Professional Documents
Culture Documents
Loans:
1-Production loan:
Alfalah give on citrus, wheat; rice Mays, millet (bajra), sargom (chara Jat)
because these are included in the development of country.
2-Non production /development loan:
Used for development of production are called non production loan as dairy, tube
wells, machinery, poultry, fish and cold storage etc
Pass book has two copies red is maintained by the Govt. and green is given to customer.
Today I see the main products of the Bank Alfalah Ltd that they are providing to the
customer.
The Bank Alfalah Ltd is providing some services as consumer banking this will helpful
for the consumer to complete their work on time. As money gram, alfalfa education, and
kisan ki falah etc
Money Gram: USA based company used to transfer the money through fastest way
between boarders. It is an USA company having 170 outlet al round the world. Bank
Alfalah Ltd only using the facility to receive the money from outside countries but we
can’t do the transaction of sending money across the boarder.
When money is transacted or remittance then three things have to check.
1-who is remitter?
2-what is the Pin Code?
3-who is receiver?
Alfalah Education:
Till now there is no education account in the Bank Alfalah Ltd. .But it is
developed and used in the other brunches of Bank Alfalah Ltd.
It is a term deposit account all the details are same as normal saving account. Least
requirement of account is from 100,000 to 1,000,000.
Kisan ki falah:
This is the agric finance which is given are own customer by opening
their account as loan account and they have one advantage of not maintaining the specific
amount in account.Because this is a loan account. This is helpful to kisan for more
production and development.
Then I spend my remaining time on CRO seat.
Letter of credit: a letter which include the terms and condition of import or export.
Between the boarders it means from one port to another. From port to store L/C is not
concerned.
Types Of Lc
L/C used within boarders called local L/C or in land L/C.
There are two Types of L/C
Today I work in Remittance department because I have to know some of terms in that
department just as clearing
1-Outward clearing: we receive cheques of other banks from our customers. Through
NBP (national bank of Pakistan) it has no charges .we check the cheques appurtenant
which include date, amount both in figures and words, signature of customer. We do
stamping as on front of cheques special crossing to make it our own entity, and clearing
(date will be of next day) as it takes 24 hours to be process, signature verification, Bank
smart, Bank special crossing stamp and on back the stamp of payees account will be
credited.
We do the transaction against it as we credit the account from NBP and debit the
Customer account. After realization the transaction goes back .if inward clearing return
we reverse the transaction too.
We send this for clearing to NBP they give it to related bank.
I see the whole process and documentation of this process then do some stamping too.
Today I am again in the remittance department and know about the inward clearing
DD (demand draft): for IBC we make a DD if bank is any other then al-falah .if it is
from the Al-Falah bank then we make OBC. We debit the customer and from general
ledger we credited our account.
DD particulars include
Amount of draft
Commission on DD
Courier Charges
F.excise Duty recovered
This will send to other bank then they pay money in the account only. This is written on
the draft. Today I complete my fourth week of internship