IFSC is the acronym for Indian Financial System Code developed by RBI - Reserve Bank Of India as a unique Identification code to each of the bank branches in India. The Payment System Applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralized Funds Management System (CFMS) uses Bank IFSC to identify the transaction data.
Our relationship with Banks may spoil over the period in different reasons and may have a thought to transfer some of the services or complete closing and opening a new relationship with another bank. If you have a second thought to change your LPG's DBTL (PAHAL) facility from one bank with another bank, you can shift PAHAL to the new bank using online procedure. A simple online facility provided by banks along with National Payment Corporation of India (NPCI).
Deposits of banks are broadly classified into three categories: Demand deposit, Term deposits and Flexi deposit or also known as Hybrid deposit. 1. Demand Deposits Account: Demand deposits are repayable on demand by the customers. Current account deposits, Savings bank deposits and Call deposits are the examples of demand deposits.
One of the primary function of a commercial bank is accepting deposits from public and in return, bank will give interest earnings for the deposited money to the account holder depending on the type of deposit accounts. It is a three part article, which will look into various aspects of deposit accounts, its operations, and types of deposit accounts, offered our commercial banks in India.
Operations of deposit accounts varies types of customers mainly individual customers and business customers. Accounts of individuals comprise a majority of the deposit accounts in Personal segment of most banks. Any individual who is a major and of sound mind can open a - Savings account and / or Fixed deposit accounts.
SBI Has two bank loan schemes for Dairy related agricultural projects. The first one named -SBI Scheme For Dairy Societies- aims to provide finance for creating infrastructure like Construction of Milk house or Society office, Purchase of Automatic milk collection system, transport vehicles, Bulk chilling unit; and the second named SBI Dairy Plus Agriculture loan scheme to finance milk producing members of AMUL pattern societies recognized private milk dairies posting profit in the past two years.
SBI Agriculture Loan For Financing Power Tillers to farmers or a group of not more than 3 farmers owning 2 acres of land. Farmers owning lesser acreage also become eligible for availing Power tiller loans provided Debt Service Coverage Ratio (DSCR) work out to 1.75 and above, Income from Custom hiring adequate, farmers adopting intensive cultivation practices.
Combine Harvester is a farming device which can reduce the crop loss compared to traditional methods and can tackle the peak time labour shortage. This device combines the activities of harvesting, threshing, winnowing and collection of grains. Combine harvesters are becoming popular among farmers as the time required for harvesting, threshing and winnowing operations are very much reduced. It cuts the standing crop in the field, feeds the cut crop to the threshing unit, threshes the crop and cleans the grain, freeing it from the straw.
Farmer's Land Purchase Scheme is to assist Small & Marginal farmers, Tenants Cultivators, Share Croppers and landless agricultural labourers for purchase of land. The borrowers should have a record of prompt repayment of the loan for at least two years. Good borrowers of other Banks may also eligible provided they liquidate their outstanding to other banks.
SBI Gramin Bhandaran Yojana Capital Investment Subsidy Scheme For Construction or Renovation Of Rural Godowns is designed to create scientific storage capacity in the rural areas to meet the requirements of farmers for storing farm produce. To prevent distress sale of produce by farmers immediately after harvest by promoting pledge financing and marketing credit.
The objectives of SBI Financing Cold Storage is to promote setting up of cold storage and reducing post harvest losses. Eligible Organisations are: Individuals / Farmers, Group Farmers / Growers, Companies, NGOs, Partnership / Proprietary Firms, Corporations, Cooperative Agricultural Produce Marketing Committees, Marketing Boards / Committees and Agricultural Industries Corporations.
Objective of Farmers Easy Empowered Loan (FEEL) or KRISHI KALYAN is to provide timely and adequate credit to farmers to meet production and consumption expenses. To reduce the multiple process of separate application, documentation & EM creation for availment of KCC and PML, thereby reduce the time for delivery of credit.
The objective of SBI Agriculture Produce Marketing Loan is to help farmers avoid distress sale of their produce. To offer the facility of loan against the stocks stored in farm houses, in addition to loan against warehouse receipts.
SBI Agriculture loan "Broiler Plus (Scheme for financing Broiler Farmers under Contract farming)" extended to both existing farmers and new farmers having “Contract Broiler Farming” arrangements for enabling them to construct poultry shed and feed room and for purchase of equipment.
SBI Arthias Plus provides financing commission agents against their receivables from farmers. Eligibility (under Agriculture segment): Commission agents enjoying good reputation and holding a valid license from the market yard/ board and are in the line of business for the past 3 years, having receivables from farmers only, functioning in rural and semi urban markets/mandis.
Objectives of Financing Joint Liability Groups Of Tenant Farmers (JLG) are to augment flow of credit to tenant farmers cultivating land either as oral lessees or sharecroppers and small farmers who do not have proper title of their land holding through formation and financing of JLG.
Under SBI Small Business Finance, the SBI extends loans to transport operators in different forms. The bank offers working capital products as well as term loans for purchase of vehicles. The bank finances up to 10 vehicles irrespective of the loan amount. All transport operators whether individuals or associations of not more than six persons are eligible for SBI Small Business Finance - Transport Operators mode of finance.
List of papers / documents applicable to all applicants for Housing Loan:
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport / Driving license/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills / Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
- Proof of business address for non-salaried individuals
In Jan 2006, the Reserve Bank of India issued a new set of guidelines allowing banks to employ two categories of intermediaries - Business Correspondents (BCs) and Business Facilitators (BFs) - to expand their outreach. According to the guidelines, while the BCs are permitted to carry out transactions on behalf of the bank as agents, the BFs can refer clients, pursue the clients’ proposal and facilitate the bank to carry out its transactions, but cannot transact on behalf of the bank.
State Bank of India Caters to the needs of agriculturists and landless agricultural labourers through a network of 8750 rural and semi-urban branches. Apart from the branches, there are 428 Agricultural Development Branches (ADBs) which also cater to agriculturists. SBI is the leader in agri finance in the country with a portfolio of Rs. 64,000 crs in agri advances covering around 80 lac accounts.