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“A STUDY ON EFFECTIVNESS OF SERVICES PROVIDED BY INDIAN OVERSEAS BANK”
INDIAN OVERSEAS BANK “Good People to Grow
SUBMITTED BY IPSITA MOHANTY Roll no. : 0806260032 Session: 2008-10 Under the guidance of
Miss R.Parimala Marketing Manager IOB
Prof. Sree Kumar Faculty member,RIMS
As a partial fulfillment for the award of Master of Business Administration UNDER
BIJU PATNAIK TECHNOLOGY,
Rourkela Institute of Management Studies, Rourkela
DECLARATION I, Ipsita Mohanty do here by declare that the project work entitled “ A STUDY ON EFFECTIVENESS OF SERVICES PROVIDED BY INDIAN OVERSEAS BANK” at Bhubaneswar being done by me is the result of my own fieldwork research and analysis for my Dissertation report for the fulfillment of the requirement for the Master of Business Administration((MBA). All my findings and analysis are original and true to the best of my knowledge and it is not submitted to any other institution or published anywhere before.
Ipsita Mohanty Signature
Rourkela Institute of Management Studies, Rourkela
Exchange of ideas always generate new object to work in a better way and when a person is helped and show co-operation by other the heart is bound to pay gratitude and obligation to them. First of all I would like to thanks God for his blessings and grace which he has bestowed on me that enabled me to complete this project report. I pay my heartfelt thanks and sincere gratitude to Miss R Parimala, Marketing Manager of INDIAN OVERSEAS BANK (my corporate guide) for rendering valuable advice and providing me all possible Help to undertake this project report. I also thankful to our internal guide Dr.Sreekumar for providing me great insight into the project and for sparing his valuable time with me. Without his cooperation it was impossible to complete the project. At last I would like to thank my family and friends for their constant support and Guidance.
IPSITA MOHANTY M.B.A, Marketing Regd.No _0806260032 RIMS, ROURKELA
Rourkela Institute of Management Studies, Rourkela
2 5.3 5. CHAPTER-1 CHAPTER-2 PARTICULAR 1.CONTENTS S.2 Company Profile 3.4 Executive Summery Introduction Objective of the study Scope of the study Market universe PAGE NO.4 Conclusion Limitation of the study Bibliography Questionnaire 56 57 57 58-59 4 Rourkela Institute of Management Studies.1 CHAPTER-4 4.1 Company Background CHAPTER-3 3.2 2.4 Research methodology Data analysis and interpretation SWOT analysis Findings and suggestion 44-45 46-52 53-54 54-55 5.1 2.3 2.1 2.4 Detailed product line 4. Rourkela .NO.5 Market competition strategy 3.2 4.3 4.3 Growth of the organization 3. 5 7-9 10 11 12-13 13-15 17-19 20 21-23 23-43 2.1 CHAPTER-5 5.
It covers both the operation and sales perspective of the bank. where the concept of marketing of products & services & then the difference between the traditional banking 5 Rourkela Institute of Management Studies. Rourkela . Then comes the objective of study. following the introduction of the study.EXECUTIVE SUMMARY This project talks about the different aspects of Indian Overseas Bank.
2 INTRODUCTION OBJECTIVE OF THE STUDY 6 Rourkela Institute of Management Studies. There after comes the research methodology part. Internet. and perception regarding Indian Overseas Bank at Bhubaneswar. magazine. All the procedures are collectively compiled followed by a questionnaire consists of seven questions to reach at the objective. It may help to identify and understood customers as well as present or potential future needs of the customer and adopt suitable measures for the satisfaction about their product and services. CHAPTER -2 2. etc. The data has been collected from 60-70 customers as a sample. journals. which was conducted with the help of questionnaire for the collection of primary data. are used for secondary data. The findings and recommendations from this report would be useful and beneficiary for the organization. Next are the section of company profile and its growth & the detailed product line of the bank. Rourkela .& modern banking have been discussed. in order to complete this research a survey was conducted and the main objective is to find out the target customer as well as to know the customers awareness. The principal methodology adopted in this project was conclusive survey.1 2.
it can’t be considered a separate function.3 2.5 SCOPE OF THE STUDY MARKET UNIVERSE MARKET COMPETITION STRATEGY INTRODUCTION OF THE STUDY “Marketing is a basic that.” _ Peter Drucker_ Marketing is about identifying and meeting human and social needs.2. Rourkela . It is the whole business seen from the point of view of its final result that is the consumer point of View.” 7 Rourkela Institute of Management Studies.4 2. One of the shortest good definitions of marketing is “meeting needs profitably.
hotels. doctors. and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. such as • • • • • • • • • • Goods Services Events Experiences Persons Places Properties Organizations Information Ideas Now a day’s not only goods but also services are marketed. Services include the work of airlines. management consultants and bankers. Banking developed in the middle ages in response to the growing need for credit in commerce. repayable on demand or otherwise and withdraw able by cheque. The services provided by various banks are also marketed by various marketing managers in order to differentiate their services. A system of trading in money which involved safeguarding deposits and making Funds available for borrowers is called Banking. engineers.order and otherwise. So marketing also plays an important role in banking sector. accountants. 8 Rourkela Institute of Management Studies. Banking means accepting for the purpose of lending or investment of deposits of money from public. Rourkela . communicating. software programmers. lawyers. Marketing people generally market ten types of entities.Marketing is an organizational function and a set of processes for creating.
. has no share capital examples of private sector banks are • • • • AXIS Bank ICICI Bank IDBI HDFC in these banks. but Govt. The Banks are of two types. Some of the public sector banks are • • • • • STATE BANK OF INDIA INDIAN OVERSEAS BANK PUNJAB NATIONAL BANK ANDHRA BANK UNION BANK OF INDIA Private sector banks are those banks which are regulated and managed by the rules and regulations of Reserve Bank of India and Govt. The modern banking includes 9 Rourkela Institute of Management Studies.. Plays a major role in managing a bank i.. Public Sector Bank and Private Sector Bank Public Sector Banks are those banks in which Govt. Rourkela . Some of the All these banks may be public or may be private provide various services to public. the bank is regulated by the rules and regulations of Govt.Now a day a number of banks provide banking service to public. But now a day the traditional banking is converted into modern banking due to development in technology. Such as.e. The banks provide following services: • • Deposit of money Lending of money This type of banking is called Traditional banking. has 50% share capital and Govt. These are the private people who have their share capital in these banks. All Nationalized banks are public sector banks.
The banking sectors are the service units. such as besides banking banks also deal with various Para banking products like Gold coin. Life insurance and Non life insurance etc. the objective of the study should be clear so that the work proceeds scientifically and well directed. some of the main objectives include: 10 Rourkela Institute of Management Studies. OBJECTIVE OF THE STUDY Proper planning is the key to success. it becomes important to ascertain the prime goal and objectives of the same should be clear before the research has to be conducted. Now a day’s competition is everywhere. Rourkela . . .• • • • • • • On line banking Telephone banking Merchant banking Payment of tax Life and non life insurance Provident fund Mutual fund This modern banking is adopted by every bank in order to provide better facility to customers. Many sorts of marketing activities are guided and directed towards customer. In the present marketing scenario customer is regarded as a key and the customer are the backbone of the company. So before taking up an assignment. Debit card. the banks provide various facilities. So in order to attract customers towards them. so these are focusing on better quality service which they provide to customers. In the ensuring project. So there is also competition in the banking sector. Credit card.
To study the awareness about the bank. promotion. distribution.” Marketing involves. Rourkela . marketinginformation management. pricing. The Indian overseas bank started para banking services in rural areas to create more customers. To understand the feedback of complaint from customer to bank. The Indian overseas bank provides various schemes to promote the investors. product design. The Indian overseas bank creates more value addition in its services for its customers. such diverse activities as selling. pricing. and distribution of ideas. To discuss the various Para banking products of the bank. organizations. It is performed in profit and nonprofit businesses. advertising. To study the loyalty status of the bank in the banking sector. MARKET UNIVERSE The American Marketing Association defines marketing as “the process of planning and executing the conception. and agencies of 11 Rourkela Institute of Management Studies. and services to create exchanges that satisfy individual and organizational objectives. but is not limited to. SCOPE OF THE STUDY The main scope of the project is • • • • The Indian overseas bank makes its future strategies considering the perception of customers regarding services & products. and financing. purchasing. To know the market share of the bank. To study the knowledge level of customers about the Para banking products of the bank. goods.
critical business function that is interwoven with such social sciences as economics. Marketing is characterized as dynamic and changing. A marketing network consists of the company and its supporting stakeholders (customers. therefore. Marketing is. 12 Rourkela Institute of Management Studies. mergers. a multi-faceted. ad-agencies and others). distributors. These tools can be classified into four groups which are called the4 P’s of marketing. and the use of critical thinking and problem solving. suppliers. Rourkela . retailers. and profit will follow.all types and sizes. Marketing needs a framework that begins and ends with customer. world markets. psychology. and technological innovations. However. international competition. A set of marketing tools the firm uses to pursue its marketing objectives are called marketing mix. and sociology. They are: • • • • PRODUCT PRICE PLACE PROMOTION Its successful performance depends on the application of mathematics and communication skills These 4 P’s are also known as 4A’s and 4C’s of marketing. The operating principal is simple: build an effective network of relationships with key stakeholders. the pace at which marketing is changing has accelerated due to environmental shifts taking place in the business world: downsizing. There is an intermediate step between the Deployment of marketing tools and achievement of marketing objectives. Marketing tools by themselves do not achieve marketing objectives. outsourcing.
Rourkela . 13 Rourkela Institute of Management Studies. money laundering and terrorist financing. In the USA.it is a process to be undergone from the start of a customer relationship to the end. Know your customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. but this is the tip of the iceberg and regulators now expect much more.4P’s PRODUCT PRICE PLACE PROMOTION 4A’s ACCEPTABILITY AFFORDABILITY ACCESSIBILITY AWARENESS 4C’s CUSTOMER VALUE CUSTOMER COST CUSTOMER CONVENIENCE CUSTOMER COMMUNICATION MARKET COMPETITION STRATEGY In the Banking sector scenario. marketing KYC should not be thought of as a form to be filled . Know your customer policies have becoming increasingly important globally to prevent identity theft fraud. Know your customer is one of the important strategies to maintain the proper information about the customers. In a simple form these rules may equate to answering twelve questions. KYC is typically a policy implemented to conform to a customer identification programme mandated under the Bank Secrecy Act and USA PATRIOT Act.
This helps to determine whether a transaction or activity is suspicious and requires reporting to the authorities. Banking sector in India On modern times banking was started by the English agency houses of Kolkata & Mumbai and was functioning on the bases of unlimited liability. They issued currency untill this function was withdrawn by the government in 1862. Rourkela . In 1860 the principal of limited 14 Rourkela Institute of Management Studies. The generated alerts identify unusual activity which is then subject to due diligence or enhanced due diligence (EDD) processes that use internal and external sources of information on the subject. In the UK. including the internet.One aspect of KYC checking is to verify that the customer is not on any list of known fraudsters. it would require Suspicious Activity Reporting (SAR) filing to Financial Crimes Enforcement Network (FinCEN). it would require a report to Serious Organized Crime Agency (SOCA). history on the customers account(s) and with peers. particularly names analysis software and trend monitoring software. Beyond name matching. In the US. As well as sanctions lists there are lists of third party vendors that track links between persons regarded as highrisk owing to negative reports in the media about them or in public records. terrorists or money launderers. Banks doing KYC monitoring for anti-money laundering (AML) and Counter-Terrorism Financing (CTF) purposes increasingly use specialized transaction monitoring software. a key aspect of KYC controls is to monitor transactions of a customer against their recorded profile. This list contains thousands of entries and is updated at least monthly. such as the Office of Foreign Assets Control’s Specially Designated Nationals list.
Rourkela . In 1949 it was marked by efforts of RBI towards institutionalization of savings to adapt the credit system to needs of the economy. Indian joint stock banks specialized in providing of short term credit for trade mainly in the form of cash credit & overdrafts. These were engaged mainly in financing of foreign trade. The RBI Act was passed in 1934 & RBI came into force in 1935. The Swedish movement gave a fillip of Indian joint stock banking companies and several of the present leading banks were established around this time. the no. During the period 1890-1934.5 lakhs increased from 23 to 69.1 lakh to Rs. Foreign exchange business was the monopoly of 17 foreign banks in India. They also had a significant share in financing of internal trade.liability for banks was accepted under Indian Law. The Indian banks also did not undertake foreign exchange business. 15 Rourkela Institute of Management Studies. of banks with paid up capital of Rs. Subsequently there was a sprut in establishment of banking companies. This period witnessed consolidation of banking structure and emergence of large commercial banks through mergers & acquisition.
1 3. Rourkela .CHAPTER -3 3.2 3. Indian Overseas Bank (IOB) is a leading bank based in Chennai.3 3. IOB had the distinction of simultaneously commencing operations in three branches at 16 Rourkela Institute of Management Studies. India.4 COMPANY BACKGROUND COMPANY PROFILE GROWTH OF THE ORGANISATION DETAILED PRODUCTLINE COMPANY BACKGROUND Established in 1937.
Retail loan etc. and Yangon (Myanmar). which is used by its 1200 branches to provide online banking to customers. Agricultural Loans. it's one of the banks that the Govt.M. In 1979. Since IOB aimed to encourage overseas banking and foreign exchange operations. Home Loans. The equity shares of IOB are listed in the Madras Stock Exchange (Regional). and National Stock Exchange of India Ltd. Indian Overseas Bank boasts of a vast domain in banking sector with over 1400 domestic branches & 6 overseas. Today. • 1937: Shri. Rourkela . as it introduced the popular Personal Loan scheme. Depositary Services. Bombay Stock Exchange. Forex Collection services. the Bank emphasized on opening its branches in rural parts of India. Any Branch Banking. Debit Cards. it soon opened its branches in Penang and Singapore. In the year 2000. . Mumbai. The Bank's IT department has developed software. In 1964. the Bank started computerization in the areas of inter-branch reconciliation and provident fund accounts. including Savings Account. Indian Overseas Bank was one of the 14 major banks which were nationalized in 1969.Karaikudi. Chennai. IOB also offers Internet Banking. IOB was the first bank to venture into consumer credit. Indian Overseas Bank also has a network of about 500 ATMs throughout India. IOB opened a Foreign Currency Banking Unit in the free trade zone in Colombo. Indian Overseas Bank offers investment options like Mutual Funds and Shares. Since its inception. Current Account. Online Banking. IOB started up 17 Rourkela Institute of Management Studies. It provides a wide range of consumer and commercial banking services. After nationalization.M.. Provident Fund Scheme. IOB has absorbed various banks including the latest — Bharat Overseas Bank — in 2007. Credit Cards.Ct. Indian Overseas Band undertook an initial public offering (IPO) that brought the government's share in the bank's equity down to 75%. Chidambaram Chettyar establishes the Indian Overseas Bank (IOB) to encourage overseas banking and foreign exchange operations. VISA Cards. NRI Account. Payment of Bills / Taxes. Its International VISA Debit Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. of India has approved for online payment of taxes.
and Singapore. Sumatra. Java. After nationalization it.simultaneously at three branches. 1949: IOB opened a branch in Bangkok. who were a mercantile class that at the time had spread from Chettinad in Tamil Nadu state to Ceylon (Sri Lanka). • • • • • • 1963: The Burmese government nationalized IOB’s branch in Rangoon. 1941: IOB opened a branch in Malaya that presumably closed almost immediately because of the war. 2000: IOB engaged in an initial public offering (IPO) that brought the government's share in the bank's equity down to 75%. Madras (Chennai) and Rangoon (Yangon). IOB had twenty of its eighty branches located overseas. 18 Rourkela Institute of Management Studies. At one point. 1933). including Kulitali Bank (est. • • 1988-89: IOB acquired Bank of Tamil Nadu in a rescue. and Saigon. 1946: IOB opened a branch in Ceylon. IOB absorbed five banks. from the beginning IOB specialized in foreign exchange and overseas banking. It then quickly opened a branch in Penang and another in Singapore. Rourkela . one each in Karaikudi. Singapore. Malaya. 1948: United Commercial Bank (see below) opened a branch in Malaya. emphasizing the opening of branches in rural India. • 1969: The Government of India nationalized IOB. Penang. turned inward. As a result. like all the nationalized banks. The bank served the Nattukottai Chettiars. International expansion • 1937-38: As mentioned above. • 1960s: The banking sector in India was consolidating by the merger of weak private sector banks with the stronger ones. probably before nationalization. 1947: IOB opened a branch in Bangkok and re-opened others. Burma (Myanmar). IOB was international from its inception with branches in Rangoon.
Indian Bank and United Commercial Bank established United Asian Bank Berhad in Malaysia. IOB and six Indian private banks established Bharat Overseas Bank as a Chennai-based private bank to take over IOB's Bangkok branch. Rourkela . • The banks set up United Asian to comply with the Banking Law in Malaysia. 1999: Bank of Commerce (BOC) merged with Bank Bumiputra Malaysia to form Bumiputra-Commerce Bank (BCB) Berhad.M. 1979: IOB opened a Foreign Currency Banking Unit in Colombo. 1992: Bank of Commerce (BOC). 2005: BCB integrates with CIMB which the company is own by the Datuk Seri Nazir Razak who is the youngest son of Malaysia's second (former) Prime Minister Tun Abdul Razak from 1970 . Sri Lanka. a Malaysian bank. Chidambaram Chettiyar 19 Rourkela Institute of Management Studies. Also. which prohibited foreign government banks from operating in the country. • • • 1977: IOB opened a branch in Seoul.• 1973: IOB. • • • 2007: IOB takes over Bharat Overseas Bank COMPANY PROFILE Year of Establishment: 10th February 1937 Founder of the bank: Mr.Ct.1976 and youngest brother of today's (2005) deputy prime minister Dato Seri Najib Tun Razak. acquired United Asian Bank (UAB). (Indian Bank had been operating in Malaysia since 1941 and United Commercial Bank Limited had been operating there since 1948).M.
• • Net profit: 1. Agri Business Consultancy Services. Similarly Indian Overseas Bank has also been providing better quality service to its customers and successfully running towards 20 Rourkela Institute of Management Studies. A. So the growth of a service sector is possible only when it provides better quality service to the public. Corporate Mission: To become the most competitive bank in the industry in the country during the next two years. corporate excellence through sound corporate governance and achievement of Rs. the bank would need to be responsive to the challenges of the market force. Bhat Main product: Providing service through banking which includes trade finance. and Para banking. Insurance Marketing. In this process. Rourkela . For being competitive. Consumer loans. it would also emerge as the most profitable bank by cutting the cost and increasing the revenue. Chair man of the bank: Mr. S.3 lacs profit per employee. Corporate Focus: The corporate focus of the bank is maximization of shareholders wealth.326 crore Network of the bank: All over India and outside India Corporate vision: To emerge as the most competitive bank in the industry. GROWTH OF THE ORGANISATION Banking sector is a service unit.
Rourkela . But the amount of profit is not so high through which the bank can grow. it becomes able to achieve the faith of its customers. So by this process. Investment in mutual fund. the bank provides service to the public. Traditionally the bank provided only common facilities to the public. now a day IOB adopts the Para banking activities. IOB is marketing various Para banking products like ATM-cumDebit card. The Para banking products provided by IOB to their customers are: ATM-cum-Debit card Credit card Gold coin Investment in mutual fund Life Insurance (IOB JEEVAN) Non life Insurance Educational loan (VIDYA JYOTI) Consumption loan (SAHAYIKA) Vehicle loan (PUSHPAK) IOB saving bank silver account IOB saving bank gold account Loan to Micro and Small Medium Enterprise Multi cheque facility 21 Rourkela Institute of Management Studies.achieving its objectives. So in order to increase the profit of the bank. Credit card. Life and Nonlife insurance and provides various types of loan to its customers. Through Para banking. Para banking activities means banking along with other financial and marketing activities. Those are Lending of money and giving interest to the public on their deposit. Gold coin. As a Nationalized bank. The bank charges a higher amount of interest on the money which it gives to public as loan as compared to the amount of interest which it gives to public on their deposit. which helps the bank to become success and to exist in this competitive market. The difference between these two amounts of interest becomes the profit of the bank.
Normally the service provided by the bank is whether effective or not is measured through certain parameters. The increase in deposit amount of money.72% which is the symbol of effectiveness of the bank. increase in amount of net profit. This amount is less than 5% which shows the effectiveness of the bank.20% which is above the requirement of 9% prescribed by RBI. They are: • • • CD Ratio NPA CRAR According to the rules & regulation of RBI. 923. all the banks have to maintain the CD ratio at least 60% which is important. increase in banking and monetary transactions and decrease in amount of non performing asset leads to the growth of the bank. It shows the effectiveness of the bank.54%.1.03.2009 works out to 13. The CRAR as per BASEL-II framework as on 31. No-frills-account IOB NRI-shield account Pension payment scheme Public-provident-scheme etc… Due to this activity the bank becomes able to earn comparatively more profit than the traditional banking. The CD ratio of IOB is registered as 75.41 crore which was in percentage term 2. In this way the amount of deposit in the bank increased and the amount of Non Performing Asset decreased due to smart recovery by the bank from its customers. Similarly according to RBI. all the banks have to maintain their NPA less than 5%. 22 Rourkela Institute of Management Studies. The gross NPA of IOB stood at Rs. Rourkela .
both of which have shown considerable improvement. IOB is now providing various Para banking products to its customers. The products present in product-line of IOB are Credit card Gold coin Investment in mutual fund Life Insurance (IOB JEEVAN) IOB Health care Educational loan (VIDYA JYOTI) Consumption loan (SAHAYIKA) Vehicle loan (PUSHPAK) IOB saving bank silver account IOB saving bank gold account Loan to Micro and Small Medium Enterprise Multi cheque facility No-frills-account IOB NRI-shield account 23 Rourkela Institute of Management Studies.There are two other indicators of the overall business growth of the bank. These Para banking products are called the Product line of IOB. DETAILED PRODUCT-LINE OF IOB Apart from traditional banking. It is the well-regulated banking industry in India that has enabled the country’s economy to insulate itself from the present global financial crisis.the business per employee and profit per employee levels. Rourkela .
8. Tata Mutual Fund-Equity Scheme Kotak Mutual Fund UTI Mutual Fund LIC Mutual Fund DBS Chola Mutual Fund 24 Rourkela Institute of Management Studies. 5. 3. Ltd. 7. 4. 20. Pension payment scheme Public-provident-scheme ATM-cum-DEBIT card GOLD COIN The Gold coin scheme was launched on 19th April 2006 in IOB.No 1. The bank distributes all the New Fund Offers of the Mutual Funds and also facilitates investment in the ongoing schemes. The sale of this Gold coin indicates the sale of 999. Switzerland. The Gold coin of IOB is available in 4. 8& 20 grams are available in round & 50 & 100 grams in rectangular shapes. 4. INVESTMENT IN MUTUAL FUND MUTUAL FUND SCHEMES Bank is distributing mutual fund schemes of top performing Mutual Funds to cater to the investment needs of customers and others as Corporate Distributor. 6.Principal Pnb Asset Management Company Private Ltd-Equity. ARN Code of Indian Overseas Bank: ARN 28003 S. The Gold coins are available at selected branches of IOB. This scheme was introduced to cater the needs of the investor as a safe alternate source of investment & for gifting to dear ones. Rourkela . 2. 8. These are assayed & packed in tamper proof certicards by PAMP. Name of the Mutual Fund Sundaram BNP Paribas Mutual Fund Franklin Templeton Asset Management (I) Pvt. 50 & 100 grams.9 pure gold sourced from PAMP Switzerland. Investments in mutual fund schemes of the following Mutual Funds can be routed through the branches of the bank.
1. if he is an existing account holder of the Bank maintaining a Savings Bank or a Current Deposit account in his individual capacity either singly or jointly with others. Completed 18 years of age and not over 54 years of age. The scheme of premium is as follows: 25 Rourkela Institute of Management Studies.2.00 lakh to the nominee of the account holder or the legal heir(s). the Insurance Company will pay Rs.The premium paid by him is eligible for tax benefit under Section 80C of Income Tax Act.00 lakh.LIFE INSURANCE (IOB JEEVAN) Life Insurance-IOB Jeevan A person is eligible to have an IOB jeevan. In the unfortunate even of the account holder dying in accident or due to natural causes. What are the benefits one gets by becoming a member? His life is covered for a sum of Rs. He has to authorize the Bank to debit his account with the premium amount and the administrative charges for the current year and every year for renewal. What is the premium and other charges payable by one? The premium payable depends on your age nearer birthday at the time of enrolment or on the date of renewal.. How does one become a member? To become a member a person has to sign a simple Consent Letter-cum-authorization-cumdeclaration of good health. Rourkela .
Is there any Medical examination required? There is no need for any medical examination. A simple declaration of Good Health will suffice. Is there any concession in the premium if one joins the scheme midway during the policy period? The policy period starts from 1st July. which is obtained along with the consent-cum-authorization letter from you. Therefore. If one survives the policy period. what does he get as return from the Insurance Company? The policy is a pure term assurance policy which covers only life risk and there is no savings element.) 180 288 500 payable per Administrative charges of Rs. If one joins during August or thereafter up to June you can pay proportionate premium for the months the insurance cover is available. Rourkela . no amount is payable in case the policy holder survives the policy period. Is age proof required to be given? 26 Rourkela Institute of Management Studies.33 is payable along with the premium.Age nearer birth-day 18 yrs to 35 yrs 36 yrs to 50 yrs 51 yrs to 54 yrs Premium annum(Rs.
cover can be extended to both or all the joint account holders separately. no claim will be payable except for deaths due to accident. a. Kidney failure f. What is the claim procedure in case of death of the account holder? 27 Rourkela Institute of Management Studies. Having undergone major organ transplantation such as heart. provided each individual signs a separate consent-cum-authorization letter which should be counter signed by all the account holders and on recovery of appropriate premium. Will any policy be issued in the name of a person? : Individual policies will not be issued. History of typical chest pain e. Condition requiring open chest surgery d. liver or kidney. Brain stroke or paralysis g. However. In case of death during the first 45 days from the date of joining. The critical illness excluded by the policy is. What are the exclusions under the scheme? : The policy is not available to persons with critical illness. Cancer b.The date of birth as given by you in the consent-cum authorization letter is taken in to account. lung. AIDS c. Bank will be the Master Policy holder. in case of dispute. the onus of proving the correctness of age will rest with the account holder/nominee. Is the cover available to joint account holders also? In the case of joint accounts. Rourkela .
The scheme is available to NRI customers also.: On death of the member. which is available to all account holders maintaining a S. Rourkela . or C. he ceases to be the member of the scheme. However. Bank will prefer the claim with LIC of India and follow up for early settlement What will happen if one closes the account? Once the account is closed. However. IOB HEALTHCARE Health care PLUS The Scheme: The scheme provides for Mediclaim Insurance cover. within 90 days from the date of death. Intimation is to be given to the Branch. where the account is held. FIR. the claim amount is payable to the nominee as given by the account holder in the consent letter. the cover is available for treatment in 28 Rourkela Institute of Management Studies. Post-mortem certificate and Final Investigation Report are to be submitted additionally. In case of death due to accident.D account in the age group of 18-65 years. through which the member had joined the scheme along with original Death Certificate for making a claim with LIC of India. the insurance cover will be extended till the end of the policy period for which the premium has already been paid by him.B.
00% of sum assured after completion of 3 continuous claim free years of policy. Age limit of dependant children . Cost of health check up allowed @ 1.1. • • • 29 Rourkela Institute of Management Studies. subject to maximum Sum Insured.1. In the case of Hospitalization of children below 12 years a lump sum amount of Rs. spouse and two dependent children are covered under Floater policy. An accident c.hospitals in India. Salient Features • The health insurance cover is available for a very low premium.5. However. Upper age limit for entry is up to 65 years. 000 to Rs. Any surgery that is required in respect of any disease.000 as out of pocket expenses to any of the parent is payable per policy period. the preexisting disease is covered in case of three continuous claim free years.For male up to 21 years. Ambulance charges up to Rs. which is far below the normal premium if the policy is taken individually by the account holder. Sudden illness b. However. Rourkela .00 lakh is available. • Entire family of account holder. Coverage option from Rs. The Scheme takes care of the hospitalization expenses. 000 is reimbursable per policy period. in respect of the following eventualities: a. renewals are allowed up to 80 years. The Mediclaim Insurance cover is provided by Universal Sompo General InsuranceCompanyLtd(USGI). Even parents of account holder are covered for additional premium. for female up to 25 years or till their marriage whichever is earlier? • • • Preexisting diseases are not covered. directly from Insurance Company.50.
Personal Accident death cover is available for additional premium. In case of death in hospital. Domiciliary hospitalization is not covered under the policy. Hospitalization expenses incurred in the first 30 days from the date of commencement of the cover except in the case of death due to accident. • • • How can one become a member: The procedure to become a member of the scheme is very simple? There is no medical examination. • • • • Treatment in hospitals in Nepal and Bhutan are also covered in Indian Currency. funeral expenses are reimbursed up to Rs.D. 30 Rourkela Institute of Management Studies.• Maternity benefit and baby care expenses are also reimbursed up to 5% of sum insured. the preexisting disease is covered in case of three continuous claim free years. Treatment of NRIs in Indian Hospitals is allowed. Other standard exclusions applicable to mediclaim policy will also apply.B.1000 over and above the sum insured subject to original illness/accident claim admitted under the policy. How the premium is to be paid: The premium will be debited to the S. However. account as per the authorization given in the proposal form. Rourkela . • What are the exclusions in the policy? • The policy does not cover preexisting disease. Income tax benefit is available under section 80D for the premium paid. All that the account holder requires to do is fill up and sign a proposal form which includes declaration of good health. or C. Cash less access to networked hospitals is available through Third Party Administrator (TPA).
IISC.Dental. Courses like ICWA. a policy will be issued by Insurance Company and ID card will be issued by TPA.. 2. PURPOSE: Loan is made available for Graduation / Post graduation / Diploma / Computer education in any recognized state / central govt. Medical. CA.Law. Rourkela . courses offered in India by 31 Rourkela Institute of Management Studies. the insured can meet the hospital expenses and claim reimbursement from Universal Sompo General Insurance Company Limited (USGI).courses conducted by IIM.What is the period for which the insurance is available and how it is renewed: The insurance cover is available for a period of one year from the date of debit of the premium? Renewals are to be done on yearly basis on or before the due date. Professional courses including Engineering. Should be an Indian National.Management. What are the documents given in proof of insurance: The account holder will be issued with a copy of the proposal form duly acknowledged by the branch for having debited the premium amount to the account? After receipt of the proposal form by the Insurance company and TPA. EDUCATIONAL LOAN (VIDYAJYOTI) ELIGIBILITY: 1. XLRI. / University. How to make a claim in case of hospitalization: Cash less treatment can be availed at networked hospitals by showing the ID card issued by TPA along with the necessary ID proof as prescribed by the Insurance company and copies of valid insurance policies and in case for any reason cashless service could not be availed.. Veterinary. Should have secured admission to professional /technical courses in India or abroad. CFA etc. NIFT etc.
00lakh for studying in India and Rs.reputed Foreign Universities / Evening courses of approved institutes. For loans up to Rs.00 lakh Studies within India 5% For studies abroad Scholarship/ Assistantship to be included In margin.20. No Security Co obligation of parents together with For loans above Rs.7.4. QUANTUM OF LOAN: Maximum of Rs.00lakh 32 Rourkela Institute of Management Studies. approved by Director General of Civil Aviation / Shipping if the course is pursued in India.00lakh and up to Rs. Shipping etc.10. SECURITY: Co obligation of parents. Incase the course is perused abroad. the institute should be recognized by the competent local Aviation / Shipping Authority.00 lakh Nil For loans above Rs. regular degree/ Diploma courses like Aeronautical . 15%. Pilot training. MARGIN: For loans up to Rs.4.50lakh Collateral security in the form of suitable third party Guarantee.00lakh for studying abroad.4.4. Rourkela .
Collateral security in the form of NSC/KVP/LICpolicy/Gold/Shares/ Debentures or immovable properties .Co obligation of parents together with tangible For loans above Rs.7. 33 Rourkela Institute of Management Studies. In case the loan is given for the purchase of computer. Rourkela . REPAYMENT: Repay the loan in Equal Monthly Installments for a maximum period of 5-7 years excluding holiday period. INTEREST SERVICING: It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5-7 years to commence from 12th month after completion of the study. Bank deposits in the name of student/ Parent/Guardian or any other third Party with suitable margin. the computer has to be hypothecated to the bank HOLIDAY PERIOD: 6 months after getting the job or 12 months after completion of the course whichever is earlier.50lakh collateral security. Wherever the land/building is already mortgaged. the unencumbered portion can be taken as security on second charge basis provided it Covers the required loan amount.
For Professionals. Rourkela . KVP.3. 10% on life policies (surrender value) of LIC of INDIA and other private insurance companies. self-employed and Business persons. depends on the value of the security offered and repaying capacity.00lakh. MAXIMUM LOAN: Maximum loan amount is Rs. as declared in the I.00lakh. 25% on securities . confirmed permanent employee of a reputed organization or a professional or self employed or businessperson with three years standing in the field of activity. Bank will not verify the purpose declared. The loan can be availed for any financial commitment within the ambit of Law. however.. ULIP etc. 34 Rourkela Institute of Management Studies.3.. The loan amount. such as NSC. For salaried person the take home pay is at least 40% of the gross salary after taking into account the installment for the present loan.T Return or assessment order but not exceeding Rs. ELIGIBILITY: Individual.CONSUMPTION LOAN (SAHAYIKA) This scheme is for giving loan to meet Social Financial commitments. the maximum loan is restricted to total annual income of previous year. 50% on immovable property . can apply for the loan. MARGIN. IVP. PURPOSE: For meeting social financial commitments such as • • • Marriage in the family Education of children Medical treatment etc.
self employed and business people. Rourkela .KVP.Phushpaka Eligibility of a person to take the vehicle loan: 35 Rourkela Institute of Management Studies.REPAYMENT: Repayable in Equated Monthly Installments up to a maximum period of 48 months. IVP. UNITS etc. Income Tax assessment order or return with ITO acknowledgement for professionals etc. SECURITY: Immovable property or liquid securities like NSC.. VEHICLE LOAN (PUSHPAK) Vehicle Loans. Details of the security offered and copies of the documents. Amount of loan required and the repayment period Proof of employment and income Proof of standing in the field of activity for Professionals. or life policies of LIC of India and other private insurance companies approved by IRDA. Shorter repayment period is also permitted. ULIP. DOCUMENTS: • • • • • • Application indicating the purpose for which the loan is required.
book. Rourkela .in the case of loan for purchase of car and Rs. Loan amount: New car . after PF and Insurance deductions. 5 lakh. Used car .C. Repayment New car .5000 in the case of loan for purchase of 2-wheeler. New two-wheeler .whichever is low.repayable in 60 equated monthly installments.Up to 75% of the market value of the car subject to a maximum of Rs.90% of the cost of the vehicle or 10 times the gross monthly income or Rs. 36 Rourkela Institute of Management Studies. The Banks lien on the vehicle should be marked in the R. Purpose For buying a new or used car (not more than 5 years old) or new two-wheeler. Eligibility The total monthly income of the applicant including that of spouse and other income should be not less than Rs. Security • • Hypothecation of the vehicle purchased.• • • • • • Permanent employment in aâ€¦ A government office A public sector undertaking A reputed private enterprise a self-employed professional The loan can be applied for in the name of the firm or company.repayable in 60 equated monthly installments used car .repayable in 36 equated monthly installments New Two-wheeler . Income eligibility In confirmed service with a take home pay of more than 50% of the gross salary.Up to 90% of the cost of the car. 000/.8000/.60.
SPECIAL FEATURES / • • • • • • • REQUIREMENT ATM cards on day one International Debit Card without charges. Rs. 134/. Processing charges For loan upto Rs.in other areas as processing charges (subject to change).in rural areas and Rs. 134/. among Software. You get various concessions for an average daily balance of RS. ELIGIBILITY All individuals including those employed in reputed companies. 168/per Rs. 1 lakh or part thereof. average daily balance in the account during the last three months should not be less than Rs. 1 lakh or part thereof. Rourkela . Internet banking (E see banking). in other areas as processing charges (subject to change). in rural areas and Rs. CONCESSIONS 37 Rourkela Institute of Management Studies. Monthly account statements over E-mail.5. the account can be opened with '0' balance. Public /Private sector. SMS alerts for daily transactions. 000. MINIMUM BALANCE While opening the account.5000 over the last three months. Online Tax payment facility.• Vehicle should be insured for the full value with the bank clause. 168/. 2 lakh. Rs. Government. For loan above Rs. Transfer of funds through RTGS without charges. IOB – SAVING BANK SILVER The bank offer this special product for individuals employed in reputed companies among Public/Private sector. 2 lakh.per Rs. The account provides certain concessions and in order to be eligible for the concession. Govt. software companies etc.
One lakh free of cost.SAVING BANK GOLD 38 Rourkela Institute of Management Studies. • Facility for family Health Insurance â€“ IOB- IOB. Rourkela .• • Transfer of funds thro' NEFT without charges. Personal Accident insurance covers of Rs. • • Anywhere Banking in CBS/TBA branches. Utility Bill payment fees/ facility â€“ IOB Rent/school credit card fees/college donations/ bills/utility bills/ Telephone bills • Overdraft facility up to one-month salary in case of salary earners.
IOB presents a unique high end SB product for professionals such as Doctors, Lawyers, CAs, Executives working in MNCs, software companies, High Net worth individuals etc.We offer host of concessions under this product. All it requires is that you should maintain an average daily balance of not less than Rs.50000 over the last three months. ELIGIBILITY All individuals including professionals such as doctors, lawyers, C.A.s; Executives working in MNC, software companies, Public/private sector and business people, High Net Worth individuals, CEOs, IAS and IPS. MINIMUM BALANCE The average daily balance over the last three months should not be less than Rs.50000.
Rourkela Institute of Management Studies, Rourkela
SPECIAL FEATURES CONCESSIONS /
• • • • • • • • • •
ATM cards on day one. International Debit Card without charges. Internet banking (E see banking). Personalized Multi city cheques issued at MICR centers free. Monthly account statements over E-mail. SMS alerts for daily transactions. Transfer of funds through RTGS without charges. Transfer of funds thro' NEFT without charges. Personalised cheque books with name printed free of cost. Personal Accident insurance covers of Rs. five lakhs free of cost. Anywhere Banking in CBS/TBA branches. Preferential rate for gold coins ATM usage at any Bank free. Demat account opening charges free. Online Tax payment free of cost. Online bill payment facility. Facility for Family Health Insurance. PAN/TAN facilitation.
• • • • • • • •
If the quarterly average balance is between Rs 50,000 and < Rs 100000, the balance exceeding Rs 65,000 will be swept out and kept in TD in units of Rs.2000/-. As and when the minimum balance goes down, the adequate units in TD will be closed and transferred to SB, on a last in â€“first out basis
Rourkela Institute of Management Studies, Rourkela
PROVIDENT FUND SCHEME 1968
Public Provident Fund Scheme was introduced by Government of India on 01.07.1968 and it provides the depositor the twin benefits of attractive return and tax benefit. The Scheme is operational in select branches of IOB. (List furnished separately) The salient features of the Scheme are as under: Eligibility: a. Individual or individual as guardian of a minor can open the account. b. Non Resident Indians are not eligible to open the account. c. Only one account can be opened by an individual in one name. d. Those persons who subscribe to General Provident Fund or Employees€™ Provident Fund can also open the account. Deposit: Minimum remittance of Rs.500/- and maximum of Rs.70000/- in multiples of Rs.5/- can be made in lump sum or in 12 installments Duration: The account is of 15 years duration and the account can be continued for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity. Interest: Interest at the rate of 8% is credited to the account on 31st March of every year on the minimum balance between 5th day and end of the month. Loans & Withdrawals: If the account is continued after maturity, a partial withdrawal up to 60% of the balance of credit at the commencement of the extended period is permitted. The depositor is eligible for a loan. The first loan can be taken in the third financial year from the financial year in which the account was opened up to 25% of the amount at the credit at the end of first financial year. Withdrawal is allowed every year from the end of the 5th year. The amount is limited to 50% of the balance at credit, at the end of 4th year immediately preceding the year in which the per year.
Rourkela Institute of Management Studies, Rourkela
Multi City Cheque Facility . The Cheques are personalized with the customer nameâ€™s pre-printed and will be issued from a centralized location. The amount standing to the credit of the account is fully exempted from Wealth Tax. Multi cheque facility was launched with effect from 1st September 2005. 42 Rourkela Institute of Management Studies.p.per year along with arrears of subscription of Rs. Premature closure of the account after completion of 5 years from the end of the year in which the account was opened could be considered by the Ministry on genuine grounds of hardship. The account is transferable to and from permitted branches of Nationalized or Private sector Banks or Post Offices on a fee.amount is withdrawn or at the end of the preceding year which ever is lower less the amount of loan if any drawn by him which remains unpaid.a. Discontinued account can be revived on payment of Rs. Rourkela . 2. Customer may issue the Cheque to their suppliers / beneficiaries who maintain accounts with any Bank in the 40 identified centers. The interest credited to the account is totally exempt from Income Tax. Eligibility to avail the facility:1. Issue of Cheques: 1.50/.500/. Tax Benefits: The subscriptions to the account qualify for deduction under section 88 of IT Act. All customers maintaining satisfactorily operated Current Account OR Cash Credit account with a Networked Branch are eligible to apply for this facility through the branch.
Where payable? The Cheques are payable at par at all networked branches of the Bank INTERNATIONAL INSTACASH VISA DEBIT CARDS Indian Overseas Bank has tied up with Visa for its International Debit Card Program. 00. 2. IOB has issued about 4. the Cheque would be paid instantly on line. No charges would be levied on such Point of Sale transactions. 00. A large segment of the Bank ATM customers still prefer to spend from their income and savings rather than availing credit. The upcountry beneficiary can present the Cheque to local branch of IOB in clearing and can get the payment locally. Each Cheque can be drawn for a maximum amount of Rs. I would no longer be required for the customer to draw cash either from the ATM or from the branch counters to pay for their spends.2. 2. With the introduction of Debit cards.000 ATM cards to customers of 600+ networked branches till date and all these cards would be replaced with Visa Debit Cards in the next three months. If the beneficiary is a customer of IOB. 5.(Rupees Five Lacs only). Rourkela . 43 Rourkela Institute of Management Studies. this long felt desire of customers to pay for the purchases at shops and business establishments directly from their account would be fulfilled.000 /. How payment would be effected? 1. No cash withdrawal is permitted against the Cheque.
5 SUGGESTIONS 44 Rourkela Institute of Management Studies.2 DATA ANALYSIS & INTERPRETATION 4. Rourkela . IOBâ€™s InstaCash ATMs would also open its doors to any Visa Member Bankâ€™s cardholder. The Bank has. already tied up with a consortium of Banks under the banner Cash Tree by which access to their individual accounts will be available from more than 1800 ATMs.1 RESEARCH METHODOLOGY 4. In addition.4 FINDINGS 4. in its constant endeavor to enhance customer service.3 SWOT ANALYSIS 4. These cards can also be used globally during their visits abroad. the card number can also be used through secured electronic payment gateways for e-commerce / Internet payments.Customers can use these cards at all ATMs that display the VISA logo. CHAPTER -4 4.
45 Rourkela Institute of Management Studies. So Research methodology is not only the research methods but also it includes the logic behind the methods which are used for research studies. The research design of this report is descriptive i.RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. The various methods of data collection are • • • • Observation method Interview method Through questionnaire Through schedule For preparation of this project. and thus happen to be original in character. Rourkela . Such as: Primary data and Secondary data PRIMARY DATA: The primary data are those which are collected afresh and for the first time. The design in such studies must be rigid and not flexible and must focus on the following: • • • • • • Formulating the objective of the study Designing the methods of data collection Selecting the sample Collecting the data Processing and analyzing the data Reporting the findings COLLECTION OF DATA: There are two types of data are available for the method of data collection. data are collected through questionnaire. or of a group.e describing the characteristics of a particular individual.
SECONDARY DATA The secondary data are those which have already been collected by someone else and which have already been passed through the statistical process. 4. Websites DOCUMENTARY OBSERVATION: Books. magazines. Published materials FIELD OBSERVATION During training period I did extensive survey of the various branches of IOB and customer to observe the banking and marketing operation performed by the organization. historical documents. 46 Rourkela Institute of Management Studies. Reports prepared by research scholars. Previous records. Books. economists etc. and other sources of published information. Public records and statistics. Websites. Rourkela . The various ways of collecting secondary data are 1. Annual Report. universities. 3. newspaper 2.
Rourkela . 47 Rourkela Institute of Management Studies.DATA ANALYSIS & INTERPRETATION 1) How many customers are satisfied with the IOB? Satisfied customer 75% Dissatisfied customer 25% Satisfied customer Unsatisfied customer From the above graph it is found that 75% customers are satisfied with the IOB whereas 25% customers are not satisfied with the IOB.
48 Rourkela Institute of Management Studies. Rourkela .2) How many customers are aware about the Gold Coin of IOB? Aware customer 30% Unaware customer 70% 80 70 60 50 40 30 20 10 0 Aware Customers Unaware customers Series1 Here from the above graph. it is found that only 30% customers of IOB are aware about the GOLD COIN of IOB whereas 70% customers are not aware about this Para banking product.
it is found that 77% customers are aware about IOB Jeevan where as only 23%customers are not aware about this Para banking product. 49 Rourkela Institute of Management Studies. How many customers are aware about IOB JEEVAN? Aware customer 77% Unaware customer 23% 80 70 60 50 40 30 20 10 0 Aware Customer Unaware Customer Series1 From the above graph.3. Rourkela .
it is found that only 40% customers of IOB are aware about the various loans provided by IOB .Rest 60% customers are not aware about the various loans of IOB. 50 Rourkela Institute of Management Studies.4. Rourkela . How many customers are aware about the various loans provided by IOB to its customers? Aware customer Unaware customer 40% 60% 70 60 50 40 Series1 30 20 10 0 Aware Customer Unaware Customer From the above graph.
51 Rourkela Institute of Management Studies. it is found that only 15% customers of IOB know about the Credit Card issued by IOB where as 85% customers are not aware about this Para banking product of IOB. How many customers are aware about the Credit card issued by IOB? Known customer 15% Unknown customer 85% KNOW DON'T KNOW From the above graph. Rourkela .5.
it is found that only 9% customers want to close their account where as 91% customers don’t want to close their account. How many customers of IOB want to close their account which they have in the bank? Customer want to close 9% Customer don’t want to close 91% no Series1 yes 0 20 40 60 80 100 From the above graph. 52 Rourkela Institute of Management Studies. Rourkela .6.
Rourkela . it is found that 75% customers of IOB are known about the Debit card issued by the Bank.7. 53 Rourkela Institute of Management Studies. where as 25% customers are not known about this Debit card. How many customers are aware about the DEBIT CARD issued by the IOB? Aware customer Unaware customer 75% 25% 80 70 60 50 40 30 20 10 0 Aware customer Unaware customer Series1 From the above graph.
Some sort of programme like Health and Wealth Programme should be conducted by the Bank in order to attract people towards the Bank. the Bank can not invest the deposited money of the public in the Share Market. the location of the branch offices of IOB is proved to be its strength. Merchant Banking done by the IOB is one of its strength. WEAKNESS: • • Being a public sector undertaking. Foreign Exchange is one of the strength IOB. where there is huge market potential. Nationalization of the Bank acts as a brand name for the Bank. The money deposited by its customer in bank is secured as it is a public sector undertaking. Increasing growth rate of the Bank is itself the strength for the Bank. OPPORTUNITY: • • • • • The Bank should give more emphasis on the rural branches. 54 Rourkela Institute of Management Studies. More number of Rural Training centre should be opened. Rourkela . In some cases.SWOT ANALYSIS STRENGTH: • • • • • • • Indian Overseas Bank is one of the Nationalized Bank in India. More advertisement should be done by the Bank in order to promote their Para banking products in the market. More emphasis should be given on online banking. The Bank can not take its own decision by itself without taking permission of the Reserve Bank of India.
• The WEB SITE of the Bank does not open properly everywhere. • The customers face a lot of problem for withdrawal of money as ATM counters of IOB are not available everywhere. Rourkela . 55 Rourkela Institute of Management Studies. The Para banking products provided by IOB are themselves the opportunity for the Bank. Other Banks have a number of ATM counters almost everywhere. • In some cases. the behaviour of office staffs makes the customers dissatisfied. But IOB has less number of ATM counters which makes the customers dissatisfied. we find that most of the staff members are not aware about the complete features of the schemes of IOB for which they could not able to provide complete information to the interested customers. • Due to lack of marketing of the Para banking products of the Bank. So proper care should be taken. it becomes difficult for the customers to know about those products. THREAT: • SBI is now opening its new Evening branches in order to help and provide better facility to its customers. So sometimes it creates a wrong perception about the Bank among the public.• • The Bank should give that much of importance to all other areas of India and provide that much of facility in other states which it has been providing in Chennai. So if marketed properly. FINDINGS • From our survey. • The rural customers are unaware about all the Para banking products provided by IOB as there is no special step taken by the Bank in order to make them aware. then it would create more revenue for the Bank. So IOB should think about it.
Rourkela . • The Bank should give more emphasis on On-line Banking in the urban areas so as to help its customers by not coming to its branch offices. • The facilities provided by IOB in Chennai are up to the mark. So the facilities should be available in every state in order to make the people to be a part of the Bank.2 5. The staff members should be given more incentives and proper training for marketing the Para banking products of the Bank.SUGGESTIONS • • The Bank should make more advertisement in order to reach the common people.4 LIMITATION OF THE STUDY BIBLIOGRAPHY QUESTIONNAIRE 56 Rourkela Institute of Management Studies. • More Rural Training Centers should be opened by the Bank in rural areas for creating awareness about the Bank and providing the people some facilities. CHAPTER -5 5. • The Bank should conduct some sort of Health and Wealth Programme in order to attract the common people.3 5.1 CONCLUSION 5.
Proper awareness and every staff member’s involvement are required.” 57 Rourkela Institute of Management Studies. Customer Advocates focused on whole process. it is observed that more marketing of the Para banking products is required. The Bank has to think of itself as Customer Satisfiers. So it is said that. proper care taken of the Customer’s grievances and friendly attitude towards the customers will help in achieving the organizational objectives and goals of the organization. So in order to create a good image in the minds of people IOB has to focus on customers Needs and wants. Rourkela . “MEN MAY COME AND MEN MAY GO BUT THE COMPANY GOES ON FOR EVER.CONCLUSION From the above study. So activities like better quality and services.
BIBLIOGRAPHY Books: Kotler Philip.R. A South Asian perspective”.. Keller Kelvin Lane. Methods & Techniques. The outcomes may not hold good if studied at other location on city. Koshy Abraham& Jha Mithileswar. Pearson Prentice Hall Publishers. Rourkela . Kothari C. which magnify misguiding results. New Age International Publishers. Journals and magazines: IOB Annual report Website: 58 Rourkela Institute of Management Studies. The relative smaller size may not provide the ideal representation of the vast population. The consumers have a tendency to provide fallacious information. Second Revised Edition.12e. “Marketing Management. “Research Methodology”. There lies the limitation of time. The sampling is purely a subjective analysis with limited experimental validity.LIMITATION OF THE STUDY • • • • • • The ensuring research comes across with some limitations.
What type of transactions are you doing with IOB? 3. Yours Sincerely Ipsita Mohanty 1. 6. www.iob com QUESTIONNAIRE Date: Place: Sir / Madam I am a student perusing MBA in ROURKELA INSTITUTE OF MANAGEMENT STUDIES. Is the service provided by the bank is up to the mark? Are you aware about all other facilities or Para banking products of the bank? The following are the Para banking product provided by IOB in order to help 59 Rourkela Institute of Management Studies. Are you a regular customer of IOB? YES • • • • NO Savings Bank A/C Current Deposit A/C Loan from Bank NRI A/C 2. Rourkela . So kindly spare sometime with me and fill up this form. ROURKELA doing my Summer Internship Project under Indian Overseas Bank. Thanking you. Are you satisfied with the behavior of Bank people? YES YES 5. So that I will be remain grateful to you. YES NO NO NO 4.
From these about which you know. Subha Gruha Home improvement Scheme Home décor Scheme Home loan to NRI Sanjeevani Pushpak IOB alankar Scheme for women Liquirent Vidya Jyoti Easy Trade Finance Subha yatra Pensioners loan scheme Investment in Mutual Fund Credit Card ATM-cum-DEBIT card 7) Why do you think it is better to do banking with IOB? Security of your money Quicker service Service is up to the mark Reliable Your suggestion about the service provided by the Bank: Name of the Respondent: Address: Contact no. IOB Jeevan IOB Health Care Plus Vidya Suraksha Vidya Jyoti with Suraksha Liability Insurance for retail loans IOB –NRI Shield Insurance linked retail product: 60 Rourkela Institute of Management Studies.The Public. please tick a right mark there. Rourkela .
61 Rourkela Institute of Management Studies. Rourkela .
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