AN INTERNSHIP REPORT ON General Banking Activities of Uttara Bank LTD.

Transcription

1 Daffodil International University Institutional Repository Business Administration Project Report of BBA AN INTERNSHIP REPORT ON General Banking Activities of Uttara Bank LTD. Asif, Sarowar Hossain Daffodil International University Downloaded from Copyright Daffodil International University Library

2 AN INTERNSHIP REPORT ON General Banking Activities of Uttara Bank LTD. (UTTARA BRANCH) Prepared by: Sarowar Hossain Asif Program - B.B.A. ID: Batch: 33 rd Major: Human Resource Daffodil International University Date of Submission: 28 th September, 2016 Daffodil International University

3 AN INTERNSHIP REPORT ON General Banking Activities of Uttara Bank LTD. -A study at Uttara BRANCH Supervised By: Ms. Tanzina Hossain Assistant Professor Department of Business Administration Faculty of Business & Economics Daffodil International University Prepared by: Sarowar Hossain Asif Program - B.B.A. ID: Batch: 33 rd Major: Human Resource Daffodil International University Date of Submission: 28 th September, 2016 Daffodil International University

4 28 th September, 2016 Tanzina Hossain Assistant Professor Department of Business Administration Faculty of Business & Economics Daffodil International University Sub: Submission of Internship Report. Dear Madam, It is my pleasure to submit the report on General Banking Activities at Uttara Bank Ltd. as a part of my Internship program. I enjoyed preparing this report which enriched my practical knowledge of the theoretical concept. I tried to reflect the practical operational aspects of the Bank which is complementary to the theoretical lessons. Should you need any further information to evaluate the report, it would be my immense pleasure to furnish you the same. Sincerely Yours Sarowar Hossain Asif Program - B.B.A. ID: Batch: 33 rd Major: Human Resource Daffodil International University

5 Letter of Approval I am pleased to certify that the Internship Report on General Banking Activities of Uttara Bank Ltd., Uttara Branch. prepared by Sarowar Hossain Asif, ID No of the Department of Business Administration, Faculty of Business & Economics has been approved for presentation and defense. Under my supervision he worked with Uttara Bank Ltd., Uttara Branch, Uttara as an intern. I am pleased to hereby certify that the data and the findings presented in the report are the authentic work of him I strongly recommended the report presented by Sarowar Hossain Asif (ID: ) for further academic commendations and defense. He bears a strong moral character and a very pleasing personality. It has indeed been a great pleasure working with him. I wish him all success in life. Ms. Tanzina Hossain Assistant Professor Department of Business Administration Faculty of Business & Economics Daffodil International University Daffodil International University i

6 Acknowledgement In completing my internship program in Uttara Bank Limited, I got help from different people who assisted me with various information, data and advice. I am grateful to the following person for their sincere cooperation. At first, my deepest gratitude goes to Mst. Rina Sultana, Uttara Bank Ltd who give me this nice opportunity to work in the Uttara Bank Ltd. Limited, a leading joint venture Islamic Bank in Bangladesh, as a internee to enhance my practical knowledge as the partial fulfillment of BBA program at the time when Bangladesh is going to acquire an important role in the global market economy. In addition, I want to give thanks to Tanzina Hossain, Assistant Professor, Daffodil International University, for giving me almost assistance and sincere cooperation with effective guidelines in making report worthwhile. Nazma Begum General Banking Incharge, was my supervisor. With many other Officers and Executives of the Branch, they have provided me their suggestions, guideline and cooperation doing my internee program and also to complete this report. I am very grateful to them for giving me the all sorts of cooperation. Daffodil International University ii

7 Executive Summary The report represents the 3-month working experience on Uttara Bank Limited (UBL) as an intern. This report gives a clear idea regarding the activities, the operation strategies, and the performance of UBL. UBL incorporated in 5 th July 1965 and being into its commercial operation on 1983 with a view to provide exclusive service facilities to its client and accordingly meet the demand of banking service all over Bangladesh. During the short span of its operation the bank had been widely acclaimed by the business community from small business persons to industrial conglomerates for forward looking business outlook and innovative financial solution. This report contains four chapters. First chapter deals with Introduction, origin, objective, scope, methodology and limitations of the report. Second chapter is the Organizational part of the report where I have tried to show an overview of Uttara Bank Ltd. and its theoretical background, Mission, Vision, Operating Profit, Deposit growth, etc. Third chapter contains the learning part of the report; General banking activities and fourth chapter contains findings, recommendations, conclusion and Reference. The report has been made by a careful review of published annual report, case study & discussion with responsible persons of Uttara Bank Ltd. who are engaged & connected with my related department. While working with general banking division in Uttara Bank Ltd., I have tried to find out some problems. Uttara Bank Ltd has complicated calculation process, insufficient number of ATM booths, lack of online system, inefficient employees, etc. At last, I have tried to give some recommendations against the mentioned problems of general banking division such as making easier calculation process, arranging sufficient number of ATM booths, introducing online system, etc. I hope and believe, by implementing the mentioned recommendations Uttara Bank Ltd. can reach the pick of its success. Daffodil International University iii

8 TABLE OF CONTENTS Particulars: Application Acknowledgement Executive Summary Table Contents List of Figures Page No: i i i i i i i v- v v i SL.NO Topics Page Number Chapter-1 (Introduction of the study) 1.1 Introduction Origin of the Study Scopes of the Study Objectives of the Study Rationale of the study Methodology of the study Limitation of Study 04 Chapter Introduction of UBL: History of the UBL Organization Structure 07 Daffodil International University iv

9 2.4 Mission,Vision,Strategy and Values Objective of the UBL Product & services of UBL General Strategies Of UBL: Organizational Hierarchy: Activities of UBL,Uttara Branch: SWOT Analysis of UBL Chapter General Banking Different part of General Banking Account Opening Required documents needed for open an account Account Opening Process Account Closing Demand Draft Account Department Cash Department Cash Receive Procedure Remittance 27 Chapter Finding Recommendation Conclusion 29 Reference 30 Appendix Daffodil International University v

10 LIST OF FIGURES Serial Particulars Page No Fig-I : Products & Services of UBL 10 Fig-2 : Organization Hierarchy 12 Fig-3 : Uttara Bank at a glance 14 Fig-4 : Account Opening Process of UBL 23 Fig-5 : Balance Sheet Of UBL Daffodil International University vi

11 Chapter -01 Introduction: This Chapter Includes: 1.1) Introduction 1.2) Origin of the study 1.3) Scope of the study 1.4) Objective of the study 1.5) Rationale of the study 1.6) Methodology of the study 1.7) Limitations of the Study 1.1 Introduction : We can simply say that Bank is financial organization that deals with money. But it is the precise most definition about bank. In modern age it is impossible to think a country without bank. Banks play diversified role in an economy. Building of capital by bank is the most important task. That is the key factor of the development of an economy. Industrialized nations build their industrial sector with the help of banking sector. The growth of the economy also depends on the performance of the banking sector. Banks secure money of the society. Government takes various monetary policies. These policies are implemented with the help of banking sector. It is impossible to do foreign trade with the help of bank. Banks provide services that help the business sector a lot to carry on the business. For example: giving guaranty, different types of certificate, expertise advice to business people. Banks also help to establish good faith among business persons. Uttara Bank Ltd is a first generation bank in Bangladesh. It is playing an important role to develop the business sector. The growth of this bank is very good. Its motto is to provide a prompt and quick service to the clients. It is being popular day by day with its attractive services and competitive product package. It s acceptability to the customer has been increased to masses. The investment of this bank is very organized acceptable to the all levels. Those reports investigate all the methods and Prepare Report on Investment. Daffodil International University 1

12 Uttara Bank Ltd has implemented well-structured online banking systems that make it easier to provide prompt services to the customer. The report has been prepared in the light of practical as well as theoretical knowledge. Also it is prepared under the guidance and supervision of the course teacher. During the internship program I have got a good idea about the bank and that is depicted in the report. 1.2 Origin of the Study: Internship program is a prerequisite for acquiring BBA degree. Before completion of the degree, every student must undergo the internship program. Internship program is a great opportunity for the graduates to have an experience of the real corporate world before starting their career. Internship in the modern business world helps students to demonstrate skills and competence from their supervised experience and in addition enables them to demonstrate maturity and acceptable professional, personal and interpersonal behavior. As the classroom discussion alone cannot make a student perfect in handling the real business situation, therefore it is an opportunity for the students to get accustomed with the real life situation through this program. To fulfill this requirement I was worked as an intern in Uttara Bank Ltd, Uttara, Dhaka for three months. This not only fulfils the requirement of the program but also facilitates the dissemination of knowledge in the banking arena of Bangladesh and helps me a lot to compare theoretical knowledge with practical experience. As internship student I have tried my level best to cover the foreign Exchange Practices Of Uttara Bank Limited in this report. 1.3 Scope of the Study: The report will mainly focus on the general banking activities of Uttara Bank Ltd, Uttara Branch. The proposed study will cover the procedure & techniques followed by the general banking Department such as account opening procedure, clean cash, pay order, cleaning etc. That means, in this report all the aspects of general banking activities has been discussed with the problems and proposed solutions by those the management can take decisions regarding modifying their plans for general banking and can strengthen the relationship with the business environment as well as with the clients Objectives of the Study The main objective of this report is to gather practical knowledge regarding banking system and operation. This practical orientation gives us a chance to coordinate out theoretical knowledge Daffodil International University 2

13 with the practical experience. The following objective for this practical oriented in bank is given below: To present an overview of Uttara Bank Limited To describe the General Banking functions of Uttara Bank Limited. To identify the problems faced by General Banking Department of UBL. To recommend actions to overcome the problems of General Banking department of UBL Rationale of the study: As a BBA student, it is very important to have enough practical knowledge about corporate world specially bank because in future I wanted to be a banker. So it is an opportunity for me to acquire practical knowledge about banking & bankers. It is a great opportunity for me to blend my theoretical knowledge with practical life experience. I am doing my internship program in Uttara Bank Limited, General Banking Department, Uttara Branch. This report is very important for me because it gives me a chance to know the overall banking activities especially foreign exchange department & to prepare a report about their activities which I learned. I select General Banking Department of Uttara Bank Limited because I want to learn how bankers handle the General Banking activities in a bank. As a BBA graduate I learned about General Banking activities but I know it theoretically not practically. I believe it will help me a lot in building up my career & increase my skill about General activities of any organization. 1.6 Methodology of the study: The report is prepared on the basis of general banking operation of Uttara Bank Limited and this report is based on observation and descriptive method has been followed in order to make the report more viable. To conduct the overall study, at first I explored the sources of Primary and Secondary information and data. Different files of the department and statement prepared by general banking division helped me to prepare this report. Sources of data: Both primary data and secondary data have been used in this report. Primary source: Official records of UBL Face to face conversation with the bank officers & staffs Daffodil International University 3

14 Daily diary Practical work exposures from the different desks of the departments of the branch covered Informal conversation with the clients and customers. Secondary source: Official Website Annual Report UBL Newsletter Various publications on the Bangladesh Bank Other manual information 1.7 Limitations of the Study: As I have obtained much cooperation from employees of Uttara Bank Limited, Uttara Branch, they were too busy to help me sometimes. I have faced the following problems, which may be termed as the limitation of the report: Lack of comprehension of the respondents was the major problem that created many confusions regarding verification of conceptual and theoretical perception. Secondary data is also very rare. It is just only the annual report and website. In many cases, up to date information is not published. Getting Relevant papers and documents were strictly prohibited. Anything, which adversely affects the image of the bank, could not be disclosed. In spite of these limitations, I have tried my best level to make this report as best as possible. So readers are request to consider these limitations while reading and justifying. Daffodil International University 4

15 Chapter-2 Overview of Uttara Bank Ltd. 2.1 Introduction of the UBL 2.2 History of the Uttara Bank Limited: 2.3 Organization Structure 2.4 Mission, Vision, Strategy and 2.5. Objective of the UBL 2.6 Products & Services 2.7 General Strategies of UBL 2.8 Organizational Hierarchy 2.9 SWOT Analysis of UBL 2.1 Introduction: Uttara Bank Ltd. is one of the largest private banks in Bangladesh. It is incorporated in the people s republic of Bangladesh with limited liability. Its slogan is Uttara Bank Ltd.- Abohoman Banglar Oitijje Lalito. From the very beginning, the bank has adopted the policy of diversifying its business. Uttara Bank Limited is deeply related with the history tradition and living standard of human of the country. 2.2 History of the Uttara Bank Limited: This Bank started its operations on 28th January 1965 as a commercial bank by Eastern Banking Corporation, which is interpreting by a private organization. In 1972 the Bank takes this name Uttara Bank. It had been limited company in 1983 that is named Uttara Bank limited. 211 branches at home and 600 affiliates worldwide create efficient networking and reach capability. Uttara Bank is a bank that serves both clients and country. It operates through 211 fully computerized branches ensuring best possible and fastest services to its valued clients. The bank has more than 600 foreign correspondents worldwide. Total number of employees is nearly 3,562. The Board of Directors consists of 13 members. The Head Office is located at Bank s own 18-storied building at Motijheel, The commercial center of the capital, Dhaka. It started its banking business by way of opening of import letters of Daffodil International University 5

16 credit in favor of foreign suppliers on behalf of various import clients. After starting operation as a commercial bank from November-1, 1985 onwards, side by side with the traditional products it also started providing all types of foreign exchange related services to its different categories of clients. Uttara Banked Limited -one of the largest and oldest private-sector commercial bank in Bangladesh with years of experience. Adaptation of modem technology both in term of equipment and banking practices ensures efficient service to clints.211 branches at home and 600 affiliates worldwide create efficient network and reach capability. 2.3 Organization Structure: Daffodil International University 6

17 AGM Rina Sultana Rafiq Newaj Cash General Lone & Foreign Department Banking Advance Exchange De pertment Selina Akhter Nazma begum Nur Alam Naznin Nahar Abul Shefaly Bashar Khanam Shamima Akhter Fazlur Rahman Nurun Nahar Table: Organ gram of UBL Daffodil International University 7

18 Uttara Bank limited has 211 (Two hundred Eleven) branches, Most of the branches have four departments namely:- General banking Credit Department Foreign Trade Accounts Department General Banking consists of the many sections in the branch. These are: Customer Service Accounting Opening/Closing Payment order Issue Demand Draft Issue/Collection Cash department. Clearing department Deposit Department Account Transfer T.T Issue/Collection 2.4 Mission, Vision, Strategy, Values Our Mission We aspire to be the most admired financial institution in the country, recognized as a dynamic, innovative and client focused company that offers an array of products and services in the search for excellence and to create an impressive economic value. Our Vision One of the Best Performing Banks in Bangladesh. The Bank of Choice. A Truly World-class Bank. Our Strategy Objectives To ensure inflow of funds at combination of least possible cost. To maintain a discreet credit policy. Daffodil International University 8

19 To enhance versatility and diversification through the penetration of new market segments, thereby fulfilling unmet needs. To practice stronger IT-driven initiatives that will meet challenges and requirement of the bank and its clientele. To improve administrative and organizational structures in order to prepare the platform for best practices of corporate governance. To enrich the banking sector with improved awareness on Corporate Social Responsibility. To provide extended career opportunities through competitive pay and benefits. Values: Commitment Shareholders Community Customers Employees Accountability Agility Trust 2.5Objective of the UBL: To provide Banking service to the people within the commanding area. To keep position in the competitive market To contribute in profitability of UBL. Mobilizing deposit from the surplus economic unit to deficit economic unit. Being a high quality distributor of products and services. Serve the people of the country by providing financial assistance. Help the nation in reducing the employment problem by securing services to a large number of people. 2.6 Products & Services: The bank not only the traditional banking products and services but also some tailor made products in liabilities and assets monthly savings scheme and double benefit scheme etc. for Daffodil International University 9

20 deposit mobilization in one hand and consumer credit scheme, lease finance, person loan, Uttara house repairing and renovation scheme and SME financing in another hand, besides, the bank has also some electro-banking products based on information technology of which Q-cash UBL ATM Debit card is worth mentioning of providing 24 hours services to customers. The products and services of Uttara Bank Limited can be broadly classifies into two groups. i.e. depository products, loan products. These are given below Deposit Modes: Fixed Deposit Double Benefit deposit Scheme Double Pension Scheme Monthly Deposit Scheme Bearer Certificate of Deposit Short Term Deposit Saving Bank Deposit Current Account Foreign Currency Deposit Daffodil International University 10

21 Local Remittance: Pay Order Demand Draft Telegraphic Transfer Foreign Exchange Service: Xpress Money Money Gram Instant Cash SWIFT Service International Money Order 2.7 General Strategies of UBL: To strive for customer best satisfaction & earn their confidence in the most effective manner. To manage & operate the bank To identify customer needs &monitor their perception towards meeting those requirements. To review & update procedures & practices to enhance the ability to extend better service to the customers. To train & develop all employees & provide them adequate resource so that the customers needs are reasonably addressed. To promoted organization efficiency communicating company plans, police & procedures openly to the employees in a timely fashion. To cultivate a congenial working environment. To diversified portfolio both the retail & wholesale markets. General Natures of business: The bank is carrying out commercial, corporate, investment and retail banking related service to its customers through its 211 branch following the provisions of the bank company act 1991 as follows: Corporate Finance Daffodil International University 11

22 Corresponding banking Documentary credits Foreign exchange Guarantees Other related business 2.8 Organizational Hierarchy: Managing Director Deputy Managing Director Senior Executive Vice President Executive Vice President Senior Vice President Vice President Senior Asst. Vice President First Assistant Vice President Assistant Vice President Senior Principal Officer Principal Officer Senior Officer Officer Probationary Officer Junior Officer Trainee Asst. Officer/Trainee Asst. Cash Officer Fig-IV: Organization Hierarchy Daffodil International University 12

23 Glance of UBL SL.N0 Key Point Practice 01 Name of the Bank Uttara Bank 02 Logo of the Bank 03 Date of Incorporation Status Public Company Limited 05 Chairman Mr. Azharul Islam 06 CEO & Managing Director Mr. Shaikh Abdul Aziz 07 Listed with Dhaka Stock 23 September 2006 Exchange 08 Number of Branches SME Service Centers Brokerage Houses Total Manpower Earnings Per Share Total assets 52, Capital 4, Paid Up Capital 1, Daffodil International University 13

24 16 Growth Rate 38% 17 Profit Total Assets 52, Total Deposits Total Loans & Advances Corporate Head Office Uttara Bank Bhaban 47, Shahid Bir Uttom Asfaqus Samad Sarak, 90, Motijheel Commercial Area.Dhaka-1000 Bangladesh. 22 Corporate Website & Daffodil International University 14

25 2.9 Activities of UBL: The activities of Uttara Bank Limited. Can be divided into three major categories: General banking: it includes:- Mobilization of deposits. Receipts and payment of cash. Handling transfer transaction Operations of clearing house Maintenance of accounts with Bangladesh bank and others bank Collection of cheque and bill Issue and payment of Demand Draft, telegraphic transfers and payment order Executing customers standing instructions Maintenance of safe deposit lockers Maintenance of internal accounts of the bank While doing all the above noted work UBL issue cheques-book, Deposit account opening form, SS card, Ledgers, Cash book. Deposit account ledgers, preparation statement of accounts. Pass Book, Balance of different accounts and calculated profits UBL offers to open the following account to the depositors: Current Account Saving Account Term Deposit account. (3 month/6month /12 month /36month / 60 month) Cash Credit Account. Daffodil International University 15

26 2.10 SWOT Analysis of UBL: The Bank s strength and competitive capabilities can be shown by the SWOT analysis.the SWOT analysis is grounded in the basic principle that strategy making efforts must aim at producing good fit between a company resources capability and its internal situation. Threats Strength SWOT Analysis Opportunity Weakness Daffodil International University 16

27 Strengths: As a bank has good position in the banking sector. Training institution of this bank is very helpful for their employees. Experiences top management. As present it operates 211 branches in the country. It has a good reputation since its establishment. High growth rate accompanied by an impressive increase in the authorized capital paid up capital and reserve fund. Co-ordination and Co-operation among staff. Old Bank and largest commercial Bank so greater reliance to customer. Larger market share Larger domestic client base Experienced management team and human resource Largest branch network Company reputation and good will Affordable service charges Weakness: Lack of technological resources as well as traditional banking Lack of quality and attractive products for customers. Lack of clear mission. Lack of motivation of the employees. Banking service is lengthy. Reduced Earnings per share. Limited service packages. Lack of promotional activities. Operations are manually driven. Daffodil International University 17

28 Opportunities: Now-a-days small and medium Enterprises in our country are increasing. So the SME business holders need money or loan from bank. UBL can focus on this SME sector. To develop the agricultural the bank can provide service to the people. Who earn their livelihood by cultivating land? Huge Potential in villages for micro-credit. Credit card business. Growth and Branches in the rural area in the country. Potential market for internet and phone banking. Expand its product line to enhance its sustainable competitive advantage. Retail Banking. Scope of market segmentation though diversified products Automation, SMS banking and phone banking. Providing business solutions to corporate consumers and expanding number of corporate customers there by. Recognizing trend in international business Threats: Other Commercial Banks are offering higher salary that may create problem for UBL. Intense competition in the market lot of private commercial banks, foreign banks and multinational banks pose significant threats of UBL. Lack of appeal to younger, student potential customers. Potential instability in the country. Many banks providing online banking and modern Banking service. Now-a-days each bank use new technologies but UBL has not adopted it yet Daffodil International University 18

29 CHAPTER-03 General Banking of Uttara Bank Limited This Chapter Includes: 3.1General Banking 3.2Different Parts of General Banking Account opening and closing Remittance Account department 3.1 General Banking: General Banking is the starting point of all the banking operating. General Banking department helps in talking deposits and simultaneously provides some ancillaries services. It sometimes provides those customers who come frequently and those customers who come one time in banking for enjoying ancillary services. In some general banking activities, there is no relation between banker and customers who will take only one services form bank. On the other hand, only there are some customers who are doing its business frequently with bank. It is the department, which provides day to day services to the customers. Every day it receives deposits from the customers and meets their demand. It open new accounts, issue bank drafts and pay orders etc. Since bank in confined to provide the services everyday than general banking is also known as retail banking. Daffodil International University 19

30 3.2 Different parts of General Banking: General Banking department constitutions with the following section: 3.3 Account opening General Banking Customer Services A/C opening and closing Remittance A/c department Clearing Transfer Cash A bank success and failure largely depends on its nature of customers. If its customer create fraud and fake by their account with bank and thus destroy goodwill of the bank. Uttara Bank Limited has taken three working day to activate an account. They maintained some different criteria to open accounts based on the customers demand. Deposit Schemes of UBL: All banks also have two types of deposit. There are- Demand Deposit Time Deposit Demand Deposit: Demand deposits are general types of deposits or accounts which are operated through cheques. Account holders can deposit their money their account and can also withdraw money from his account. Demand Deposit Savings Account Current Account Time Deposit: Daffodil International University 20

31 This is the special scheme account for the customer. In such an account, customers deposit money for a certain period to gain some profit. Time Deposit Fixed Deposit Receipt Monthly Supper Savings Scheme Double Benefit Deposit Scheme Short Notice Deposit Demand Deposit: a)savings Account Anyone expect limited company can open 5% interest is provided to depositors The minimum account of balance to be marinating with this type of account is tk b)current Account: Generally opened by the businessman. No interest is provided for deposited amount Overdraft is allowed in this account Maintain opening balance of tk If customer withdrawn money they should maintained minimum balance of tk Time Deposit: a)fixed Deposit Receipt: Can be open by all Provide 10.50% interest ( at present) In case of withdrawal before maturity the customer receive a break down payment. Minimum amount in tk Daffodil International University 21

32 Double Benefit Deposit Scheme: This scheme opens by all clients. Under this scheme, deposits are to deposit a fixed amount to the ban for 3 or 5. Minimum amount of balance is tk Maximum amount of balance for single account is tk Deposit A/C open: Uttara Bank Ltd. Has different types deposit & scheme accounts like- savings, current and FDR accounts. Now customer whatever account want to open I can easily open any account through inputted the unique code of individual customer information. For account opening I have to fill up some fields are initial amount, minimum balance, relationship manager etc. 3.4 Required documents needed for open an account: Savings Account Voter ID/passport photocopy of A/C holder and nominee Two copy photo of A/C holder and one copy photo of nominee which is attested by A/C holder. Partnership Account: Voter ID/ passport photocopy of every partner and nominee. Two copy photo of A/C holder and one copy photo of nominee which is attested by A/C holder. Copy of the trade license update. Partnership deed attested by chairman. Private and Public Limited Company Account: Voter ID/ passport photocopy of every partner and nominee. Two copy photo of A/C holder and one copy photo of nominee which is attested by A/C holder. Copy of the trade license update. Memorandum attested by chairman. Certificate of incorporation. Board resolution. Daffodil International University 22

33 3.5 Account opening process: For opening an A/C, a person goes to a process that determines the bank. That process is given below: Receive A/C opening from the officer The form is filled up by the applicant Two copies of passport size photo are needed Provide national ID card of both A/C holder& nominee A/C holder sign card to have A/C form Authorized officer verify that sign Minimum balance is deposited in only cash A/C activate within 3 days Fig: Account Opening Process 3.6 Account Closing First of all I receive the close application. After that input the bank inward no. send to operational manager for marking the application then it goes to GB in charge. He marks or assigns me to do this and verify the signature of account holder. Then I start my processing to do the work for account closing. Daffodil International University 23

34 For DPS Account It is premature means bank and customer did not fulfill the condition what they both did. Then whatever the money he deposited in the account, he will get that much balance only and interest will withdraw and no extra charge will be deducted. Collect close application If pre mature then withdraw interest If matured then give interest which is hold in provision account & deduct TAX A/C closed in software If it is matured means fulfill the condition the amount he deposited, the interest amount will give on the deposited amount and after that tax will deduct on the amount of interest. Then I transfer the balance amount to same savings account or issue a pay order. For savings and current account: After collecting and deducting for the unused cheque books and deducting the closing charge 230 taka will VAT I close the account & rest of the money I transfer or issue a pay order in favor of him as per his application. 3.7 Demand Draft: This is an order to pay money, drawn by one branch of a bank upon another branch of the same bank for a sum of money payable to order on demand. Procedure of issuing DD: Daffodil International University 24

35 Against Cash: A client is asked to complete a form. This is treated as an application as well as credit voucher for head office account. Commission charges are calculated and the inserted voucher is given to the client to deposit the cash. The cashier receives the cash and delivers the voucher to the remittance department against initials in his book. Draft is prepared and recorded in the draft issued register. The amount of the draft is also protecting graphed. The draft number is written on the voucher, then the officer in charge checks and signs the draft and the other vouchers. After that a second officer gives his signature in the draft and also in the other vouchers. A credit voucher and head office advices are dent to the accounts department. Lastly advices are sent to dispatch section for onward transmission to the respective branches. Against Cheque: The cheque is sent for passing and collection. After the Cheque is passed, similar procedures are explained in case of cash are adopted. Against letter of instruction: The letter is sent to the deposit section for verification of signatures. The letter is attached with the debit voucher. After the debit voucher is passed, similar procedures as explained in case of cash are adopted. Cancellation of DD: On receipt of application along with the demand draft for its cancellation, the signature of the applicant is verified from of original application from. The authenticity of the DD is also examined. Before the drags is cancelled it is ascertained that no duplicate draft has been issued and the Uttara has paid the same earlier, the draft is cancelled by tearing out the signature there on and a note on this effect in red ink is made in the original application form. Payment of DD: On receipt of advice from drawing branches the particulars are checked and initialed by the in charge. Payment in clearing: Collecting bank s crossing, stamp and discharge are checked. Other procedures are similar with the payment is cash. Daffodil International University 25

36 3.8 Account Department: This is most confident department of bank. Recovering all kinds of transaction of the branch, confirming their accuracy and preparing statements are the main job of this department. Now a day under computerized banking system, the jobs of account department become very easy. Now the computer directly prepares the clean cash statement on party ledger vouchers. 3.9 Cash Department: One of the main parts of a bank is its cash department. Customers and clients deposits and withdraw their money from the cash counters located on the bottom floors of the branches. Receiving cash and payment of cheques is the main task of the cash department. In cash department there following register; Cash payment Cash receive Cash position Cash remittance Key register There is a procedure of cash in and cash out from the vault. Also a system procedure is maintained for receiving cash trough different voucher and payment against different cheques and vouchers Cash receive procedure: Cash is the life of the bank. Different types of from are use for different types of accounts. Cash may be received by the following ways: Current of saving account pay in slip Credit voucher Different types of instruments remittance are received by respective forms. Share collection 5.Different types of scheme. Daffodil International University 26

37 3.11 Remittance: Remittance means transferring of fund through different instrument other than cheque. The following two type of remittance are performing by Uttara Bank Ltd. Remittance is transfer of funds from one place to another or from one person to another. A Remittance is an important service provided by banks to customers as well as non-customers. Since it is not a free service it is a source of income for the bank. Types of Remittance: Local Remittance Foreign Remittance Daffodil International University 27

38 CHAPTER 4 Findings, Recommendation & Conclusion 4.1 Findings: Employees take too much time to provide general banking services to Customers Calculation process of the interest of FDR and DPS of UBL is not easily understandable to the customers which hinder customers to take prompt decision. Now most of the banks in our country provide various outstanding services like ATM/ online banking service/ Debit Card. But UBL doesn t have online banking system. It has insufficient ATM and Debit card system. A good number of employees are not working efficiently. According to some clients opinion introducer is one of the problems to open an account. If a person who is new of the city wants to open account, it is a problem for him/her to arrange an introducer of SB or CD accounts holder. 4.2 Recommendations: In order to improve the existing general banking practice of UBL, the following possible measures need to be undertaken. Employees of UBL should be more trained up so that they can provide prompt services to the customers. To help customers to take wise decision about FDR and DPS, calculation process of interest should be easier. The bank should provide the online banking system for the customer s opportunities and should increase the ATM & Debit card services. A good number of employees need to be trained up and the bank needs to hire efficient personnel to meet up the global challenges. Daffodil International University 28

39 The bank should think about an alternative for the person who doesn t have any introducer so that it can collect more deposit through new accounts and will also satisfy the customer. 4.3 Conclusion: Uttara Bank Ltd. is one of the most potential banks in the banking sector. It has a large portfolio with huge assets to meet up its liabilities and the management of this bank is equipped with the expert bankers and managers in all level of management. UBL is able to quickly adapt with the changes in the environment. The financial performance over the year was also very sound. Its general banking service may be extended if they introduce online banking system. It has very little talented and expert human resources but if they recruit high quality officers in their management positions, the performance of the bank will be better. In my internship period (three months) I have observed different departments of the bank but most of the time I have passed in General banking. Within a short duration of time it is not possible to properly work the entire department. However, I have tried to give my best effort to achieve the objectives for the internship program and found out some problems. The bank would grow more smoothly if the problems are solved that I identified. Finally, I want to say that Uttara Bank Limited (Uttara Branch) is always trying to provide its best service for its customer satisfaction. It is playing an important role in the banking and in payment system of Bangladesh. I wish the bank all success prosperity in their field Daffodil International University 29

40 References: bank.com/info_branch_list.php (On 19/07/16, 07 pm) 19/07/16, 07 pm) 19/07/16, 07 pm) 19/07/16, 07 pm) (On 24/07/16, 07 pm) 24/07/16, 07 pm) Daffodil International University 30

41 Appendices Appendix - 1: Sheet Balance Daffodil International University 31

42 Appendix-II: Profit and Loss Account Daffodil International University 32

43 Daffodil International University 33

44 Appendix-III: Statement of Cash Flow Daffodil International University 34

45 Appendix-IV: Statement of Changes in Equity Daffodil International University 35

46 Daffodil International University 36