Best Deals on Home Loan for You
We, at ICICI Bank Home Loans, offer unbeatable benefits to ensure that you get the best deal without any hassles.
As one of the leading home loan provider, ICICI Bank understands how special building a new home is for you and our Home Loan help you lay the foundation for your dream home.
ICICI offers you the most convenient home loan plans to suit your needs. With so many attractive features in every type of home loan we offer, creating the home you always wanted is no longer a distant dream. Some of our key benefits are:
Guidance through out the process
Home loan amounts suited to your needs
Home Loan tenure upto 20 years
Simplified Documentation
Doorstep Service
Attractive interest rates
Sanction approval without having selected a property.
Free Personal Accident Insurance (Terms & Conditions)
Insurance options for your home loan at attractive premium
Friday, October 16, 2009
Benefits
Technology-enabled service, through automated channels, without physical branch access.
Benefits to the student
Free Internet Banking
Free Phone Banking (in select cities*)
Free ICICI Bank Ncash Debit Card
Free Access to any Bank's ATM
Other Benefits
Benefits to the Parent
You can transfer funds from your ICICI Bank account to your child's account free of charge, so that his / her college fees, tuition, living expenses etc. are taken care of.
If you have an ICICI Bank Credit Card, you can give your son / daughter a supplementary card and even specify a pre-determined spending limit.
Top
Free Internet Banking
Enquire about balance
Download detailed statement of accounts
View details of all accounts maintained with ICICI Bank
Transfer funds between your account and any other ICICI Bank account
Pay your utility bills-mobile, electricity and telephone bills
Request a cheque book and demand drafts
Request to stop payment of cheque
Report your lost Debit cards
Open Fixed and Recurring deposits online
Access information on personal finance, computing & the Internet, e-commerce, lifestyle etc.
Liaise with your Account Manager
Invest in mutual funds
Top
Free Phone Banking
Enquire about balance
Request a tele-draft
Obtain mini-statements
Request a cheque book
Request to stop payment of cheque
Intimate lost Debit card
Transfer funds between ICICI Bank accounts
* Cities where Phone Banking is available
Top
Free Access to any Bank's ATM
The next time you want to withdraw cash from your ICICI Bank account, just walk into any bank's ATM and use your ICICI Bank ATM-cum-Debit card for free. The above benefit is available to Bank@Campus Account holders on maintenance of a quarterly average balance of more than Rs.10, 000 in the savings account in a quarter. The above benefit can be availed in the same quarter.
Other Benefits
Own a chequebook personalised with your name.
Receive an annual statement of account
Technology-enabled service, through automated channels, without physical branch access.
Benefits to the student
Free Internet Banking
Free Phone Banking (in select cities*)
Free ICICI Bank Ncash Debit Card
Free Access to any Bank's ATM
Other Benefits
Benefits to the Parent
You can transfer funds from your ICICI Bank account to your child's account free of charge, so that his / her college fees, tuition, living expenses etc. are taken care of.
If you have an ICICI Bank Credit Card, you can give your son / daughter a supplementary card and even specify a pre-determined spending limit.
Top
Free Internet Banking
Enquire about balance
Download detailed statement of accounts
View details of all accounts maintained with ICICI Bank
Transfer funds between your account and any other ICICI Bank account
Pay your utility bills-mobile, electricity and telephone bills
Request a cheque book and demand drafts
Request to stop payment of cheque
Report your lost Debit cards
Open Fixed and Recurring deposits online
Access information on personal finance, computing & the Internet, e-commerce, lifestyle etc.
Liaise with your Account Manager
Invest in mutual funds
Top
Free Phone Banking
Enquire about balance
Request a tele-draft
Obtain mini-statements
Request a cheque book
Request to stop payment of cheque
Intimate lost Debit card
Transfer funds between ICICI Bank accounts
* Cities where Phone Banking is available
Top
Free Access to any Bank's ATM
The next time you want to withdraw cash from your ICICI Bank account, just walk into any bank's ATM and use your ICICI Bank ATM-cum-Debit card for free. The above benefit is available to Bank@Campus Account holders on maintenance of a quarterly average balance of more than Rs.10, 000 in the savings account in a quarter. The above benefit can be availed in the same quarter.
Other Benefits
Own a chequebook personalised with your name.
Receive an annual statement of account
Bank@Campus
Thanks to Bank@Campus , ICICI Bank's Student Banking Service, your child can now look forward to the new face we have given to banking - his / her computer monitor.
Yes, your child can now surf the Net and access all the details of his / her account at the click of a mouse!
No need to visit the bank branch at all.
In addition, your child gets:
Free personalised cheque book
Free Phone Banking
Free ICICI Bank Ncash Debit Card
Free transfer of funds into his / her account from any ICICI Bank account
Free supplementary credit card (if you have an ICICI Bank Credit card.*)
Annual statement of accounts
* issuance of card at the discretion of ICICI Bank.
Thanks to Bank@Campus , ICICI Bank's Student Banking Service, your child can now look forward to the new face we have given to banking - his / her computer monitor.
Yes, your child can now surf the Net and access all the details of his / her account at the click of a mouse!
No need to visit the bank branch at all.
In addition, your child gets:
Free personalised cheque book
Free Phone Banking
Free ICICI Bank Ncash Debit Card
Free transfer of funds into his / her account from any ICICI Bank account
Free supplementary credit card (if you have an ICICI Bank Credit card.*)
Annual statement of accounts
* issuance of card at the discretion of ICICI Bank.
Recurring Deposit
ICICI Bank Recurring Deposits are an ideal way to invest small amounts of money every month and end up with a large kitty on maturity.
High recurring billing and recurring payments can be a drain on your finances and hence large investments may seem a plan away.
Let us help you in processing your recurring payment through our recurring billing software that keeps track of your investments with us. This can be easily availed of through a recurring account online that comes with letting us serve you through Internet banking. You may even transfer funds through Internet banking into your recurring account. A recurring account transfer gets done in seconds through Internet banking.
Features
With our recurring deposits you can avail a host of facilities with ICICI Bank. You may check on recurring account receivable, recurring account payable, recurring account fees and all recurring debit account transactions.
A recurring deposit account with ICICI Bank allows you a loan against the deposit. Our new recurring deposit account also has a special feature – Non-applicability of Tax Deduction at Source (TDS).
The minimum balance of deposit is Rs.500 per month and thereafter in multiples of Rs.100. The tenure ranges from 6 months to a maximum period, recurring deposit of 3 months thereafter.
The recurring deposit also comes with a nomination facility.
ICICI Bank Recurring Deposits are an ideal way to invest small amounts of money every month and end up with a large kitty on maturity.
High recurring billing and recurring payments can be a drain on your finances and hence large investments may seem a plan away.
Let us help you in processing your recurring payment through our recurring billing software that keeps track of your investments with us. This can be easily availed of through a recurring account online that comes with letting us serve you through Internet banking. You may even transfer funds through Internet banking into your recurring account. A recurring account transfer gets done in seconds through Internet banking.
Features
With our recurring deposits you can avail a host of facilities with ICICI Bank. You may check on recurring account receivable, recurring account payable, recurring account fees and all recurring debit account transactions.
A recurring deposit account with ICICI Bank allows you a loan against the deposit. Our new recurring deposit account also has a special feature – Non-applicability of Tax Deduction at Source (TDS).
The minimum balance of deposit is Rs.500 per month and thereafter in multiples of Rs.100. The tenure ranges from 6 months to a maximum period, recurring deposit of 3 months thereafter.
The recurring deposit also comes with a nomination facility.
Fixed Deposit
Wide range of tenures
Choice of investment plans
Partial withdrawal permitted
Safe custody of fixed deposit receipts
Auto renewal possible
Loan facility available
Features
You can deposit any amount of money in our Fixed Deposit for as long as you wish between 15 days to 10 years.
All fixed deposits come with a set choice of investment plans. Fixed Rate Deposit accounts also provide Fixed Loans. Re-investment Fixed Deposit rates do not change but work like a Recurring Debit Account transaction. In other words, Re-investment Plans are compounded over traditional deposits and hence are more lucrative over different time periods.
Benefits
Fixed Deposits at ICICI Bank comes with nomination facility. We also offer online access to your Fixed Deposits through our Internet Banking channel. Internet Banking at ICICI Bank allows you to connect your Credit Card, Loan and your Fixed Deposit with your savings account.
In re-investment deposits, the interest is compounded quarterly and reinvested with the principal.
Traditional term deposits provide tax shelter and shield you from factors affecting fixed deposits in India over longer periods of fixed time.
Wide range of tenures
Choice of investment plans
Partial withdrawal permitted
Safe custody of fixed deposit receipts
Auto renewal possible
Loan facility available
Features
You can deposit any amount of money in our Fixed Deposit for as long as you wish between 15 days to 10 years.
All fixed deposits come with a set choice of investment plans. Fixed Rate Deposit accounts also provide Fixed Loans. Re-investment Fixed Deposit rates do not change but work like a Recurring Debit Account transaction. In other words, Re-investment Plans are compounded over traditional deposits and hence are more lucrative over different time periods.
Benefits
Fixed Deposits at ICICI Bank comes with nomination facility. We also offer online access to your Fixed Deposits through our Internet Banking channel. Internet Banking at ICICI Bank allows you to connect your Credit Card, Loan and your Fixed Deposit with your savings account.
In re-investment deposits, the interest is compounded quarterly and reinvested with the principal.
Traditional term deposits provide tax shelter and shield you from factors affecting fixed deposits in India over longer periods of fixed time.
Young Stars
Banking can be fun!
At Young Stars, we will guide your child through the world of banking - from checking the child’s savings account balance to guiding through fun zones and special pages on the Internet Banking channel. It makes banking a pleasure and teaches your child to manage his or her personal finances through a savings account.
You can transfer pocket money into your child's account. You can even shop with him / her at Young Stars Shopping Page. You can also open a recurring deposit in your child's name.
Once you are done with your 'banking', you can access your child's account with all the fun links to special zones designed to suit your child's area of interests and also impart knowledge on the current events of the world.
Key Features
Open a Kid’s Savings Account, Fixed Deposit or a Recurring Deposit.
The minimum average balance for a Savings Account Is Rs.2,500
Free personalized Cheque Book
Internet Banking
Free International Debit Card*
Daily withdrawal and spends of up to Rs.5,000
Transfer Funds Facility
* Debit Card is issued only on request
Eligibility
ICICI Bank Young Stars Account is a banking service for children in the age group of 1 day-18 years. It is essential for the parent/guardian to also hold an account with ICICI Bank. In event of the parent/guardian not holding an ICICI Bank Savings Account, both the accounts (parent's Saving Account and Young Star Account) can be simultaneously opened.
Banking can be fun!
At Young Stars, we will guide your child through the world of banking - from checking the child’s savings account balance to guiding through fun zones and special pages on the Internet Banking channel. It makes banking a pleasure and teaches your child to manage his or her personal finances through a savings account.
You can transfer pocket money into your child's account. You can even shop with him / her at Young Stars Shopping Page. You can also open a recurring deposit in your child's name.
Once you are done with your 'banking', you can access your child's account with all the fun links to special zones designed to suit your child's area of interests and also impart knowledge on the current events of the world.
Key Features
Open a Kid’s Savings Account, Fixed Deposit or a Recurring Deposit.
The minimum average balance for a Savings Account Is Rs.2,500
Free personalized Cheque Book
Internet Banking
Free International Debit Card*
Daily withdrawal and spends of up to Rs.5,000
Transfer Funds Facility
* Debit Card is issued only on request
Eligibility
ICICI Bank Young Stars Account is a banking service for children in the age group of 1 day-18 years. It is essential for the parent/guardian to also hold an account with ICICI Bank. In event of the parent/guardian not holding an ICICI Bank Savings Account, both the accounts (parent's Saving Account and Young Star Account) can be simultaneously opened.
'Life Plus' Senior Citizen Services
ICICI Bank brings you the following benefits along with your new 'Life Plus' Senior Citizen account
Designated Senior Citizen Desk
Higher Interest Rates on Term Deposits
Demand Loans against your deposit
Free collection of outstation cheques drawn on any ICICI Bank location
Special Senior Citizen 'Life Plus' Debit card
Money Multiplier Facility
Anywhere Banking
Internet Banking
Customer Care
Nomination Facility, and more
To know more, click here
Designated Senior Citizen’s Desk
All branches of ICICI Bank now have a Senior Citizen Desk to provide special attention to Senior Citizens (above 60 years). This desk is exclusive and services only Life Plus customers.
Demand Loans against your deposit
You can take a loan against your deposit.
Free collection of outstation cheques drawn on any ICICI Bank location
Stay where you are and we will pick up your outstation cheques for you.
ICICI Bank brings you the following benefits along with your new 'Life Plus' Senior Citizen account
Designated Senior Citizen Desk
Higher Interest Rates on Term Deposits
Demand Loans against your deposit
Free collection of outstation cheques drawn on any ICICI Bank location
Special Senior Citizen 'Life Plus' Debit card
Money Multiplier Facility
Anywhere Banking
Internet Banking
Customer Care
Nomination Facility, and more
To know more, click here
Designated Senior Citizen’s Desk
All branches of ICICI Bank now have a Senior Citizen Desk to provide special attention to Senior Citizens (above 60 years). This desk is exclusive and services only Life Plus customers.
Demand Loans against your deposit
You can take a loan against your deposit.
Free collection of outstation cheques drawn on any ICICI Bank location
Stay where you are and we will pick up your outstation cheques for you.
Savings Account
An ICICI Bank Savings Account offers you a valuable banking experience.
Debit-cum-ATM Card
Money Multiplier Facility
Internet Banking
Customer Care
Mobile Banking
Standing Instructions
Nomination facility
Bank@Home
DD Call and Collect
Debit-cum-ATM Card
With an ICICI Bank Savings Account you will get a debit card that you can use to withdraw cash from any ATM. Charges are applicable if you use a non-ICICI Bank ATM.
You may also use your debit card to directly make purchases through a Visa POS (Point of Sale) machine available at most stores! This will help you access your high interest account from anywhere.
Money Multiplier Facility
Allow us to take care of your idle money by moving it into high interest savings account earning. For details, click here.
Internet Banking
Banking could not have been more convenient. Just log in with your user ID and password and make banking a hassle-free routine. For details, or for the list of transactions that you can do online, please click here.
If you have forgotten your Internet Banking password or user ID and wish to access your high interest savings account, please click here.
Customer Care
Our 24-hour Customer Care is always available to answer any query or take your instructions. For Customer Care numbers, please click here.
Mobile Banking
Transferring funds or getting to know your balance is as easy as sending an SMS. For details on Mobile Banking, please click here.
Standing Instructions
ICICI Bank accepts and supports Standing Instructions. You don’t have to worry about the chore of carrying out a routine transaction. Just set up a Standing Instruction and leave it to us to manage.
Nomination Facility
You may nominate a person as beneficiary to your account proceeds.
Bank@Home
A new banking service that allows you to order cash deposits and withdrawals from home. The service includes cash / cheques deposits and cash/DD/PO delivery at home. For details, please click here.
DD Call and Collect
Don’t waste even a minute in a queue to collect a Demand Draft or Pay Order. On the way to the branch, just call Customer Care, provide details of the DD to be prepared and collect it ready and signed at the branch!
An ICICI Bank Savings Account offers you a valuable banking experience.
Debit-cum-ATM Card
Money Multiplier Facility
Internet Banking
Customer Care
Mobile Banking
Standing Instructions
Nomination facility
Bank@Home
DD Call and Collect
Debit-cum-ATM Card
With an ICICI Bank Savings Account you will get a debit card that you can use to withdraw cash from any ATM. Charges are applicable if you use a non-ICICI Bank ATM.
You may also use your debit card to directly make purchases through a Visa POS (Point of Sale) machine available at most stores! This will help you access your high interest account from anywhere.
Money Multiplier Facility
Allow us to take care of your idle money by moving it into high interest savings account earning. For details, click here.
Internet Banking
Banking could not have been more convenient. Just log in with your user ID and password and make banking a hassle-free routine. For details, or for the list of transactions that you can do online, please click here.
If you have forgotten your Internet Banking password or user ID and wish to access your high interest savings account, please click here.
Customer Care
Our 24-hour Customer Care is always available to answer any query or take your instructions. For Customer Care numbers, please click here.
Mobile Banking
Transferring funds or getting to know your balance is as easy as sending an SMS. For details on Mobile Banking, please click here.
Standing Instructions
ICICI Bank accepts and supports Standing Instructions. You don’t have to worry about the chore of carrying out a routine transaction. Just set up a Standing Instruction and leave it to us to manage.
Nomination Facility
You may nominate a person as beneficiary to your account proceeds.
Bank@Home
A new banking service that allows you to order cash deposits and withdrawals from home. The service includes cash / cheques deposits and cash/DD/PO delivery at home. For details, please click here.
DD Call and Collect
Don’t waste even a minute in a queue to collect a Demand Draft or Pay Order. On the way to the branch, just call Customer Care, provide details of the DD to be prepared and collect it ready and signed at the branch!
Friday, September 4, 2009
How much does it cost to blog?
There are many services that allow you to start a blog for free (see below). I suggest using one of the free services to get a basic feel for blogging and “get your feet wet.” Once you decide you want to stick with it and that you want to make money with your blog, I suggest moving up to a self-hosted blog (see below). Anyone who is really trying to make money with a blog will probably be more successful with a self-hosted blog. Getting a self-hosted blog may not be free, but still can be VERY inexpensive. You will need to pay for nothing more than a domain name ($10) and web-hosting (as cheap as a few bucks a month).
There are many services that allow you to start a blog for free (see below). I suggest using one of the free services to get a basic feel for blogging and “get your feet wet.” Once you decide you want to stick with it and that you want to make money with your blog, I suggest moving up to a self-hosted blog (see below). Anyone who is really trying to make money with a blog will probably be more successful with a self-hosted blog. Getting a self-hosted blog may not be free, but still can be VERY inexpensive. You will need to pay for nothing more than a domain name ($10) and web-hosting (as cheap as a few bucks a month).
What is a blog?
A blog is short for “weblog”. Basically, it is just a website that has entries listed in reverse chronological order. The original idea behind it was to be a online journal or diary that was updated daily (or as frequently as the writer chose). Over the last decade many software programs and blogging platforms have been created to make the process VERY EASY.
As the blog writer, depending on which platform you use, you can just type your entry, press submit and it shows up on your blog for the world to see. Most bloggers don’t know any programming languages and are not “techies.” Starting a blog is one of the easiest ways out there to start a website. If you haven’t started one yet, why not try it? It can be very quick to set up and can be completely free.
A blog is short for “weblog”. Basically, it is just a website that has entries listed in reverse chronological order. The original idea behind it was to be a online journal or diary that was updated daily (or as frequently as the writer chose). Over the last decade many software programs and blogging platforms have been created to make the process VERY EASY.
As the blog writer, depending on which platform you use, you can just type your entry, press submit and it shows up on your blog for the world to see. Most bloggers don’t know any programming languages and are not “techies.” Starting a blog is one of the easiest ways out there to start a website. If you haven’t started one yet, why not try it? It can be very quick to set up and can be completely free.
Blogging basics
I am going to try to boil this down to the essentials. There are whole books written on this subject, so I am not going to try to cover everything here. If you are looking for a good book about blogging for beginners, I suggest reading Darren Rowse’s Problogger. But for a quick, bottom-line version keep reading…
I am going to try to boil this down to the essentials. There are whole books written on this subject, so I am not going to try to cover everything here. If you are looking for a good book about blogging for beginners, I suggest reading Darren Rowse’s Problogger. But for a quick, bottom-line version keep reading…
Getting laid off
In July 2008 things got interesting. The large brokerage firm that I had worked 5 years for was bought out by a larger firm. I was told that my department would no longer be needed, so they handed me a severance check and I was on my way. By this point I was making some money from the blog, but not enough to even pay the rent each month.
After much prayer I decided against looking for another “day job” and decided to work full time on building the blog. Thankfully we had paid off most of our debt, and had my wife’s income as a support to buy us some time. I figured I would give it a shot for a few months and if it didn’t work out I would find another 9-5.
From that point, the income generated from this website has increased each month and in February 2009 it exceeded my monthly income from my old day job. I am still a little bit in awe and can’t believe that I am actually paying the bills from this website!. But, I thank God everyday that I get to do this - I really did not like working in Corporate America and am so thankful! It is hard work, but it doesn’t really seem like it when you are doing something that you are passionate about and love doing it.
In July 2008 things got interesting. The large brokerage firm that I had worked 5 years for was bought out by a larger firm. I was told that my department would no longer be needed, so they handed me a severance check and I was on my way. By this point I was making some money from the blog, but not enough to even pay the rent each month.
After much prayer I decided against looking for another “day job” and decided to work full time on building the blog. Thankfully we had paid off most of our debt, and had my wife’s income as a support to buy us some time. I figured I would give it a shot for a few months and if it didn’t work out I would find another 9-5.
From that point, the income generated from this website has increased each month and in February 2009 it exceeded my monthly income from my old day job. I am still a little bit in awe and can’t believe that I am actually paying the bills from this website!. But, I thank God everyday that I get to do this - I really did not like working in Corporate America and am so thankful! It is hard work, but it doesn’t really seem like it when you are doing something that you are passionate about and love doing it.
How it all started for me
About 2 years ago I was talking to a friend of mine about the idea of building websites full of free information to help people. After brainstorming a bit, I got a couple ideas of topics that I was passionate about: Proverbs and Personal Finance. My first idea was to post a Proverb each day and comment on it. As I explained my idea further to him, he informed me that I would basically have a blog. I didn’t know what a blog was, but I thought, “oh, ok, sure.”
So, over the next few weeks I read as much as I could find about blogging and ultimately decided on creating a blog about Personal Finance from a Christian perspective. I had been very interested in helping people with their money, so blogging seemed like a great way to reach people all over the world. Over the next couple months, I started writing articles and officially launched ChristianPF in June of 2007.
At this point I had thought about making money from the site, but had no idea how and honestly didn’t really think it was possible to make a living at it. I threw up an Adsense ad just to see what would happen and I still remember how excited I was when I saw that I had made my first 7 cents! From there, I set a goal to make $100 by the end of 2007 which was pretty easy to accomplish - even without knowing anything. I should also mention that from June 2007 to June 2008 I spent about 4-6 hours each weekend writing articles and averaged about 4 new articles each week. And I spent a few more hours each week on site maintenance, emails, social media, etc. So in total I probably was spending about 10 hours each week working on the site.
About 2 years ago I was talking to a friend of mine about the idea of building websites full of free information to help people. After brainstorming a bit, I got a couple ideas of topics that I was passionate about: Proverbs and Personal Finance. My first idea was to post a Proverb each day and comment on it. As I explained my idea further to him, he informed me that I would basically have a blog. I didn’t know what a blog was, but I thought, “oh, ok, sure.”
So, over the next few weeks I read as much as I could find about blogging and ultimately decided on creating a blog about Personal Finance from a Christian perspective. I had been very interested in helping people with their money, so blogging seemed like a great way to reach people all over the world. Over the next couple months, I started writing articles and officially launched ChristianPF in June of 2007.
At this point I had thought about making money from the site, but had no idea how and honestly didn’t really think it was possible to make a living at it. I threw up an Adsense ad just to see what would happen and I still remember how excited I was when I saw that I had made my first 7 cents! From there, I set a goal to make $100 by the end of 2007 which was pretty easy to accomplish - even without knowing anything. I should also mention that from June 2007 to June 2008 I spent about 4-6 hours each weekend writing articles and averaged about 4 new articles each week. And I spent a few more hours each week on site maintenance, emails, social media, etc. So in total I probably was spending about 10 hours each week working on the site.
How I replaced my day-job with earnings from this blog
In less than 2 years I went from not knowing what a blog was to making more with one than my corporate desk job.
The purpose of this article is to show you how to make money with a blog. I suspect most people won’t stick with it long enough to make a full-time income, but even making an extra few hundred dollars a month isn’t bad either. This article is extremely long (more like 10 articles), but I wanted it to be a thorough and helpful resource for those wanting to start a blog or make some more money from the one they already have.
For the sake of convenience, I added links to different sections of this article, so you can easily skip ahead to the section you want…
In less than 2 years I went from not knowing what a blog was to making more with one than my corporate desk job.
The purpose of this article is to show you how to make money with a blog. I suspect most people won’t stick with it long enough to make a full-time income, but even making an extra few hundred dollars a month isn’t bad either. This article is extremely long (more like 10 articles), but I wanted it to be a thorough and helpful resource for those wanting to start a blog or make some more money from the one they already have.
For the sake of convenience, I added links to different sections of this article, so you can easily skip ahead to the section you want…
Hello Everyone,
I have been doing business with some affiliate marketing companies and using my UK based paypal account and bank account to receive funds. Recently, I had a great loss when GBP to Dollar ration decreased considerably.
( It was 1.5+ and now 1.3+ or somewhere between it). I am seeking a solution to open up a Virtual Us Bank Account and attach a US Based Paypal Account and get funds using Bank's Visa/Master Debit Card. PayPal is not supported in my country.
Regards,
M. Usman.
I have been doing business with some affiliate marketing companies and using my UK based paypal account and bank account to receive funds. Recently, I had a great loss when GBP to Dollar ration decreased considerably.
( It was 1.5+ and now 1.3+ or somewhere between it). I am seeking a solution to open up a Virtual Us Bank Account and attach a US Based Paypal Account and get funds using Bank's Visa/Master Debit Card. PayPal is not supported in my country.
Regards,
M. Usman.
The $20 Virtual Bank referral bonus
One of the cool things about Virtual Bank is that they offer a $20 bonus for referrals. The referrer and the referree both make $20. Not a bad deal at all… Oh and of course it is FDIC insured, so you don't have to worry about that! If you are interested in opening a Virtual Bank account make sure you contact me so you can get the referral bonus cash!!
Technorati Tags: ING Direct, Virtual Bank
Also, if you are a current Virtual Bank user I would love to hear your opinion on them as well…
One of the cool things about Virtual Bank is that they offer a $20 bonus for referrals. The referrer and the referree both make $20. Not a bad deal at all… Oh and of course it is FDIC insured, so you don't have to worry about that! If you are interested in opening a Virtual Bank account make sure you contact me so you can get the referral bonus cash!!
Technorati Tags: ING Direct, Virtual Bank
Also, if you are a current Virtual Bank user I would love to hear your opinion on them as well…
Virtual Bank account
I decided to open a Virtual Bank savings account. They gave me $20 for opening it, so I figured I don't have much to lose. I have always been an ING Direct customer, but I am trying to keep an eye out for other up and coming great online banks, so I decided to check out Virtual Bank.
Thursday, September 3, 2009
BASIC INFORMATION REQUIREMENTS FOR
TECHNICAL ASSISTANCE REVIEW
Name or brief description of the infrastructure project under development for which technical assistance is needed, including the status of BECC certification.
A brief description of the study or assistance requested
Estimated cost of study
Amount of NADB participation requested
Identification of other funding sources
TECHNICAL ASSISTANCE REVIEW
Name or brief description of the infrastructure project under development for which technical assistance is needed, including the status of BECC certification.
A brief description of the study or assistance requested
Estimated cost of study
Amount of NADB participation requested
Identification of other funding sources
In order to streamline the administration of its technical assistance programs, as well as to facilitate the application process, NADB merged the two programs—the Institutional Development Cooperation Program (IDP) and the Project Development Program (PDP)—into a single program called the Technical Assistance Program (TAP). The general objectives, criteria and operating procedures of the new program remain the unchanged. More detailed information on the merged program is available at: Technical Assistance Program.
NADB provides technical assistance to project sponsors for the purpose of strengthening their financial performance and ensuring the long-term sustainability of their infrastructure. Technical assistance may be used for studies related to the design and implementation of environmental infrastructure projects, as well as for capacity-building measures aimed at achieving effective and efficient operation of public services.
NADB provides technical assistance to project sponsors for the purpose of strengthening their financial performance and ensuring the long-term sustainability of their infrastructure. Technical assistance may be used for studies related to the design and implementation of environmental infrastructure projects, as well as for capacity-building measures aimed at achieving effective and efficient operation of public services.
On behalf of the United States Treasury, we welcome the final capital contributions by the United States and Mexico, which fulfill the financial obligations of our two countries to the NADB,” stated co-chairman of the Board, Karen Mathiasen, Director of the Office of Multilatral Development Banks for the U.S. Department of the Treasury.
In its 14 years of operation, BECC has certified 159 environmental infrastructure projects along the U.S.-Mexico border, which represent a total investment of approximately US$3.23 billion. NADB is providing approximately US$964.5 million in loans and grants to support 128 of those projects. BECC-certified and NADB-financed projects are estimated to be benefiting almost 12 million residents of the U.S.-Mexico border region through improved infrastructure for a cleaner environment.
In its 14 years of operation, BECC has certified 159 environmental infrastructure projects along the U.S.-Mexico border, which represent a total investment of approximately US$3.23 billion. NADB is providing approximately US$964.5 million in loans and grants to support 128 of those projects. BECC-certified and NADB-financed projects are estimated to be benefiting almost 12 million residents of the U.S.-Mexico border region through improved infrastructure for a cleaner environment.
“Given the current conditions that are restricting sources of financing, the Bank, together with the BECC, is emerging as a solid alternative for financing environmental projects for the border,” stated Chairman of the Board, Lic. Ricardo Ochoa Rodríguez, Head of International Affairs Unit, Mexican Ministry of Finance and Public Credit.
The Board of Directors heard reports from the BECC and NADB, outlining recent project and financial activities, including the recent complete capitalization of the Bank by the U.S. and Mexico.
The Board of Directors heard reports from the BECC and NADB, outlining recent project and financial activities, including the recent complete capitalization of the Bank by the U.S. and Mexico.
BECC-NADB Board also certified a project for the expansion of the water distribution system in Colonia Esperanza, Chihuahua. The project, with a total cost of US$ 333, 444 will provide new waterlines, 360 new residential water connections, and will install a chlorine disinfection system. The project is receiving US$166,722 in grant funds from the EPA’s BEIF program.
Despite challenging market conditions over the last year, the BECC and NADB continued to develop, finance and construct needed infrastructure projects throughout the border region in both Mexico and the United States.
Despite challenging market conditions over the last year, the BECC and NADB continued to develop, finance and construct needed infrastructure projects throughout the border region in both Mexico and the United States.
These projects include 5 separate water and wastewater improvement projects for the Mexican communities of Tijuana and Playas de Rosarito, Baja California. The Comisión Estatal de Servicios Públicos de Tijuana, (CESPT) is responsible for providing water and wastewater services to both Tijuana and Playas de Rosarito. CESPT is undertaking 4 separate projects to expand its wastewater collection and treatment systems for the areas of Colonia Aztlán, Colonia Independencia and Colonia Lomas de Rosarito in Playas de Rosarito., as well as to expand the Rosarito I Wastewater Treatment Plant. A fifth project being undertaken by CESPT will expand the potable water system in Tijuana, including the construction of two new storage tanks with a capacity of 2.4 million gallons. The project will also expand wastewater collection in Tijuana, providing connections and new service for 15, 667 residences. All together, these projects represent a total investment of US$37.8 million by CESPT for Tijuana and Rosarito. The NADB is providing a loan for $380 million Pesos (US$27.96 million at an exchange rate of $13.59 Pesos to the Dollar). CESPT is also receiving grant funds in the amount of US$2.2 million from the U.S. Environmental Protection Agency’s (EPA) Border Environment Infrastructure Fund (BEIF), administered by the NADB.
BECC-NADB Board of Directors certifies and approves
US$30 million in funding for 6 new border projects
(San Antonio, Texas) The Board of Directors of the Border Environment Cooperation Commission (BECC) and the North American Development Bank (NADB) held its semi-annual meeting today at which 6 projects totaling US$38.1 million were certified and approved to receive US$28 million in loans and an additional US$2.37 million in grants. These projects wil benefit a population of 723,546 residents of the border region.
US$30 million in funding for 6 new border projects
(San Antonio, Texas) The Board of Directors of the Border Environment Cooperation Commission (BECC) and the North American Development Bank (NADB) held its semi-annual meeting today at which 6 projects totaling US$38.1 million were certified and approved to receive US$28 million in loans and an additional US$2.37 million in grants. These projects wil benefit a population of 723,546 residents of the border region.
d
The North American Development Bank (NADB) is a binational financial institution capitalized and governed equally by the United States and Mexico for the purpose of financing environmental projects certified by the Border Environment Cooperation Commission (BECC). The two institutions work together with communities and project sponsors in both countries to develop and finance infrastructure necessary for a clean and healthy environment for border residents.
The North American Development Bank (NADB) is a binational financial institution capitalized and governed equally by the United States and Mexico for the purpose of financing environmental projects certified by the Border Environment Cooperation Commission (BECC). The two institutions work together with communities and project sponsors in both countries to develop and finance infrastructure necessary for a clean and healthy environment for border residents.
One way to get started in technical analysis is to read a good book on the subject. One of my favorites is Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy. It's an easy read." Ralph J. Acampora, CMT, Managing Director, Prudential Securities Inc.
This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.
ohn J. Murphy has now updated his landmark bestseller Technical Analysis of the Futures Markets, to include all of the financial markets. "If one could read only one book on technical analysis, this should be the one." --Knight-Ridder Financial Products and News (on the first edition, Technical Analysis of the Futures Markets, 0-13-898008-X)
In one of the most popular finance books ever written, Jack Schwager introduces us to some of today's most successful and fascinating supertraders. Get the story behind Stan Drukenmiller--who runs Soros' Quantum Fund. Meet Bill Lipschutz , the former architect who became Salomon Brothers' most successful currency trader. Trace the fascinating roots of the now legendary circle of traders known as the Turtles.
"I have always found Elliott Wave difficult to understand and more difficult to apply, but finally Steve Poser has written a book that makes sense and is born from real experience. This is not Elliott made easy but Elliott that makes sense. Hats off to Poser for creating the book the marketplace has needed for so long."
Bruce M. Kamich, CMT Adjunct Professor of Finance at Baruch College and Rutgers University
Bruce M. Kamich, CMT Adjunct Professor of Finance at Baruch College and Rutgers University
Friday, August 21, 2009
Request for Expression of Interest for Consultancy Services for Infrastructure Sharing (Republished)
Request for Expression of Interest
Consultancy Services
Nepal Telecommunications Authority
Infrastructure Sharing
(First Date of Publication: 20 May 2009)
(Republished date: 22 July 2009)
Nepal Telecommunications Authority (NTA) invites Expression of Interest (EoI) for study of Infrastructure Sharing from interested Institutions/organizations indicating their experiences in similar type of work, their qualification with references, and also their institutional facilities and capabilities within 30 days from the republished date of this notice.
The objectives of the consultancy are as follows:
· Find out and recommend modalities on Infrastructure Sharing
· Prepare a consultation paper on Infrastructure sharing and develop guidelines related to it in consultation with operators and other stakeholders.
· Recommend areas where pilot projects of infrastructure sharing can be initiated.
Interested parties may obtain further information from NTA at the address given below during 10:00 am to 5:00 pm on working days. The detail Terms of Reference for the consultancy program and the evaluation criteria can be downloaded from NTA website at http://www.nta.gov.np.
Nepal Telecommunications Authority (NTA)
Blue Star Office Complex, Tripureshwor, Kathmandu, Nepal;
Phone: 4101030/31/32/; Fax: 4101034;
E-mail: ntra@nta.gov.np; info@nta.gov.np
Request for Expression of Interest
Consultancy Services
Nepal Telecommunications Authority
Infrastructure Sharing
(First Date of Publication: 20 May 2009)
(Republished date: 22 July 2009)
Nepal Telecommunications Authority (NTA) invites Expression of Interest (EoI) for study of Infrastructure Sharing from interested Institutions/organizations indicating their experiences in similar type of work, their qualification with references, and also their institutional facilities and capabilities within 30 days from the republished date of this notice.
The objectives of the consultancy are as follows:
· Find out and recommend modalities on Infrastructure Sharing
· Prepare a consultation paper on Infrastructure sharing and develop guidelines related to it in consultation with operators and other stakeholders.
· Recommend areas where pilot projects of infrastructure sharing can be initiated.
Interested parties may obtain further information from NTA at the address given below during 10:00 am to 5:00 pm on working days. The detail Terms of Reference for the consultancy program and the evaluation criteria can be downloaded from NTA website at http://www.nta.gov.np.
Nepal Telecommunications Authority (NTA)
Blue Star Office Complex, Tripureshwor, Kathmandu, Nepal;
Phone: 4101030/31/32/; Fax: 4101034;
E-mail: ntra@nta.gov.np; info@nta.gov.np
SATRC Workshop on IP Based Network Services and Network Security
The SATRC Workshop on “IP Based Network Services and Network Security” will be held in Kathmandu, Nepal from 02 – 04 June 2009. The workshop will be organized by the Asia Pacific Telecommunity and hosted by the Nepal Telecommunication Authority. The workshop is supported by the Ministry of Internal Affairs and Communication (MIC), Japan.
The SATRC Workshop on “IP Based Network Services and Network Security” is a part of the implementation of SATRC Action plan Phase II which was developed at the 9th SATRC meeting in 2007 and revised at the 10th SATRC meeting in 2008. The workshop will discuss a number of issues related to IP based services, VoIP and network security. It will assist the Regulatory bodies of the SATRC member countries in their human resource development needs for acquiring knowledge and skills in regulatory and implementation matters. It will provide an excellent opportunity to exchange views and experiences among the SATRC member country’s regulators and operators on the issues as mentioned.
The SATRC Workshop on “IP Based Network Services and Network Security” will be held in Kathmandu, Nepal from 02 – 04 June 2009. The workshop will be organized by the Asia Pacific Telecommunity and hosted by the Nepal Telecommunication Authority. The workshop is supported by the Ministry of Internal Affairs and Communication (MIC), Japan.
The SATRC Workshop on “IP Based Network Services and Network Security” is a part of the implementation of SATRC Action plan Phase II which was developed at the 9th SATRC meeting in 2007 and revised at the 10th SATRC meeting in 2008. The workshop will discuss a number of issues related to IP based services, VoIP and network security. It will assist the Regulatory bodies of the SATRC member countries in their human resource development needs for acquiring knowledge and skills in regulatory and implementation matters. It will provide an excellent opportunity to exchange views and experiences among the SATRC member country’s regulators and operators on the issues as mentioned.
Welcome to NTA Website
Using liberalization policy and involving the private sector in a competitive environment for the development and expansion of telecommunication sector in Nepal, the then his Majesty's Government of Nepal 's (cabinet) decision dated 2052/9/10 B.S. (December 25, 1995 A.D.) has initiated the involvement of the private sector in the development of the telecommunication services. To make this work more systematic and regular, Telecommunication Act 2053 B.S.(1997 A.D.) and Telecommunication Regulation 2054 B.S. (1998 A.D.) has been implemented as a legal support and with the obligations in aforesaid Act and Regulation, work has been initiated by establishing Nepal Telecommunications Authority as an autonomous regulatory body on 2054-11-20 B.S. (March 4, 1998 A.D.).
To make the telecommunications service reliable and easily available to the public.
To make necessary arrangement to avail basic telecommunications service and facilities in all rural and urban areas throughout Nepal.
To protect the rights and interests of consumers by ensuring the provision of quality service.
To make arrangement for the coordination and healthy competition among the persons providing Telecommunications Service and facilities.
Using liberalization policy and involving the private sector in a competitive environment for the development and expansion of telecommunication sector in Nepal, the then his Majesty's Government of Nepal 's (cabinet) decision dated 2052/9/10 B.S. (December 25, 1995 A.D.) has initiated the involvement of the private sector in the development of the telecommunication services. To make this work more systematic and regular, Telecommunication Act 2053 B.S.(1997 A.D.) and Telecommunication Regulation 2054 B.S. (1998 A.D.) has been implemented as a legal support and with the obligations in aforesaid Act and Regulation, work has been initiated by establishing Nepal Telecommunications Authority as an autonomous regulatory body on 2054-11-20 B.S. (March 4, 1998 A.D.).
To make the telecommunications service reliable and easily available to the public.
To make necessary arrangement to avail basic telecommunications service and facilities in all rural and urban areas throughout Nepal.
To protect the rights and interests of consumers by ensuring the provision of quality service.
To make arrangement for the coordination and healthy competition among the persons providing Telecommunications Service and facilities.
Friday, June 26, 2009
Profitability
A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but also including service charges on an array of deposit activities and ancillary services (international banking, foreign exchange, insurance, investments, wire transfers, etc.). Lending activities, however, still provide the bulk of a commercial bank's income.
In the past 10 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. First, this includes the Gramm-Leach-Bliley Act, which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability). Second, they have expanded the use of risk-based pricing from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of default on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise been denied credit. Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. They make it easier for consumers to conveniently make transactions and smooth their consumption over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home). However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the cards. Helps in making profit and economic development as a whole.
A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but also including service charges on an array of deposit activities and ancillary services (international banking, foreign exchange, insurance, investments, wire transfers, etc.). Lending activities, however, still provide the bulk of a commercial bank's income.
In the past 10 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. First, this includes the Gramm-Leach-Bliley Act, which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability). Second, they have expanded the use of risk-based pricing from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of default on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise been denied credit. Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. They make it easier for consumers to conveniently make transactions and smooth their consumption over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home). However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the cards. Helps in making profit and economic development as a whole.
Bank crisis
Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals beyond available funds), credit risk (the chance that those who owe money to the bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans).
Banking crises have developed many times throughout history, when one or more risks have materialized for a banking sector as a whole. Prominent examples include the bank run that occurred during the Great Depression, the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the subprime mortgage crisis in the 2000s.
Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals beyond available funds), credit risk (the chance that those who owe money to the bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans).
Banking crises have developed many times throughout history, when one or more risks have materialized for a banking sector as a whole. Prominent examples include the bank run that occurred during the Great Depression, the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the subprime mortgage crisis in the 2000s.
Size of global banking industry
Worldwide assets of the largest 1,000 banks grew 16.3% in 2006/2007 to reach a record $74.2 trillion. This follows a 5.4% increase in the previous year. EU banks held the largest share, 53%, up from 43% a decade earlier. The growth in Europe’s share was mostly at the expense of Japanese banks, whose share more than halved during this period from 21% to 10%. The share of US banks remained relatively stable at around 14%. Most of the remainder was from other Asian and European countries.[8]
The United States has by far the most banks in the world, both in terms of institutions (7,540 at the end of 2005) and branches (75,000). This is an indicator of the geography and regulatory structure of the USA, resulting in a large number of small to medium-sized institutions in its banking system. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches—more than double the 15,000 branches in the UK.
Worldwide assets of the largest 1,000 banks grew 16.3% in 2006/2007 to reach a record $74.2 trillion. This follows a 5.4% increase in the previous year. EU banks held the largest share, 53%, up from 43% a decade earlier. The growth in Europe’s share was mostly at the expense of Japanese banks, whose share more than halved during this period from 21% to 10%. The share of US banks remained relatively stable at around 14%. Most of the remainder was from other Asian and European countries.[8]
The United States has by far the most banks in the world, both in terms of institutions (7,540 at the end of 2005) and branches (75,000). This is an indicator of the geography and regulatory structure of the USA, resulting in a large number of small to medium-sized institutions in its banking system. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches—more than double the 15,000 branches in the UK.
Types of investment banks
Investment banks "underwrite" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital market activities such as mergers and acquisitions.
Merchant banks were traditionally banks which engaged in trade finance. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike venture capital firms, they tend not to invest in new companies.
Investment banks "underwrite" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital market activities such as mergers and acquisitions.
Merchant banks were traditionally banks which engaged in trade finance. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike venture capital firms, they tend not to invest in new companies.
Types of banks
Banks' activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high net worth individuals and families; and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations.
Central banks are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.
[edit]Types of retail banks
National Bank of the Republic, Salt Lake City 1908
ATM AL RAJHI BANK
National Copper Bank, Salt Lake City 1911
Commercial bank: the term used for a normal bank to distinguish it from an investment bank. After the Great Depression, the U.S. Congress required that banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
Community Banks: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners.
Community development banks: regulated banks that provide financial services and credit to under-served markets or populations.
Postal savings banks: savings banks associated with national postal systems.
Private banks: banks that manage the assets of high net worth individuals.
Offshore banks: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
Savings bank: in Europe, savings banks take their roots in the 19th or sometimes even 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative; in others, socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach—and by their socially responsible approach to business and society.
Building societies and Landesbanks: institutions that conduct retail banking.
Ethical banks: banks that prioritize the transparency of all operations and make only what they consider to be socially-responsible investments.
Islamic banks: Banks that transact according to Islamic principles.
Banks' activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high net worth individuals and families; and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations.
Central banks are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.
[edit]Types of retail banks
National Bank of the Republic, Salt Lake City 1908
ATM AL RAJHI BANK
National Copper Bank, Salt Lake City 1911
Commercial bank: the term used for a normal bank to distinguish it from an investment bank. After the Great Depression, the U.S. Congress required that banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
Community Banks: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners.
Community development banks: regulated banks that provide financial services and credit to under-served markets or populations.
Postal savings banks: savings banks associated with national postal systems.
Private banks: banks that manage the assets of high net worth individuals.
Offshore banks: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
Savings bank: in Europe, savings banks take their roots in the 19th or sometimes even 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative; in others, socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach—and by their socially responsible approach to business and society.
Building societies and Landesbanks: institutions that conduct retail banking.
Ethical banks: banks that prioritize the transparency of all operations and make only what they consider to be socially-responsible investments.
Islamic banks: Banks that transact according to Islamic principles.
Banking channels
Banks offer many different channels to access their banking and other services:
A branch, banking centre or financial centre is a retail location where a bank or financial institution offers a wide array of face-to-face service to its customers.
ATM is a computerised telecommunications device that provides a financial institution's customers a method of financial transactions in a public space without the need for a human clerk or bank teller. Most banks now have more ATMs than branches, and ATMs are providing a wider range of services to a wider range of users. For example in Hong Kong, most ATMs enable anyone to deposit cash to any customer of the bank's account by feeding in the notes and entering the account number to be credited. Also, most ATMs enable card holders from other banks to get their account balance and withdraw cash, even if the card is issued by a foreign bank.
Mail is part of the postal system which itself is a system wherein written documents typically enclosed in envelopes, and also small packages containing other matter, are delivered to destinations around the world. This can be used to deposit cheques and to send orders to the bank to pay money to third parties. Banks also normally use mail to deliver periodic account statements to customers.
Telephone banking is a service provided by a financial institution which allows its customers to perform transactions over the telephone. This normally includes bill payments for bills from major billers (e.g. for electricity).
Online banking is a term used for performing transactions, payments etc. over the Internet through a bank, credit union or building society's secure website.
Mobile banking is a method of using one's mobile phone to conduct simple banking transactions by remotely linking into a banking network.
Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch.
Banks offer many different channels to access their banking and other services:
A branch, banking centre or financial centre is a retail location where a bank or financial institution offers a wide array of face-to-face service to its customers.
ATM is a computerised telecommunications device that provides a financial institution's customers a method of financial transactions in a public space without the need for a human clerk or bank teller. Most banks now have more ATMs than branches, and ATMs are providing a wider range of services to a wider range of users. For example in Hong Kong, most ATMs enable anyone to deposit cash to any customer of the bank's account by feeding in the notes and entering the account number to be credited. Also, most ATMs enable card holders from other banks to get their account balance and withdraw cash, even if the card is issued by a foreign bank.
Mail is part of the postal system which itself is a system wherein written documents typically enclosed in envelopes, and also small packages containing other matter, are delivered to destinations around the world. This can be used to deposit cheques and to send orders to the bank to pay money to third parties. Banks also normally use mail to deliver periodic account statements to customers.
Telephone banking is a service provided by a financial institution which allows its customers to perform transactions over the telephone. This normally includes bill payments for bills from major billers (e.g. for electricity).
Online banking is a term used for performing transactions, payments etc. over the Internet through a bank, credit union or building society's secure website.
Mobile banking is a method of using one's mobile phone to conduct simple banking transactions by remotely linking into a banking network.
Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch.
Entry regulation
Main article: Banking regulation
Currently in most jurisdictions commercial banks are regulated by government entities and require a special bank licence to operate.
Usually the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order—although money lending, by itself, is generally not included in the definition.
Unlike most other regulated industries, the regulator is typically also a participant in the market, i.e. a government-owned (central) bank. Central banks also typically have a monopoly on the business of issuing banknotes. However, in some countries this is not the case. In the UK, for example, the Financial Services Authority licences banks, and some commercial banks (such as the Bank of Scotland) issue their own banknotes in addition to those issued by the Bank of England, the UK government's central bank.
Some types of financial institution, such as building societies and credit unions, may be partly or wholly exempt from bank licence requirements, and therefore regulated under separate rules.
The requirements for the issue of a bank licence vary between jurisdictions but typically include:
Minimum capital
Minimum capital ratio
'Fit and Proper' requirements for the bank's controllers, owners, directors, and/or senior officers
Approval of the bank's business plan as being sufficiently prudent and plausible.
Main article: Banking regulation
Currently in most jurisdictions commercial banks are regulated by government entities and require a special bank licence to operate.
Usually the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order—although money lending, by itself, is generally not included in the definition.
Unlike most other regulated industries, the regulator is typically also a participant in the market, i.e. a government-owned (central) bank. Central banks also typically have a monopoly on the business of issuing banknotes. However, in some countries this is not the case. In the UK, for example, the Financial Services Authority licences banks, and some commercial banks (such as the Bank of Scotland) issue their own banknotes in addition to those issued by the Bank of England, the UK government's central bank.
Some types of financial institution, such as building societies and credit unions, may be partly or wholly exempt from bank licence requirements, and therefore regulated under separate rules.
The requirements for the issue of a bank licence vary between jurisdictions but typically include:
Minimum capital
Minimum capital ratio
'Fit and Proper' requirements for the bank's controllers, owners, directors, and/or senior officers
Approval of the bank's business plan as being sufficiently prudent and plausible.
Law of banking
Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer—defined as any entity for which the bank agrees to conduct an account.
The law implies rights and obligations into this relationship as follows:
The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
The bank agrees to pay the customer's cheques up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
The bank may not pay from the customer's account without a mandate from the customer, e.g. a cheque drawn by the customer.
The bank agrees to promptly collect the cheques deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
The bank has a lien on cheques deposited to the customer's account, to the extent that the customer is indebted to the bank.
The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
The bank must not close a customer's account without reasonable notice, since cheques are outstanding in the ordinary course of business for several days.
These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.
Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer—defined as any entity for which the bank agrees to conduct an account.
The law implies rights and obligations into this relationship as follows:
The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
The bank agrees to pay the customer's cheques up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
The bank may not pay from the customer's account without a mandate from the customer, e.g. a cheque drawn by the customer.
The bank agrees to promptly collect the cheques deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
The bank has a lien on cheques deposited to the customer's account, to the extent that the customer is indebted to the bank.
The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
The bank must not close a customer's account without reasonable notice, since cheques are outstanding in the ordinary course of business for several days.
These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.
Economic functions
The economic functions of banks include:
issue of money, in the form of banknotes and current accounts subject to cheque or payment at the customer's order. These claims on banks can act as money because they are negotiable and/or repayable on demand, and hence valued at par. They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a cheque that the payee may bank or cash.
netting and settlement of payments – banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economise on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables the offsetting of payment flows between geographical areas, reducing the cost of settlement between them.
credit intermediation – banks borrow and lend back-to-back on their own account as middle men
credit quality improvement – banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank's assets and capital which provides a buffer to absorb losses without defaulting on its obligations. However, banknotes and deposits are generally unsecured; if the bank gets into difficulty and pledges assets as security, to raise the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position.
maturity transformation – banks borrow more on demand debt and short term debt, but provide more long term loans. In other words, they borrow short and lend long. With a stronger credit quality than most other borrowers, banks can do this by aggregating issues (e.g. accepting deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemptions of banknotes), maintaining reserves of cash, investing in marketable securities that can be readily converted to cash if needed, and raising replacement funding as needed from various sources (e.g. wholesale cash markets and securities markets).
The economic functions of banks include:
issue of money, in the form of banknotes and current accounts subject to cheque or payment at the customer's order. These claims on banks can act as money because they are negotiable and/or repayable on demand, and hence valued at par. They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a cheque that the payee may bank or cash.
netting and settlement of payments – banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economise on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables the offsetting of payment flows between geographical areas, reducing the cost of settlement between them.
credit intermediation – banks borrow and lend back-to-back on their own account as middle men
credit quality improvement – banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank's assets and capital which provides a buffer to absorb losses without defaulting on its obligations. However, banknotes and deposits are generally unsecured; if the bank gets into difficulty and pledges assets as security, to raise the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position.
maturity transformation – banks borrow more on demand debt and short term debt, but provide more long term loans. In other words, they borrow short and lend long. With a stronger credit quality than most other borrowers, banks can do this by aggregating issues (e.g. accepting deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemptions of banknotes), maintaining reserves of cash, investing in marketable securities that can be readily converted to cash if needed, and raising replacement funding as needed from various sources (e.g. wholesale cash markets and securities markets).
Accounting for bank accounts
Suburban branch bank
Bank statements are accounting records produced by banks under the various accounting standards of the world. Under GAAP and IFRS there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. This means you credit a credit account to increase its balance, and you debit a debit account to increase its balance.[7]
This also means you debit your savings account every time you deposit money into it (and the account is normally in deficit), while you credit your credit card account every time you spend money from it (and the account is normally in credit).
However, if you read your bank statement, it will say the opposite—that you credit your account when you deposit money, and you debit it when you withdraw funds. If you have cash in your account, you have a positive (or credit) balance; if you are overdrawn, you have a negative (or deficit) balance.
The reason for this is that the bank, and not you, has produced the bank statement. Your savings might be your assets, but the bank's liability, so they are credit accounts (which should have a positive balance). Conversely, your loans are your liabilities but the bank's assets, so they are debit accounts (which should have a also have a positive balance).
Where bank transactions, balances, credits and debits are discussed below, they are done so from the viewpoint of the account holder—which is traditionally what most people are used to seeing.
Suburban branch bank
Bank statements are accounting records produced by banks under the various accounting standards of the world. Under GAAP and IFRS there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. This means you credit a credit account to increase its balance, and you debit a debit account to increase its balance.[7]
This also means you debit your savings account every time you deposit money into it (and the account is normally in deficit), while you credit your credit card account every time you spend money from it (and the account is normally in credit).
However, if you read your bank statement, it will say the opposite—that you credit your account when you deposit money, and you debit it when you withdraw funds. If you have cash in your account, you have a positive (or credit) balance; if you are overdrawn, you have a negative (or deficit) balance.
The reason for this is that the bank, and not you, has produced the bank statement. Your savings might be your assets, but the bank's liability, so they are credit accounts (which should have a positive balance). Conversely, your loans are your liabilities but the bank's assets, so they are debit accounts (which should have a also have a positive balance).
Where bank transactions, balances, credits and debits are discussed below, they are done so from the viewpoint of the account holder—which is traditionally what most people are used to seeing.
Definition
Cathay Bank in Boston's Chinatown
The definition of a bank varies from country to country.
Under English common law, a banker is defined as a person who carries on the business of banking, which is specified as:[4]
conducting current accounts for his customers
paying cheques drawn on him, and
collecting cheques for his customers.
In most English common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instruments, including cheques, and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques do not depend on how the bank is organised or regulated.
The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purposes of entry regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions:
"banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).
"banking business" means the business of either or both of the following:
receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;
paying or collecting cheques drawn by or paid in by customers[5]
Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.
Cathay Bank in Boston's Chinatown
The definition of a bank varies from country to country.
Under English common law, a banker is defined as a person who carries on the business of banking, which is specified as:[4]
conducting current accounts for his customers
paying cheques drawn on him, and
collecting cheques for his customers.
In most English common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instruments, including cheques, and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques do not depend on how the bank is organised or regulated.
The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purposes of entry regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions:
"banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).
"banking business" means the business of either or both of the following:
receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;
paying or collecting cheques drawn by or paid in by customers[5]
Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.
Traditional banking activities
Large door to an old bank vault.
Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM.
Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending.
Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account.
Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to.
Large door to an old bank vault.
Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM.
Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending.
Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account.
Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to.
Origin of the word
Silver drachm coin from Trapezus, 4th century BC
The name bank derives from the Italian word banco "desk/bench", used during the Renaissance by Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth.[2] However, there are traces of banking activity even in ancient times.
In fact, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the words banco and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as merely convert the foreign currency into the only legal tender in Rome—that of the Imperial Mint.[3]
The earlierst evidence of money-changing activity is depicted on a silver drachm coin from ancient hellenic colony Trapezus on the Black Sea, modern Trabzon, c. 350-325 BC, presented in the British Museum in London. The coin shows a banker's table (trapeza) laden with coins, a pun on the name of the city.
In fact, even today in Modern Greek the word Trapeza (Τράπεζα) means both a table and a bank.
Silver drachm coin from Trapezus, 4th century BC
The name bank derives from the Italian word banco "desk/bench", used during the Renaissance by Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth.[2] However, there are traces of banking activity even in ancient times.
In fact, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the words banco and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as merely convert the foreign currency into the only legal tender in Rome—that of the Imperial Mint.[3]
The earlierst evidence of money-changing activity is depicted on a silver drachm coin from ancient hellenic colony Trapezus on the Black Sea, modern Trabzon, c. 350-325 BC, presented in the British Museum in London. The coin shows a banker's table (trapeza) laden with coins, a pun on the name of the city.
In fact, even today in Modern Greek the word Trapeza (Τράπεζα) means both a table and a bank.
A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money. Many other financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In Japan, banks are usually the nexus of a cross-share holding entity known as the zaibatsu. In France, bancassurance is prevalent, as most banks offer insurance services (and now real estate services) to their clients.
The level of government regulation of the banking industry varies widely, with countries such as Iceland, the United Kingdom and the United States having relatively light regulation of the banking sector, and countries such as China having relatively heavier regulation (including stricter regulations regarding the level of reserves).
The level of government regulation of the banking industry varies widely, with countries such as Iceland, the United Kingdom and the United States having relatively light regulation of the banking sector, and countries such as China having relatively heavier regulation (including stricter regulations regarding the level of reserves).
Monday, June 22, 2009
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Sunday, April 5, 2009
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