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UCO No-frills Savings Bank Account

In order to include a larger cross-section of the population, who are at the bottom of the pyramid, to avail of the banking services who could not avail of the same on account of some restrictive clauses, namely, minimum initial deposit for opening of the account which is difficult to arrange by such population, maintenance of minimum balance failing which charges are levied etc., it has been felt expedient to introduce a new Savings Deposit Scheme titled "UCO No-frills Savings Bank Account". The salient features of the scheme so designed are as follows :

1. Title of the Scheme - "UCO No-frills Savings Bank Account".
     
2. Initial deposit for opening the account and maintenance of minimum balance - The account can be opened with a minimum initial deposit of Rs.5/-. In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs.250/-. In case of need, the balance in the account may be allowed to go even below the minimum initial deposit and the account may continue even with "Zero" balance.

Opening of Account under the scheme - The scheme is introduced in all metro, urban, semi-urban and rural categories of branches without making any differentiation with regard to amounts of initial deposit and maintenance of minimum balance as prevailing at present for opening of Savings Bank Accounts.

3. Eligibility for opening "No-frills Savings Bank Account" - The eligibility for opening "No-frills" Account will be the same as that for opening an ordinary Savings Bank Account. Persons above the age 10 and below 18 years and are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person.
     
4. Restriction of number of withdrawals/debit entries in "No-frills" Account - upto 25 debit entries in a half-year are allowed free in those accounts. In case the debit entries exceed 25 during a half-year, charges will be levied @ Rs.3/- per additional entry during a half-year.
    
5. Charges to be levied -
    
1. For accounts opened with initial deposits of Rs.250/- for having Cheque Book facility, in case the balance comes down below the initial deposit even upto zero balance, usual charge for non-maintenance of initial deposit shall be levied.
2. For standing instructions - no charge will be levied.
3. Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services.
4. For accounts with cheque book facility, one cheque book of 20 leaves to be provided free of charge in each year. Any additional requirement of cheque leaves during a year will attract a charge of Rs.2/- per cheque leaf.
5. No incidental and folio charges will be levied in these accounts.
6. All other charges for services as presently applicable for normal Savings Bank Account are to be levied and recovered.
      
6. Compliance of KYC Guidelines - Simplified KYC procedures for opening of Accounts as advised through Bank's Circular No. CHO/SUA/39/2005-06 dated 29.08.2005 may be adhered to. The salient features of the Circular are mentioned hereunder for ready reference :

In case, the person concerned who wants to open the account is not able to produce any of the specified documents, required to be verified at the time of opening of account to establish the identity and address of the customer, the account may be opened for those persons subject to compliance of the following :

1. Introduction from another account holder who has been subjected to full KYC procedure. The introducer's account with the bank should be at least six month old and should show satisfactory transactions. Photographs of the customer who proposes to open the account and also his address need to be certified by the introducer.

or

2. Furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank.

However, while opening such accounts the customer should be made aware that if at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rs.50,000/- or total credits in the accounts exceed Rs.1.00 lakh in a year, no further transaction will be permitted in the account until full KYC procedure in regard to verification of identity and address of the customer through the documents as specified are complied with.

Pre-funded Cheques

In order to help out and satisfy the need of our customers, the bank has introduced pre-FUNDED cheques with an upper limit inscribed on it to be used as gift cheques ; travelers cheques or as a normal cheque. The scheme shall operate in CBS branches only and such cheques are payable at par at all CBS branches.

The Facility is available to customers maintaining individual SB/CA account with us.

Cheque Feature:-

The cheques are printed as order cheques and attractively designed.

The cheques will be pre-funded.

The cheque books will be issued for a prepaid value of not exceeding Rs.10,000/- Rs.50,000/- / Rs.100000/- (i.e. cheque book containing 10 leaves - each leaf not exceeding Rs.1000/- ,Rs.5,000/- and Rs.10000/- )

Each cheque leaf shall bear a legend "Not over Rs.1000/- or Rs.5000/ or Rs.10,000/- "as the case may be.

A cheque book shall contain 10 leaves.

Normally one cheque book of a particular denomination shall be issued at a time. However, the depositor may request for another cheque book and bank may consider the requests .

The cheque shall not be valid for payment after 3 months from the date of issuance of the cheque book by the branch to the customer. The legend "Not valid after ................(date)" shall be printed on the cheques. The date to be entered by the branch shall be 3 calendar months after the date of issue of the cheque to the customer(s).

Product Delivery :

The product shall be delivered through CBS branches only and payable at par at all CBS branches .

Issuance of cheques

a An existing customer maintaining Current Account /SB Account can open a separate current account under this scheme with the same customer ID solely for the purpose of getting Prefunded Cheques. This account will be considered a supplementary account to the normal account and not a separate account.

b The account under this scheme will be exempted from Ledger Folio charges, Minimum balance charges and intersol transaction charges ( i.e. no charges will be levied to the account of the drawer of the Prefunded Cheques even if the cheques are paid by some other CBS branch ).

However, charges per cheque book of 10 leaves will be levied upfront @ Rs.100/- for cheque denomination of Rs.10,000/- and @ Rs.50/- for denomination of Rs.5000/- and Rs.1000/-.

c Prefunded Cheques will be issued on multiple occasions till the customer decide to discontinue the facility.

d Cheque-books will be issued for a prepaid value of not exceeding Rs.10,000/-, Rs.50,000/- and Rs.100000/- (i.e. cheque book containing 10 leaves - each leaf not exceeding for Rs.1000/- , Rs.5,000/- or Rs.10000/- as the case may be )

Stop Payment

The depositor can instruct stop payment of such cheques through any of the CBS branches and extant procedure for handling such request shall be applicable.  

Account closure

a) The customer may at any time opt to discontinue the Prefunded cheques facility and close the account. The supplementary account will then be closed and balance if any will be paid by pay order or crediting to the normal account.

b) At the time of closure of the account, it will be mandatory for the depositor to surrender all the unused cheque leaves.

c) In the event of depositor’s inability to surrender the unused cheque leaves due to certain reason, the Bank should be properly advised by the depositor not to honour such

cheques. Payment of the balance amount in the supplementary account in respect of such cheques shall be made after expiry of 6 calendar months from the date of issuance of the cheques as per the branch records and date entered on the cheque(s) indicating that the cheque(s) is/are not valid after that date.

Unused cheques

Such cheques which are not utilized within the validity

period may be surrendered and fresh cheques may

be got issued on payment of applicable charges.

Service charges shall be levied upfront @ Rs.100/ per cheque book of 10 leaves of Rs.10000/- denomination and @Rs.50/- per cheque book of 10 leaves for Rs.5000/- and Rs.1000/- denominations. Actual Courier Charges shall also be recovered additionally. 

JAIIB Sample Papers 2013

1) Reserve Bank of India’s functions are classified into: a) Supervisory & Regulatory b) Promotional & Developmental c) Refinance Activities d) All of the above                             Ans:- (d) 2) Minimum Bank Rate is: a) 3% b) 4% c) 5% d) None                                    Ans:- (d) 3) Sec ---- of  RBI Act,1934 gives sole power to RBI to issue currency notes a) 10 b) 18 c) 22 d) 26                                    Ans:- ( c ) 4) KYC means a) Know Your Customer very well b) Know Your  existing Customer very well c) Know Your  prospective Customer very well d) Satisfy yourselves about the customer’s identity and activities. Ans:- (d) 5) In a Garnishee Order, the banker on whom garnishee order served is: a) Judgement   Debtor’s    Creditor b) Judgement   Creditor’s  Creditor c) Judgement   Creditor’s  Debtor d) Judgement   Debtor’s    Debtor                    Ans:- (d) 6) Sec 131 of NI Act,1881 extends protection to the a) Paying Banker b) Collecting Banker c) Advising Banker d) Issuing Banker                            Ans:- (b) 7) Hypothecation is applicable in the case of a) Movable goods b) Immovable property c) Book debts d) Corporate guarantee                            Ans:- (a) 8) A cheque is dated 12/05/05.the due date is: a) 12/08/05 b) 14/09/05 c) 12/11/05 d) None                                     Ans:- (d) 9) Charge created on LIC Policy is: a) Hypothecation b) Pledge c) Assignment d) Mortgage                                Ans:- ( c ) 10) Your bank grants a working capital finance to ABC & Co, a partnership firm, against hypothecation of  inventory. The charge is to be registered with Registrar of Companies within a) 30 days from the date of  advance b) 30 days from the date of  hypothecation agreement c) 30 days from the date of  sanction of  loan d) None                                    Ans:- (d) 11) Which one of the following is not barred by law of limitation?       a) Pledge b) Hypothecation c) Banker’s lien d) Guarantee                           Ans:- ( c ) 12) The term “Credit Management” covers      a) Capital adequacy norms b) Risk management including Asset/Liability management c) Credit appraisal – decision and review of  loans & advances d) All of  the above                        Ans:- (d) 13) Bank’s Assets are classified in to standard assets, substandard assets doubtful assets and loss assets, based on the recommendations of -------------------- Committee     a) Rangarajan b) Narasimham c) Ghosh d) Tandon                            Ans:- (b) 14) The time taken to convert cash into raw materials, semi finished goods, finished goods and into cash , is known as a) Trade cycle b) Cash cycle c) Operating cycle d) Revolving cycle                        Ans:- ( c ) 15) A company which pools money from investors and invests in stocks, bonds, shares is called a) A bank b) An insurance company c) Bancassurance d) Mutual Fund                            Ans:- (d) 16) Bancassurance is a) An insurance scheme to insure bank deposits b) An insurance scheme to insure  bank advances c) A composite  financial service offering both bank and insurance products d) A bank deposit scheme exclusively for employees of  insurance companies                             Ans:- ( c ) 17) John & James are friends aged 14 & 15 respectively. They want to open a joint account in your bank. You will a) Allow them to open a joint account to be operated jointly b) Allow them to open a joint account with operating instructions Either or Survivor c) Allow them to open a joint account with operating instructions Former or Survivor d) Allow them to open a joint account with operating instructions Any one or Survivor                            Ans:- (a) 18) Mr.Atmaram as director of a Ltd company expired. Bank received a cheque signed by  Mr.Atmaram as director of  the Ltd company. The bank a) Can honour the cheque only after obtaining confirmation from other directors b) Can honour the cheque c) Cannot hounour the cheque d) The company should issue a stop payment instructions to the bank  Ans:- (b) 19) Tele banking service is based on a) Virtual Banking b) Online Banking c) Voice processing d) Core Banking                         Ans:- ( c ) 20) In a securitisation deal, the role of  a Special Purpose Vehicle (SPV) is a) To acquire large Non Performing Loans (NPA) b) To acquire such loans from a bank or financial institution c) To acquire such loans for a transfer price, with or without recourse d) To manage the acquired loans  for the purpose of  realization or holds them as investment till maturity                Ans (d) 21)Securitisation is a process of acquiring the loans classified as a) Bookdebts b) Performing debts c) Bad debts d) Non performing debts                           Ans:- (d) 22)The minimum percentage of  Priority Sector advances to be maintained by foreign banks in India a) 40% b) 18% c) 32% d) 60%                                Ans:- ( c ) 23) Loan for fish rearing is covered under Prirority Sector as ----------- advances a) Direct Agriculture b) Indirect Agriculture c) Self Employment Scheme d)  Allied to indirect Agriculture                Ans:- (a) 24) Cash Budget is a statement of a)  Cash-Non cash funds b)  Cash receipt and Cash payments c)  Another name for cash flow d)  None                                Ans:- (b) 25) In bank’s parlance credit risk in lending is a) Default of the banker to maintain CRR b) Default of the banker to maintain SLR c) Default of the banker to release credit to the customer d) Default of the  customer to repay the loan        Ans:- (d) 26) The apex institution which handles refinance for agriculture and rural development is called: a) RBI b) SIDBI c) NABARD d) SEBI                                Ans:- ( c ) 27) Long Form Audit Report (LFAR) is prepared and submitted by a) RBI inspectors b) Internal inspectors c) Statutory auditors                        d) Concurrent auditors Ans:- ( c ) 28) As per FIMMDA’s guidelines, the Mid-Office is responsible for: a)  Dealing activities b)  Risk Management c)  Reconciliation d) Confirmation of  deals                    Ans:- (b) 29) Interest is calculated on actual/365 days basis in respect of the  following products, except one : a) Call Money b) Notice Money c) Term Money d) GOI dated securities                        Ans:- (d) 30) Which was the first Mutual Fund started in India: a) SBI Mutual Fund b) Kotak Pioneer Mutual Fund c) Indian Bank Mutual Fund d) None of  the above                            Ans:- (d) 31) The regulator for Mutual Funds in India is: a) FIMMDA b) AMFI c) RBI d) SEBI                                    Ans:- (d) 32) FIMMDA’s general principles and procedures are applicable to: a) Fixed Income Markets b) Money Markets c) Derivatives Markets d) All of the above                            Ans:- (d) 33) Your bank’s customer  XYZ Ltd, enjoys a CC limit of Rs.1,00,000.00 The CC account shows a credit balance of Rs,10,205.00.  The relationship between your bank and XYZ Ltd is: a) Debtor/Creditor b) Creditor/Debtor c) Bailor/Bailee d) Bailee/Bailor                                Ans:- (a) 34) The right of set-off is: a) Customer’s Right b) Customer’s Obligation c) Banker’s Right d) Banker’s Discretion                            Ans:- (d) 35)Which of  the following forms of business are permissible under  BR Act: a) Borrowing b) Issuance of  Letters of  Credit c) Buying and selling of  bullion d) All of  the  above                            Ans:- (d) 36) A Co-Operative Bank operating in different States are regulated by: a) State Co-Operative Societies Act b) Banking Regulation Act c) Multi Unit Co-Operative Societies Act d) Banking Laws (applicable to Co-Operative Societies)        Ans:- ( c ) 37) In respect of  Regional Rural Banks, the share holding pattern is: a) Central Government 50%,State Government 35%,Sponsoring Bank 15% b) Central Government 50%,State Government 15%,Sponsoring Bank 35% b) Central Government 15%,State Government 35%,Sponsoring Bank 50% b) Central Government 35%,State Government 50%,Sponsoring Bank 15%                                         Ans:- (b) 38) Law of limitation is not applicable in respect of : a) Advance against pledge of  shares b) CC granted against hypothecation of inventory c) Term loan secured by mortgage of  Plant & Machinery d) Bank Term Deposit                            Ans:- (d) 39) A bank in India, wants to undertake capital market activities, it should: a) Obtain special license from AMFI b) Obtain special license from FIMMDA c)  Both a and b d)  Register with SEBI                            Ans:- (d) 40) FIMMDA stands for: a) Foreign Exchange Markets and Derivative Markets b) Fixed Income Markets Money Markets and Derivatives Markets c) Fixed Income Markets and Derivatives Markets d) None of  the above                            Ans:- (b)   41) The Capital Adequacy Ratio is :   a)  6% b)  8% c)  9% d) 10%                                    Ans:- ( c ) 42) Except one of  the following others are known as Non Fund based facilities: a) Letters of  Credit b) Bank Guarantees c) Co-acceptance of  Bills d) Trust Receipt                                Ans:- (d) 43) FIMMDA’s guidelines cover the following products, except one: a) Call Money b) Cross Currency Interest Rate swaps c) Commercial Paper d) Certificate of  Deposit                            Ans:- (b) 44) Except one of  the following others are part of Public Sector Banks: a) State Bank of  Hyderabad b) Central Bank of  India c) Regional Rural Bank, sponsored by a nationalized bank d) HDFC Bank                                Ans:- (d) 45) A banker is expected to honour the cheques within the specified banking hours as per Section  of  NI Act,1881 a) 22 b) 25 c) 31 d) 65                                    Ans:- (d)

Examination Pattern: JAIIB

• Each IIBF JAIIB Question Paper will contain approximately 120 objective type Multiple Choice Questions, carrying 100 marks including questions based on case study / case lets. The Indian Institute of Banking and Finance may, however, vary the number of questions to be asked for a subject. There will not be negative marking for wrong answers. Questions for the JAIIB Examination will be asked calling for :
• Knowledge Testing
• Conceptual Grasp
• Analytical / Logical Exposition
• Problem Solving
• Case Analysis
• IIBF JAIIB 2012 Examination will be held on three consecutive Sundays (one paper on each Sunday).
• Information about mode of JAIIB examination (IIBF JAIIB 2012 Online / IIBF JAIIB 2012 Offline) and centers will be provided along with IIBF JAIIB Examination Application Form.