing Loan, the close relatives (as defined under Section 6 of the Companies Act 1956) of the borrower in India are allowed to repay the instalment of such loans, interest and other charges, if any, through their bank account directly to the borrowers loan account with the Bank.

3)MONEY GRAM

Saraswat Bank has tied up with MoneyGram for Inbound Global Remittances through the Thomas Cook (India) Ltd Limited, who is the principal agent of M/s. MoneyGram International Inc, USA. Saraswat Bank has launched the MoneyGram product for inbound Global remittances at our 191 branches

Beneficiaries of the remittances can now walk in at any Branch of our Bank and claim the remittances in a few minutes.

Process flow:
1. The remitter, who is outside India, desiring to send money with safety and speed to his near and dear ones, goes to any of the agents of MoneyGram fills in the remittance form and tenders the equivalent foreign exchange inclusive of charges to such agent. After processing application through Anti-Money Laundering Guidelines, remitter informs the receiver in India about remittance details, 8-digit reference number in particular. 2. When the receiver approaches the branch, first check whether the Receiver has the two security requirements viz. the transaction reference number (8-digit unique number) and the photo identification proof, gives one copy of such identification proof and fills in Money Receive Form of Money provided to him / her by the branch.

Details to be filled in the form:

Transaction reference number Name, address and contact telephone number of the receiver Transfers must contain the name and address of the originator and where an account exists, the number of that account. In the absence of an account, a unique reference number as prevalent in the country concerned, must be included Date of birth Signature of the receiver confirming the printed undertaking with the date. The identity could be Passport, Pan Card, and Driving Licence.

Basic rules and Regulations:

a. A single receiver cannot receive more than 12 transactions in a calendar year (January-December). b. Maximum amount of remittance that receiver can receive in a single transaction will not exceed US Dollars 2500 or its equivalent in Indian Rupees. c. Payment in cash to receiver will be made up to and inclusive of Rs.50,000/- (Rs. Fifty Thousand Only). d. Amount exceeding Rs.50000/- will be paid necessarily by means of a DD or credit to account of receiver. e. Only personal remittances to individuals such as remittances towards family maintenance and also remittances favouring foreign tourists visiting India are permitted. Non-permissible Transactions under Money Transfer Service Scheme as per RBI stipulations.

Trade related remittances (export payment, payment of services, etc); Remittances towards purchase of property, investments; remittance for credit to NRE/FCNR accounts and Remittance as donations, contributions to charitable organizations.

Benefits

-The service is a boon to families of NRIs as well as foreign students and foreign touristvisiting India. -Overseas workers who need to provide financial support to their families inIndia. -Receive money as cash in minutes -No Bank account required -No back-end charges

4)XPRESS MONEY

To provide enhanced facilities, our Bank has entered into a strategic tieup with UAE Exchange and Financial Services Ltd for facilitating Global Money Transfer Service, Xpress Money. UAE Exchange and Financial Services Ltd is the principal agent for UAE Exchange Centre LLC, Abu Dhabi, for facilitating Xpress Money Service in India.

Xpress Money is available to our account holders and non-account holders, under the Money Transfer Service Scheme by RBI. It facilitates instant payment of foreign inward remittance in cash (for amount less than Rs. 50,000/-) to individual beneficiaries in India within minutes. The service is a boon to NRIs and their families in India as well as foreign tourists visiting India and foreign students studying in India. It is a hassle free instantaneous payment to beneficiary against photo identification. Xpress Money, is one of the fastest growing Global brands in instant money transfers, has an agent network spanning over 50,000 locations in 100 countries across five continents. This extensive network, together with unique and unrivalled services helps to receive money in India from any corner of the world, within minutes. Swiftness, security and convenience make it one of the favourite brands for instant money transfers.

5)TRADE FINANCE
The Saraswat Bank offers the trusted financial solution to all your complex Trade Finance related fund needs (both in Indian Rupees and foreign currencies). We extend export credit finance by way of Preshipment and Post shipment credit at market competitive rates.

Advantages or Benefits of a PAN for NRIs:

As explained earlier, having a PAN card - Permanent Account Number is compulsory as per the Income Tax Department of India, even if you are a Non Resident Indian living abroad wishing to do Investing in India or carry any financial transaction in India. There are not much benefits of having a pan card, as it is just a necessary rule laid by the IT department. Thus having a pan card is compulsory and this IT number must be quoted on all the financial transactions carried in India.

Benefits of a PAN Card:

Its hard to explain advantages and disadvantages of having a pan - permanent account number. However, here are some benefits of having a PAN card:

PAN number acts as an Identity proof, showing your relation to India. Even if you don't file taxes in India, you should still have a pancard. Sale or purchase of immovable property valued at Rs 500,000 or more. If there are coowners (buyer or seller), the PAN of both the owners will have to be mentioned. If a nominee holds the property, the PAN of the legal owner must be mentioned. The PAN should be disclosed in the document pertaining to purchase or sale of the property Sale or purchase of a motor vehicle requiring registration other than two-wheelers. This does not include vehicles running on fixed rails or special vehicles for use only in factories or in other enclosed premises or

vehicles of less than four wheels with engine capacity of not more than 25 cc. A time deposit of more than Rs.50,000 with any banking company and deposit of more than Rs.50,000 with post-office savings bank. This requirement is not mandatory when investing in post-office National Savings Certificate or Kisan Vikas Patra, and the PAN will be required only if the time deposit exceeds Rs.50,000. Contract of sale or purchase of securities exceeding Rs.1 lakh in value, including shares, bonds, debentures, derivatives, units and government securities. Cash payment of Rs.50,000 or more for purchase of bank drafts, pay orders or bankers cheques during any one day. Cash payment exceeding Rs.25,000 in connection with travel to any foreign country (fare or purchase of foreign currency). Application for installation of telephone, including cellular telephone. Payment to hotels and restaurants against bills exceeding Rs.25,000 at any one time. Opening a bank account. Application for issue of a credit card. A cash deposit of Rs.50,000 or more with any bank during any one day. Payment of Rs.50,000 or more to a mutual fund for purchase of units or to a company for acquiring its shares or to a company/institution for acquiring its debentures/bonds or to RBI for acquiring bonds.

Minor intending to open time deposit or bank account should quote the PAN of either father or mother or guardian in whose hands income is likely to be clubbed.