AMOUNT * RATE *NUMBER OF DAYS / 365 DAYS
Profit is calculated for the six months only for outstanding SND. Zakat is also deducted but if Zakat deduction form is submitted to the bank, no Zakat will be deducted then. 10% with holding tax is also deducted from the profit to calculate net profit.
TERM DEPOSIT (TDR):
These vary from different period of time as follows:
1. ONE MONTH TDR:
In this amount is deposited for one month and profit is calculated for the month. After six months out standing amount is calculated by the above formula. And profit is paid or transferred to the person at the time of encashment. If the customer fails to complete the duration of one month then no profit is given. Profit is calculated for the six months only for outstanding TDR. Zakat is also deducted but if Zakat deduction form is submitted to the bank, no Zakat will be deducted then. 10% with holding tax is also deducted from the profit to calculate net profit.
2. TWO MONTHS TDR:
In this amount is deposited for two months and profit is calculated for the period. After six months out standing amount is calculated by the above formula. And profit is paid or transferred to the person at the time of encashment. If the customer fails to complete the duration of two months then no profit is given. Profit is calculated for the six months only for outstanding TDR. Zakat is also deducted but if Zakat deduction form is submitted to the bank, no Zakat will be deducted then. 10% with holding tax is also deducted from the profit to calculate net profit.
3. THREE MONTHS TDR:
In this amount is deposited for three months and profit is calculated for the period. After six months out standing amount is calculated by the above formula. And profit is paid or transferred to the person at the time of encashment. If the customer fails to complete the duration of three months then no profit is given. Profit is calculated for the six months only for outstanding TDR. Zakat is also deducted but if Zakat deduction form is submitted to the bank, no Zakat will be deducted then. 10% with holding tax is also deducted from the profit to calculate net profit.
4. SIX MONTHS TDR:
In this amount is deposited for six months and profit is calculated for the period. After six months out standing amount is calculated by the above formula. And profit is paid or transferred to the person at the time of encashment. If the customer fails to complete the duration of six months and if he has completed the duration of three months then the profit of those months is given. Profit is calculated for the next six months only for outstanding TDR. Zakat is also deducted but if Zakat deduction form is submitted to the bank, no Zakat will be deducted then. 10% with holding tax is also deducted from the profit to calculate net profit.
5. ONE YEAR TDR:
In this amount is deposited for one whole year and profit is calculated for the period. After one year out standing amount is calculated by the above formula. And profit is paid or transferred to the person at the time of encashment. If the customer fails to complete the duration of one year then profit for three or six or nine months is given. Profit is calculated for the six months only for outstanding TDR. Zakat is also deducted but if Zakat deduction form is submitted to the bank, no Zakat will be deducted then. 10% with holding tax is also deducted from the profit to calculate net profit.
CALL DEPOSIT:
It is highly liquid instrument. It can be cashed at any time when needed. This instrument bears no profit on it. It is mostly used for the purpose of tenders.
LOCKERS:
In the complex and unsafe environment of today it has become a necessity for every person to obtain lockers. These are the safe keepers provided by the banks. Mostly the public to safe keep there valuables uses these lockers and bank has the obligation to maintain them.
As per the requirement of people banks are now a days maintaining many sizes of lockers. MCB is also a part of this concern and is maintaining 4 sizes in lockers.
Size Fee Charged Key Deposit
(In Pak Rupees). (In Pak Rupees)
Small 1000 3000
Medium 1050 3000
Large 3000 3000
Extra Large 4000 3000
Key Deposit is the only amount in this instrument, which is refundable at the time lockers, is returned. The rent for the month is taken in advance and is taken annually.
FOREIGN EXCHANGE
IMPORTS:
1. LCS ESTABLISHMENT:
Any company can provide its documents containing e-form, bill of landing, short shipment notice in case of short shipment, packaging list etc. The information provided from the documents is recorded in the LC establishment portion or section in the computer.
2. PAYMENT OR RETIREMENT:
When the transaction has been completed then approved documents from the concerned bank are sent to the home bank for the payment or retirement of the LC. These transactions have been recorded in the payment or retirement section of the computer.
EXPORTS:
1. LODGMENT:
Any company can provide its documents containing e-form, bill of landing, short shipment notice in case of short shipment, packaging list etc. The information provided from the documents is recorded in the LC lodgment portion or section in the computer.
2. PAYMENT:
When the transaction has been completed then approved documents from the concerned bank are sent to the home bank for the payment or retirement of the lodgment. These transactions have been recorded in the payment or retirement section of the computer.
FOREIGN CURRENCY DEPOSIT:
The foreign currency deposit relates with the foreign currency accounts, cash deposit or credit and foreign remittances.
FOREIGN REMITTANCES:
In this we received the messages through SWIFT for foreign remittances. Which we record in their respective accounts. If these are relates with Pak rupees than it was transferred in Pak rupees with the latest rate and if this relates to the foreign currency than it is dealt with accordingly. The amount has been credited to the respective account and the head office has been debited against it. After crediting the amount to the respective account. All the subsequent entries have been made in the registers and also in the computer record as the system now have been upgraded on computers. As we are reporting daily to the head office, so an annexture has been maintained and faxed tot he head office.
CREDITS OR ADVANCES
This department deals with the approval of different kinds of loans to different business entities. The loans, which are being approved by the department, are kept with some securities such as bonds, properties and any other type of asset, which is equally valuable or more than this as a guarantee. Every branch has its own limit, if the amount of loan is with in the limit of the branch then it is being approved by the branch but if the amount of loan is exceeding the limit then it has to made it approved by the head office. In this case the branch sorted all the required papers and sent them to the head office for necessary action. If the head office approved the loan then mostly the period contains a year. And if the party requires more loan than after a year the loan has been re-approved required that they should have the limit.
In case if the head office do not approve the loans then the return letter came back with the reasons of not approval of loan and if the reasons have been made approved by the concerned party then it could be sent again for approval. This whole process is recorded in the back on their computerized system for future reference. All the securities kept in the bank remain with the bank until the party has not refunded all the amount of loan and bank has the authority to liquidate those assets for preventing it from loss.
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