If LIFE IS A BANK then

1. Friendship : It is Cash Credit A/c with No limit. U can get a credit balance of Happiness any time and u can debit your problems, tension any time. If there is no transaction (Communication) in the account for 1 month It become NPA. But it can be made Standard asset easily by Submitting beautiful SMILES.
Note : U can open similar Friendship a/c with many Banks but One Bank should be your Favorite.

2. LOVE : It is Term Loan with Life time repayment Period. U have to submit regular installment of Love otherwise It become NPA. The LOVE Principal will remain constant for entire period but LOVE Interest will increase with time.
Note : Its not Permissible to Open similar A/c with more than one bank. However Take Overs are allowed in Certain condition. The NPA should be black listed and no bank should bank with those A/c holders

3. Marriage : Its like a CREDIT CARD. Before U take this, the Seller will show you Greeneries and U will die to get one Credit card. But The time u get it, U will come to know about the RISK involve with it. You always take care of your card. Shopping with this is Easy but Very costly. Once u fail to pay (Love) in given time, U have to pay High interest (e.g. buy Jewell's, Candle light dinner, Outing etc.)
Note : If u don't have Credit card,then every Body will doubt about your Credit worthiness. But U have that card then Its sure no Credit will remain with u. U will be Indebted whole life.

Banking in Switzerland is characterized by stability, privacy and protection of clients' assets and information. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law.All banks in Switzerland are regulated by the Federal Banking Commission (FBC), which derives its authority from a series of federal statutes.

Opening a Swiss bank account too is no big deal. All you need is a valid passport and $10 million and you can go either directly to the bank or use a broker,since $10 million is the minimum balance one should have to open an account in Swiss Bank. There is a lot of paper work involved but nothing that will scare depositors away. Once an account — either numbered, which costs more, or with your name — is created, you are assured of complete privacy. Swiss bankers are not even supposed to reveal that you are a client, let alone the details of your account. So once you have a Swiss bank account, all you have to do is to ensure that whatever money you want to conceal is deposited there. There’s no way any government can get to that.Swiss Bank offer many banking account facility.

There were many news about Indians of fraud money in Swiss Bank and being deligatly charged and inquired for this.Swiss banks is the depository of the corrupt Indians that took money from the government.Many people are unhappy for this as these currupt people deposit their money in such banks and save themselves of paying tax and no inquiries on this money.These Indians must be prosecuted for corruption so that the money they took will be returned to the coffers of government.

Now if one founds you guilty of anything the government ask for the details of your personal Swiss Bank account records.Since secrecy has always had its limits. If a citizen of a country has been involved in a crime, the government can approach the Swiss courts to order banks to reveal details of bank accounts.If the courts waive the secrecy clause, the banks will have to disclose the identity and certain other details of the account.But for this it took a lot of time and also the Swiss Government must also consider that as a crime.The crime will have to be recognised as an offence in Switzerland as well.

I guess that more than some lakh crores of indian money is in Swiss Accounts,if that money is taxable then most of the Indian below poverty line get food and other civic amenities.
Aslo if that money is bring to India and put in some devlopment it is more than enough for any Indian, as this is a huge amount.Increase in such banks hides surrupt people money and privacy may be a danger for nations economy.

Since many sites offer buying of items and services online
and to help them some sites provides their services to help the customer.but while making an account on such sites like paypal ,alertpay and others they ask to add ur credit card information. But people who think adding your card is not safe to these sites,by the way this is fully safe,but still you you dont want to add your card to these sites then try making virtual credit card,this is the service offered by banks for online things.I dont know about other banks but HDFC provides this service and I also registered on Paypal using this.
Once you register on HDFC bank for netsafe you get a functionality to create a virtual card.opt that and create your card.This card is same as your card with different card number.its expiry period is around 3 months( I guess) and once its used it gonna expire.SO its the safest thing you can do.Try HDFC bank for this service and enjoy the services of paypal with much more comfort...!!!
If you have any more query regarding this ask me...I'll let you know all about this...!!!!

The primary operations of banks include:

• Keeping money safe while also allowing withdrawals when needed
• Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post
• Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business)
• Issuance of credit cards and processing of credit card transactions and billing
• Issuance of debit cards for use as a substitute for checks
• Allow financial transactions at branches or by using Automatic Teller Machines (ATMs)
• Provide wire transfers of funds and Electronic fund transfers between banks
• Facilitation of standing orders and direct debits, so payments for bills can be made automatically
• Provide overdraft agreements for the temporary advancement of the Bank's own money to meet monthly spending commitments of a customer in their current account.
• Provide Charge card advances of the Bank's own money for customers wishing to settle credit advances monthly.
• Provide a cheque guaranteed by the Bank itself and prepaid by the customer, such as a cashier's check or certified check.
• Notary service for financial and other documents

A Credit Card is a plastic card bearing an account number assigned to a cardholder with a credit limit that can be used to purchase goods and services and to obtain cash disbursements on credit, for which a cardholder is subsequently billed by an issuer for repayment of the credit extended at once or on an installment basis.
You can use a credit card to make a purchase on credit, and pay later. They give you a breather and relieve you from the tension of arranging for immediate cash in cash you need to make urgent purchase but do not have liquid money in hand. In our country, credit cards have played a major role in the metamorphosis of the middle and low-income groups, relieving them from the constraints of monetary exigencies.
Of course, they have also opened the floodgates of innumerable fringe benefits such as discounted travel, holiday and stay, dining facilities in star hotels etc. Without batting an eyelid, you can saunter into a jewellery showroom and pick up that exquisite diamond pendant that you had coveted for long. Or you can make your festival pruchases well in advance, much before your tightfisted employer decides to release your bonus. In other words, you no longer need to postpone your desires. Just go out and furnish yourself with whatever you want and settle your dues later. After all, in an era of instant gratification, it is not a great sin to pamper yourself!
Credit cards can enable you to have that little extra spending power when and where you need it. In addition to paying for purchases you can also use your credit cards in order to withdraw cash from a cash machine, not only in this country but all over the world.
Every month you will receive a credit card statement that will give details of both your balance (the amount of money you have either withdrawn or spent) and any interest that has accrued upon it. You can then either pay off the full amount or make the minimum payment.

Ans. 1.A TAX IS A PAYMENT MADE BY THE PERSON WHO HAS EARNED INCOME DURING A YEAR TO THE GOVERNMENT.

2.Tax is nothing but it is a charge made by government on the goods, on traveling, medicine, that is a sort of income to the government and these money is used for developing purpose.

What is tax deduction at source (tds) , is it the income tax that we pay or is it the tax returns that we get?

Ans.Tax deducted at source is one of the modes of collecting Income-tax from the asseses in India. Such collection of tax is effected at the source when income arises or accrues. Hence where any specified type of income arises or accrues to any one, the Income-tax Act enjoins on the payer of such income to deduct a stipulated percentage of such income by way of Income-tax and pay only the balance amount to the recipient of such income.

What is tax law? - (what you don't know can hurt you)

Ans.Tax law is found in many places - tax law is generated by the federal government, state government as well as counties, cities, and other municipalities. The variety of taxes that everyone faces is staggering - tax law affects almost every aspect of your life.

As for federal taxes, the law is primarily found in:

Title 26 of the United States Code - the Internal Revenue Code of 1986 as amended (the "Code" as promulgated by the Congress of the United States),

Title 26 of the Code of Federal Regulations (the "Regulations" as promulgated by the Internal Revenue Service),

proposed regulations issued by the Internal Revenue Service ("IRS"),

temporary regulations issued by the IRS,

revenue rulings issued by the IRS,
private letter rulings issued by the IRS,

revenue procedures, policy statements, and technical information releases issued by

the IRS, and

federal tax court decisions.

Tax law for states, counties, cities and other municipalities is likewise contained in codes sections, regulations, administrative codes, procedures and statements issued by the respective government authorities, as well as state court decisions. In many instances, state law is patterned after federal law but this is not necessarily always the case.

Tax law is pervasive throughout our daily lives. A lot of trees have been turned into pages of tax law. As you ease into your research of tax law, try to see the forest without getting lost in all the trees.

In a nutshell, tax law is a bewildering array of law that is scattered throughout many different sources and subject to many interpretations.

Citibank India is since 1902. Citibank India was the first bank to lend actively to individuals. Citibank is the largest Consumer Finance lender in the world. Citibank India follows the following principles while dealing to its customers:

• Truth in Lending
• Superior Products and Services
• Quick and Transparent Credit Decisions
• Lending is not a transaction, but a relationship
• Custodian of Public Funds

Citibank online banking

With citibank online banking one can enjoy the following services from anywhere in the world. For citibank online banking one has to log on to www.citibank.co.in

• Redeem your rewards points
• Pay Bills Online
• Send Demand Draft anywhere in India
• Get statements by e-mail
• Register for Instant alerts
• Mobile Banking
• Citibank online Security Tips

Citibank Suvidah

With the Citibank Suvidah Account, one can get the following benefits:

• Shop n' win Rewards
• Secure your child's future
• nstant cash upto thrice your salary
• Get rewarded for your account

Citibank Suvidha Account Holders holds over 150,000 highly tech-savvy Account Holders from Bangalore, Mumbai and Delhi alone.

Citibank Cards

Citibank cards are available in a range of flexible and personalized credit and charge that can be managed online. Undermentioned are few types of Citibank Credit Cards in India.

• MTV Citibank Card
• IndianOil Citibank Card
• Citibank Silver International Card
• CRY Card
• WWF Card
• Times Card
• Citibank Cricket Visa Card

Citibank Direct

The Citibank Direct Current Account pays 4.59% AER (4.50% gross). The Citibank Direct is one of the best rates on the market, with no strings attached. No minimum deposit is required for Citibank Direct and no need to pay in ones salary. A minimum annual income of £15,000 is required to open Citibank Direct Account. A chequebook and automatic overdraft facility are not available in Citibank Direct. Moreover Citibank Direct Account is easy to manage.

Citibank NRI

Citibank NRI holds over 160,000 Citibank NRI Account. Citibank NRI Account Holders, holds a minimum balance of Rs. 10 lakhs. Citibank NRI is voted as the most preferred bank of the NRIs.

Citibank South Asia

Singapore Office:

Hock Kern Chua, Country Sales Manager
PROGRESS SOFTWARE CORP (S) PTE. LTD.
No. 1 International Business Park
#03-11 The Synergy
Singapore 609917

Tel: 65 563 1500
Fax: 65 563 1511

Malaysia Office:
Mr. Kah-Khoi Leong, Country Sales Manager
PROGRESS SOFTWARE (M) SDN BHD
Level 36, Menara Citibank
165 Jalan Ampang
50450 Kuala Lumpur
Malaysia

Tel: (603) 2169-6180

Fax: (603) 2169-6168

Citibank Websites

Global :	www.citigroup.com
	www.citi.com
Singapore :	www.citibank.com.sg
Belgium :	www.citibank.be
UK :	www.citibank.co.uk
Australia :	www.citibank.com.au
US :	www.citibank.com/us
Malaysia :	www.citibank.com.my
India :	www.citibank.co.in
	www.citibank.com/india

Since 1906, Corporation Bank in India is dedicated to give vast, varied and versatile services to the nation with a comfort and zeal stealing the common say in the Banking Sector, "The Bank of Pride". Close to hit the mark '100 years at your service', Corporation Bank India has regularly tried to keep a personal touch with customers.

Corporation Bank India is one of the well-run Public Sector Bank in India. The key factor of the success of Corporation Bank India is its young and dynamic manpower which gives service with efficiency and dedication. Even in this era of technology and stiff competition, Corp Bank is rapidly growing confidence among its clients.

Corp Bank came out with its Initial Public Offer (IPO) in October 1997. 37.87% of share Capital is presently held by the Public and Financial Institutions. 57.17% of Share Capital is held by the Government of India. On 31.12.2003, the Net Worth of Corporation Bank was Rs.2,755 crore.

US GAAP

Among the Public Sector Bank, Corporation Bank of India is the first to publish the results under US GAAP. It has been doing it since 1998-99. With this method, the consolidated net profit is registered to be Rs. 415.99 for the year 2002-03.

Human Resource of Corporation Bank in India

10,176 fulltime dedicated employees (as on 31.03.04) is encouraging the Corporation Bank to perform to the best possible and comfortable service provider to customers.

Technology

100 per cent of the Bank Corp business is computerised along with all the branches. Bank Corp has over 600 ATMs spreading over 21 States and 2 Union Territories. Bank Corp has a tie-up arrangements of sharing ATM network with, ING Vysya Bank Ltd., Andhra Bank and IndusInd Bank Ltd.

In January 2004, the Bank Corp became the member of "Cashnet", shared ATM network managed by Euronet. This arrangement extended the facilities of cardholders to use over 2,500 ATMs.

Abreast of it, Corp Bank also giving services through internet. One can operate his/her account online.

It facilitates the following deposit schemes for NRIs:

1. Schemes without repatriation facility
   1. NRO deposits
2. Schemes with repatriation facility
   1. NRE deposits
   2. FCNR(B) deposits
   3. RFC deposits(on return)

Type of deposits in [a] and [b]

• Current accounts [not in FCNR (B)]
• Savings Bank accounts [not in FCNR (B)]
• Fixed Deposits
• Cash Certificates
• Money-Flex deposits
• Recurring deposits [not in FCNR (B)]

Awards and Rewards of Corporation Bank India

• Best Bank Award for Excellence in Banking Technology in the financial year 2001-2002.
  
  
• Best Award for Innovative use of Banking applications on INFINET in the financial year 2002-03.
  
  
• Best Bank Award - Delivery Channels from the Institute for Development and Research in Banking Technology (IDRBT) during the year 2003-2004.
  
  
• 'The Asian Banker', Singapore, rated as the Second Strongest Bank in Asia and the Strongest in India.
  
  
• The 'Forbes Global', Hongkong, included it in the list of the Best 200 Companies worldover outside the US having turnover under a billion US $.
  
  
• Business Today - KPMG survey' rated as the Best Public Sector Bank.
  
  
• Bagged the Best Public Sector Bank Award instituted by the personal finance magazine - Outlook Money.
  

Centenary Year Mission

To achieve a total business of Rs. 70,000 crore comprising Rs. 45,000 Crore Deposits and Rs.25,000 Crore Advances.

Milestone

• Founded in 1906 at the temple town of Udupi (Karnataka).
  
  
• Corp Bank became the third bank in the country in 1952 to receive a licence from the RBI as Scheduled Bank.
  
  
• The Bank of Citizens was merged with it in the year 1961.
  
  
• It was nationalised in April 1980.

Corporation Bank Website
www.corpbank.com

HDFC Bank was amongst the first to receive an 'in-principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector from Housing Development Finance Corporation Limited (HDFC), in 1994 during the period of liberalisation of the banking sector in India. HDFC India was incorporated in August 1994 in the name of 'HDFC Bank Limited'. HDFC India commenced operations as a Scheduled Commercial Bank in January 1995.

HDFC India deals in varieties of products like home loan, standard life insurance, mutual fund, securities, credit cards, etc. HDFC has branch offices in all major cities in India like Calcutta, Chennai, Delhi, Bangalore, Hyderabad, Ahmedabad apart from HDFC Mumbai.

Headquarter HDFC Bank India :
'Trade Star', 2nd floor, 'A' Wing,
Junction of Kondivita and M.V. Road,
Andheri-Kurla Road,
Andheri (East), Mumbai - 400 059.
Tel: (Board) 2822 0055 / 55516666 (Fax) : 2822 9998 / 2822 2414

Network : More than 468 branches over 212 cities across the country

ATMs : The ATMs of HDFC India can be accessed by all domestic and international Visa/Master Card, Visa Electron/Maestro, Plus/Cirrus and American Express Credit/Charge cardholders.

Authorised capital : Rs. 450 crore

Paid-up capital : Rs. 282 crore

Equity : Holds 24.2%

Listing : HDFC India has been listed on the Stock Exchange, Mumbai and the National Stock Exchange. The bank's American Depository Shares are listed on the New York Stock Exchange (NYSE) under the symbol "HDB".

HDFC Product Range

HDFC Bank India provides the following range of products:

• Savings Account
• HDFC Bank Preferred
• Sweep-In Account
• Super Saver Account
• HDFC Bank Plus
• Demat Account
• HDFC Mutual Fund
• HDFC Standard Life Insurance

HDFC India innovative services

• HDFC Phone Banking
• HDFC ATM
• HDFC Inter-city/Inter-branch Banking
• HDFC Net Banking
• HDFC International Debit Card
• HDFC Mobile Banking
• HDFC Bill Pay

HDFC Bank Loans

• HDFC Personal Loan
• HDFC New Car Loan and Used Car Loan
• HDFC Loan Against Shares
• HDFC Two Wheeler & Consumer Loan
• HDFC Home Loan

HDFC Mumbai

HDFC Bank India	HDFC Bank India	HDFC Bank India
'Trade Star', 2nd floor, 'A' Wing, Junction of Kondivita and M.V. Road, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059.	12-17, Vishal Shopping Centre, M. V. Road, Opp. Gymkhana Mumbai - 400069 Maharashtra	Ground Floor, Jamuna Apts, Opp Shoppers Stop S.V. Road, Mumbai - 400058 Maharashtra
Tel: (Board) 2822 0055 / 55516666	Tel: 28561818	Tel: 28561818
Fax : 2822 9998 / 2822 2414	Fax: 022-2823 5598	Fax: 022-26707478

HDFC Calcutta

N-39, K.N.C.Road, 1st Floor, Opposite Bidhan Cinema, Barasat, 24 Parganas North, Kolkata - 700124 west Bengal	Shree Arcade, 1st Floor, 2, Jogendra Kaviraj Row, Kolkata - 700007 Bengal	2/6 Sarat Bose Road Kolkata - 700020 Bengal
Tel: 033-2584 1249 , 2813838	Tel: 22813838	Tel: 22813838
Fax: 033-2588 1248	Fax: 22308627	Fax: 033-455 9484

HDFC Chennai

AA-8, Second avenue Anna Nagar Chennai - 600040 Tamilnadu	53, Plot No 41B, 4th Avenue, Ashok Nagar, Chennai - 600083 Tamil Nadu	T-31, 7th Avenue, MG Road, Besant Nagar, Chennai - 600090 Tamilnadu
Tel: 28605959	Tel: 28605959	Tel: 28585959
Fax: 26287412		Fax: 24901343

HDFC Hyderabad

Indradhanush Complex Road No.2 Banjara Hills Hyderabad - 500034 Andhra Pradesh	1-10-60/3 Begumpet Hyderabad - 500003 Andhra Pradesh	Plot.No.1, S.No.360 5-4/12-16, CDR Complex Chanda Nagar, Rengu Reddy Dist Hyderabad Andhra Pradesh
Tel: (040)55515354 - 6	Tel: 040 - 27766614	Tel: (040)55035899
Fax: 23554061	Fax: 040 - 27766615	Fax: 3035898

HDFC Bangalore

HDFC Bank	HDFC Bank 1	HDFC Bank
Golden Towers Next To Golden Enclave Kodihalli, Airport Road Bangalore - 560017 Karnataka	Kathriguppe Main Road, 3rd Phase, 3rd Stage, 4th Block, Opp Foodworld, Banashankari Bangalore - 560085 Karnataka	Site No.106, Bima Jyothi HBCS Layout (LIC Colony), West of Chord Road, Basaveshwaranagar, Bangalore - 560079 Karnataka
Tel: (080) 5202233	Tel: (080) 5202233	Tel: 080 - 23236902 / 03 / 04
Fax: (080)5268591	Fax: (080) 6794016	Fax: 080 - 23236900

HSBC Bank is the largest bank in Hong Kong and second largest group in the world after Citicorp. Before moving its headquarter to London in 1990, it was headquartered in Hong Kong. HSBC India is having branches in Ahmedabad, Bangalore, Chennai, Chandigarh, Coimbatore, Gurgaon, Hyderabad, Jaipur, Kochi, Kolkata, Ludhiana, Mumbai, New Delhi, Noida, Pune, Thane, Trivandrum and Visakhapatnam.

HSBC NRI centres are located in Asia-Pacific, the Middle East, Europe and North America. HSBC NRI centres provide full range of personal and private banking products in India and overseas. HSBC Internet banking adds to the services of HSBC India abroad.

HSBC India, along with HSBC Investment product and HSBC Insurance, it offers international Gold Card and Classic Credit Cards from VISA and MasterCard and debit cards from Visa. HSBC in India gives 24 hour banking services, extensive network of ATMs, integrated Call Centre and also HSBC e-banking.

HSBC Bank India Fact File

The HSBC Group develops and applies advanced technology to the efficient and convenient delivery of banking and related financial services. HSBC Bank India provides the following:

• Self-service banking with over 150 in-branch and off-branch ATMs and 24-hour phonebanking.
• Trade and corporate banking services with real-time access to a centralised information database
• Instantaneous inter-city transactions through online connections between all branches
  
  
• A state-of-the-art treasury dealing system
  
  
• A sophisticated card system supporting debit and credit cards, domestic and international VISA, MasterCard, and co-branded cards
  
  
• A dedicated acquiring system for both MasterCard and Visa transactions
  
  
• online@hsbc, HSBC internet banking service, provides customers with an integrated and secure platform to access their accounts.
  
  
• Internet Payment Gateway handles credit card transactions on the internet

HSBC online

HSBC Internet Banking is available countrywise. Customer can get into HSBC online and can operate their account from anywhere. HSBC online banking is a real time banking. The following are websites of HSBC Bank in some of the major countries.

Global :	www.hsbc.com
UK :	www.hsbc.co.uk
Canada :	www.hsbc.ca
Australia :	www.hsbc.com.au
Hong Kong :	www.hsbc.com.hk
India :	www.hsbc.co.in

ICICI Limited, was established in 1955 by the World Bank, the Government of India and the Indian Industry, for the promotion of industrial development in India by giving project and corporate finance to the industries in India.

ICICI Bank has grown from a development bank to a financial conglomerate and has become one of the largest public financial institutions in India. ICICI Bank has financed all the major sectors of the economy, covering 6,848 companies and 16,851 projects. As of March 31, 2000, ICICI had disbursed a total of Rs. 1,13,070 crores, since inception.

ICICI Bank Fact Files

Total assets : Rs.146,214 crore (December 31, 2004)
Network : 530 branches
ATMs : Over 1,880
Abaroad Subsidiaries : United Kingdom and Canada
Abroad branches : Singapore and Bahrain
Representative offices : United States, China, United Arab Emirates, Bangladesh and South Africa.

Note: The Local P O Box is a service offered directly by ICICI Bank India, and the USA Representative Office would not be involved in this service.

Bahrain Branch
ICICI Bank Ltd.
Manama Centre
Manama
Kingdom of Bahrain
Tel: + 973 17 576 161
Fax: + 973 17 221 200

Bangladesh Representative Office
ICICI Bank Ltd.
Suite 11-01, Level 11
Unique Trade Centre, 8 Panthapath
Kawran Bazar, Police Station
Tejgaon, Dhaka
Bangladesh
Tel: + 88 02 912 4985

Canada Subsidiary
ICICI Bank Canada
Exchange Tower,
130 King Street West, Suite 2130
Toronto ON M5X 1B1
Canada
Tel: + 1 416 360 0909
Fax: + 1 647 436 1178

China Representative Office
ICICI Bank Ltd.
2805-2806,Bank of China Towers
200 Yincheng(M) Road
Pudong
Shanghai 200 120
P.R. China
Tel: + 86 21 5888 2413
Fax: + 86 21 5888 2347

Dubai Representative Office
ICICI Bank Ltd.
Suite No. 404, The Business Centre Building
Khalid Bin Al Waleed Street
Near Burjuman
Dubai U.A.E.
Tel: + 971 4 396 5333
Fax: + 971 4 396 6994

Singapore Offshore Branch
ICICI Bank Ltd.
9 Raffles Place
# 50-01 Republic Plaza
Singapore- 048619
Tel: + 65 6723 9288
Fax: + 65 6723 9268

South Africa Branch
ICICI Bank Limited
Nelson Mandela Square
2nd Floor, West Tower
Maude Street, Sandown
PO Box No. 785553
Sandton 2146
Johannesburg
Tel: + 27 11 8815922 / 24
Fax: + 27 11 8815611

UK Subsidiary
ICICI Bank UK Ltd.
21 Knightsbridge
London SW1X 7LY
U.K.
Tel: + 44 207 201 1000
Fax: + 44 207 201 1046 / 1048

USA Representative Office*
ICICI Bank Ltd.
500 Fifth Avenue, Suite 2830
New York NY 10110
U.S.A.
Toll Free No.: 1 866 ICICI 4U

*Please Note: USA Representative office does not offer NRI services.This office will not accept documents pertaining to NRI Banking Services in India offered by ICICI Bank. For couriering documents related to such services, please use the following address.

NRI Services Center
ICICI Bank Ltd., INDIA
C/O G3 Worldwide
BLR/ FRG/ 24390/002
P.O. Box 9018
Jericho NY 11753-8918

ICICI Prudential Life Insurance Company

Incorporation : July 20, 2000
Authorized capital : Rs 2300 million
Paid up capital : 1900 million
Joint venture : Prudential plc UK (26%)

The Prudential ICICI is now operational in Mumbai, New Delhi, Pune, Chennai, Kolkata, Bangalore, Chandigarh, Ahmedabad, Hyderabad and Lucknow. The Delhi and Mumbai contact address are given below:

Delhi Office :
ICICI Prudential Life Insurance Company
Videocon Towers
3rd Floor
Jhandewala Extension
Rani Jhansi Road
New Delhi 110055
Phone : +91-011-368 3694/ 368 3695

ICICI Bank Head Office :
ICICI Bank
9th Floor, South Towers
ICICI Towers
Bandra Kurla Complex
Bandra (E)
Mumbai
Phone : +91-022-653 7914
E-Mail: wecoveru@icici.com ; lifeline@icici.com

Prudential ICICI website
http://www.iciciprulife.com/

Indian Overseas Bank (IOB) is a one of the major bank based in Chennai, with over 1,400 domestic branches and 6 branches abroad.

India Overseas Bank was established in 1937 to encourage overseas banking and foreign exchange operations. The Indian Overseas Bank started simultaneously with three branches. They are:

• Indian Overseas Bank Chennai
• Indian Overseas Bank Rangoon
• Indian Overseas Bank Singapore

From the begining Indian Overseas Bank served Chettinad, Ceylon (Sri Lanka), Burma (Myanmar), Malaya, Singapore, Java, Sumatra and Saigon.

In 1960 Indian Overseas Bank absorved five weaker private sector banks including Kulitali Bank.

In the year 2000 India Overseas Bank India engaged in IPO which brought the government's share in the bank's equity down to 75%.

IOB International expansion

• 1937-38: As mentioned above, IOB was international from its inception with branches Indian Overseas Bank Rangoon, Indian Overseas Bank Penang, and Indian Overseas Bank Singapore.
  
  
• 1941: IOB opened a branch in Malaya that presumably closed almost immediately because of the war.
• 1946: IOB opened a branch in Ceylon.
  
  
• 1947: IOB opened a branch in Bangkok and re-opened others.
  
  
• 1948: United Commercial Bank (see below) opened a branch in Malaya.
  
  
• 1949: IOB opened a branch in Bangkok.
  
  
• 1963: The Burmese government nationalized IOB's branch in Rangoon.
  
  
• 1973: IOB, Indian Bank and United Commercial Bank established United Asian Bank Berhad. (Indian Bank had been operating in Malaysia since 1941 and United Commercial Bank Limited had been operating there since 1948.) The banks set up United Asian to comply with the Banking Law in Malaysia, which prohibited foreign government banks from operating in the country. Also, IOB and six Indian private banks established Bharat Overseas Bank as a Chennai-based private bank to take over IOB's Bangkok branch. The Baharat Overseas Bank is the only private bank that the Reserve Bank of India has permitted to have a branch outside India. The ownership was: Indian Overseas Bank (30%), Bank of Rajasthan (16%), Vysya Bank (14.66%), Federal Bank (19.67%), Karur Vysya Bank (10%), South Indian Bank (10%) and Karnataka Bank (8.67%). Bharat Overseas serves the Indian ethnic community in Thailand.
  
  
• 1977: IOB opened a branch in Seoul.
  
  
• 1991: Bank of Commerce (BCB), a Malaysian bank, acquired United Asian Bank (UAB). In 1999 BCB merged with Bank Bumiputra Malaysia to form Bumiputra-Commerce Bank Berhad.

Indian Overseas Bank Credit Card

Indian Overseas Bank has a credit card with the name CANCARD-VISA. This card is valid for use in India and Nepal only. Indian Overseas Bank Credit Card is acceptable in more than 1 lakh member establishments for purchase of goods and services.

For any queries regarding Indian Overseas Bank Credit Card, one can contact the undermentioned address.

The Deputy Chief Officer
Indian Overseas Bank Credit Card Division
Central Office
763, Anna Salai,
CHENNAI 600 002
Phone Nos. (044) 28519574/ 28519573 / 28519575
Indian Overseas Bank email: crcard@iobnet.co.in

Indian Overseas Bank Equity Shareholders

Indian Overseas Bank has been constituted as a Corresponding New Bank under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970.

The Bank had offered for subscription 11,12,00,000 shares of Rs. 10 each for cash at par aggregating Rs. 111.20 crores (including reservation of 1,11,20,000 equity shares of Rs. 10 each for cash at par to regular/permanent employees and working Director, aggregating Rs. 11,12,00,000).

The issue which opened on September 25, 2000, closed before October 5, 2000. The equity shares of the Bank are listed in The Madras Stock Exchange (Regional), The Stock Exchange, Mumbai and National Stock Exchange of India Ltd., Mumbai.

For any queries regarding shares, the following address is to be contacted.

Deputy General Manager
Investors Relation Cell,
Accounts Department,
Central Office,
763, Anna Salai,
Chennai - 600 002
Tel no: 0091-44-851 9438
0091-44-851 5702
E-mail: iobfunds@md4.vsnl.net.in

Oriental Bank of Commerce India was established in the year 1943 on 19th February in Lahore. After partition, Oriental Bank of Commerce shifted its Registered Office from Lahore to Amritsar paying every rupee to its departing customers.

Oriental Bank of Commerce was nationalised on 15th April in 1980. Then OBC bank had 307 branches with Rs. 282.61 crores as deposits and as advance Rs. 152.69.

Oriental Bank of Commerce Fact File

• Amongst the strongest banks in India
• High Capital Adequacy Ratio
• Consistent Profit-making Bank
• One of the Lowest Spreads in Banking Industry
• Total Working crosses the 35700 crore mark
• CRISIL Ratings
• The Highest Productivity per Employee
• NPA - One of the lowest

OBC India Grameen Project

OBC India is implementing Grameen Projects in places like Dehradun in UP and Hanumangarh in Rajasthan. The Grameen Project of OBC India venture aims to alleviate poverty alongwith to identify the reasons responsible for the future or success.

OBC has formulated the pattern of Bangladesh Grameen Bank with a unique feature of disbursing small loans ranging from Rs. 75 onwards. The Bank is providing

training to rural people in using locally available raw material to produce pickles, jams etc. This inreturn increases self-employment and adds in increasing the income levels.

OBC India is also working upon The Comprehensive Village Development Programme. At present it is covering number of villages in Punjab, Haryana, Rajasthan. Under this programme, Oriental Bank of Commerce is focussing upon comprehensive and integrated package to rurals.

Profitability of OBC

The gross profit OBC Bank stood at Rs. 1533 Crore as against Rs. 1163 Crore last year. After providing for contingencies and more than required provisions against non performing assets, the Bank has earned a handsome net profit of Rs. 686 Crore as against Rs. 457 Crore last year, thereby registering a growth of 50 % mainly on account of reduction in cost of deposits, strict control on expenses, efficient cash management, treasury income and large recoveries in N P A accounts.

Dividend of OBC

The Oriental Bank of Commerce has provided for payment of 30% final dividend to the shareholders in addition to 20% interim dividend already paid during the financial year 2003-04 making total dividend 50%.

Retail Portfolia of OBC

The retail loans of OBC have increased to Rs. 4318 Crores as against Rs. 2779 Crores last year, with a growth of 55.4%. These assets constitute 20.9 % of total loan assets. Oriental Bank of Commerce Housing loans account for 80% of retail portfolio.

OBC Shareholder's Equity

The Net worth of Oriental Bank of Commerce has improved by Rs.567.46 Crore and reached a level of Rs. 2676.79 Crore against Rs. 2109.33 Crore last year.

The OBC Business

The total business of Oriental Bank of Commerce has gone up to Rs. 56286 Crore from Rs. 46333 Crore last year thus registering a growth of 21.5%, due to high growth in deposits as well as advances. The deposit growth of OBC has been to the extent of 19.7 %(previous year 4.63%) while in advances the growth is 25.5 % (previous year 10.7%).

Technology Implementation

Oriental Bank of Commerce of India has implemented Centralized Banking Solution in 21 branches till date. It will give freedom of anywhere and anytime banking to customers. The business captured has resulted in 97% live computerized environment as against 93% last year. More than 350 branches have been networked.

Oriental Bank of Commerce Addresses

Main Pune Office
Dinshaw House,
917 / 918, Synagogue Street, Near Gita Society,
Pune - 411001. Maharashtra. INDIA.
Telephone : 91 020 612 7537, 613 5492
Fax No. : 91 20 613 2083
Email : orientalbank@gnpun.global.net.in

Head Office
Harsha Bhawan,
E- Block, Connaught Place,
New Delhi - 110001
INDIA
Telephone : 91 011 23417121, 23416691
Fax No. : 91 011 25760544
E mail : obc@obcindia.com, obc@id.eth.net

New Delhi Office
Oriental Bank of Commerce
4 - N Block Market,
GRETAER KAILASH, Part - I
New Delhi - 110 048.
Telephone : 011-26281560, 26281561
Fax. : 011-26281559

Mumbai Office
Oriental Bank of Commerce
Corporate Group Finance Branch
181 - A, Maker Tower. 'E', 18th Floor,
Cuffe Parade, MUMBAI - 400005.
Telephone No.: 91 -22 - 22153836, 22154243
Fax : 91 -22-22153533, 22165849

Punjab National Bank with 4497 offices and the largest nationalised bank is serving its 3.5 crore customers with the following wide variety of banking services:

• Corporate banking
• Personal banking
• Industrial finance
• Agricultural finance
• Financing of trade
• International banking

Punjab National Bank has been ranked 38th amongst top 500 companies by The Economic Times. PNB has earned 9th position among top 50 trusted brands in India.

Punjab National Bank India maintains relationship with more than 200 leading international banks world wide. PNB India has Rupee Drawing Arrangements with 15 exchange companies in UAE and 1 in Singapore.

PNB Online

Punjab National Bank of India is also a member of SWIFT and more than 150 PNB Branches are connected with terminals in Mumbai. It promotes "Any Time, Any Where Banking".

PNB offers Internet Banking services for both to the Corporates and Individuals. It provides 24 hours, 365 days banking from the PC of the user. A user can operate anytime and from anywher its accounts. The following are some of the services available online:

• Access to account
• Complete details of transactions and statement of account
• Online information of deposits, loans overdraft account etc.
• Online Payment Facility for railway reservation through IRCTC Payment Gateway Project
• Online Utility Bill Payment Services which allows Internet Banking account holders to pay their telephone, mobile, electricity, insurance and other bills anytime from anywhere from their desktop.

Punjab National Bank Card user can buy goods and enable services from 45,000 merchant outlet in India and can withdraw cash from over 4500 ATMs with its own 450 ATMs.

Punjab National Bank Branches

Punjab National Bank has its Branches in all the 7 metropolitan and cosmopolitan cities in Inadi namely New Delhi, Mumbai, Calcutta, Chennai, Bangalore, Hyderabad and Ahmedabad. It even has its branches in small town in both urban as well as rural areas.

PNB is always focussing on expanding abroad and till date has identified some emerging economies abroad. They are in few of these places.

• Almaty
• Kazakhktan
• Shanghai
• China
• London
• Kabul
• Afghanistan

Punjab National Bank Housing Loan

Any individual can avail Punjab National Bank Housing Loan for any of the following purpose:

• For construction of house.
• For purchase of house/ flat.
• For purchase of house/ flat from the original allottee, i.e. on First Power of Attorney basis.
• For carrying out repairs/ renovation/ additions/ alterations in the existing house.

Approximately 80% of the cost of project is sanctioned by PNB Housing Finance, subject to a maximum of Rs. 50 lac. In case of carrying out repairs/ renovation/ additions/ alterations in the existing house, the ceiling is Rs. 5 lac. The loan is available for a period of 5 years to 20 years or before the borrowers attain the age of 65.

Interest of Punjab National Bank Home Loan is charged on reducing balance and the amount to be sanctioned depends upon the repaying capability of the borrower.

The following securities are required by the cell of PNB Housing Loan:

• Mortgage of property for which finance is being given.
  
  
• In case of purchase of house flat from housing board/ society where mortgage cannot be created immediately, a tripartite agreement shall be executed amongst the housing board/society, borrower and the Bank.
  
  
• In case of purchase of house/ flat on first power of attorney, additional security by way of mortgage of some other property or pledge of Bank's Fixed Deposit Receipt/ LIC policy/ Govt. securities has to be provided.
  
  
• Suitable third party guarantee acceptable to the Bank which may include guarantee from family members/ other relatives.

PNB Mutual Fund

PNB Mutual Fund services are distributed under the scheme of Principal PNB Asset Management Company from its assigned branches. The varieties of Punjab National Bank Mutual Fund are as under:

• Principal Growth Scheme
• Principal balanced Fund
• Principal Income Fund
• Principal Income Fund - Short Term Debt
• Principal Cash management Fund
• Principal Index Fund
• Principal government Securities Fund

PNB Office Addresses

Head Office
Punjab National Bank
Street 7, Bhikaji Cama Place
New Delhi 110066
India
Tel : 91-11-26102303

For ATM related queries
Punjab National Bank
ATM Card Centre,
5, Sansad Marg
New Delhi - 110001
Tel : 91-11 - 23352019

24 hours toll free PNB Call Centre number
1600 12 2222

Website of Punjab National Bank
www.pnbindia.com

State Bank of India (SBI) was nationalised in July 1955 under the SBI Act of 1955. Seven banks of SBI formed subsidiary and was nationalised on 19th July, 1960.

The State Bank of India is India's largest commercial bank and is ranked one of the top five banks worldwide. It serves 90 million customers through a network of 9,000 branches and it offers -- either directly or through subsidiaries -- a wide range of banking services.

Subsidiary of State Bank of India

• State Bank of Bikaner & Jaipur
• State Bank of Hyderabad
• State Bank of Indore
• State Bank of Mysore
• State Bank of Saurastra
• State Bank of Travancore

The services of SBI Bank

• Personal Banking
• Gold Banking
• NRI Banking
• International Banking
• Corporate Banking
• Small Scale Industries
• Small Business Finance
• Rural Banking
• Government Business
• Home Loans

SBI Credit Card

The SBI Credit Card offers a Classic VISA card duly acceptable in India and Nepal. It transfers all the advantages provided by the VISA Card. The present eligibilty for applying for the SBI Credit Card is Rs. 75,000 for salaried and Rs. 60,000 p.a. for businessmen (kindly verify the rate with SBI before applying).

SBI Credit Card is acceptable over 1,05,000 merchants in India and Nepal. The SBI Credit Card is accepted to 117 cashpoint locations in 57 cities from Leh to Port Blair. The daily withdrawl limit is Rs. 10,000.

SBI Credit Card comes with an insurance of Rs. 2 lakhs on road and Rs. 4 lakhs by air.

Worldwide network of SBI Bank

SBI Bank India has 52 Foreign Offices in 34 countries. SBI India serves the international needs of its foreign customers, in addition to conducting retail operations. The focus of the offices of SBI is India-related business. Few of the countries where SBI Bank has branches are as under:

• Australia
• Bahamas
• Bahrain
• Bangladesh
• Belgium
• Bhutan
• Canada
• France
• Germany
• Hong Kong
• Japan
• Maldives
• Mauritious
• Muscat
• Nepal
• Nigeria
• Oman
• Russia
• Singapore
• Sri Lanka
• South Africa
• UK
• USA

SBI Central Office

State Bank of India,
State Bank Bhawan,
8th floor, Madame Cama Road,
Mumbai-400 021,
Telephone No. 22029456 or 22029451,
Fax no. 22885369.

Standard Chartered Bank in India is the largest international banking Group in India. The Combined Balance Sheet (as at March 31, 2001) of SCB India is Rs. 24515.9 cr. and is having a combined customer base of 2.4 million in retail banking and over 1200 corporate customers.

The key businesses of Standard Chartered Bank in India include consumer banking - primarily credit cards, mortgages, personal loans and wealth management - and - wholesale banking, where the Bank specializes in the provision of cash management, trade, finance, treasury and custody services.

Standard Chartered India was the first to issue first global credit card in India, the first to issue Photocard, the first Picture Card and was the first credit card issuer to be awarded the ISO 9002 certification.

Some other product innovations of Standard Chartered Bank in India include the 'Sapnay' credit card, the international debit card that provides free access to over 1500 Visa ATM's, a first in the banking industry, Mileage, an overdraft facility against the security of a car and Smart Credit, a personal line of credit for salaried customers.

The name is derived from Standard & Chartered. Standard Bank of British South Africa merged with Chartered Bank of India, Australia and China in 1969.

Standard Chartered Bank Quick Facts

Combined Balance Sheet : Rs. 24515.9 cr as on March 31, 2001
Customer base : 2.4 million
Corporate customers : Over 1200
The First : In issuing global credit card in India, in issuing photcard and pucture card in India.
Visa ATMs : 1500

Standard Chartered Grindlays Bank

In the onset of new millennium, Standard Chartered Bank purchased the Grindlays Bank from ANZ Group for $1.34 billion and was named Standard Chartered Grindlays Bank and also the acquisition of the Chase Consumer Banking operations in Hong Kong for $ 1.32 billion. Previously, when with ANZ Group, it was known as ANZ Grindlays Bank where ANZ is Australia and New Zealand.

Standard Chartered Credit Cards

Standard Chartered Credit Card can get you going with the privileges within the country. With Standard Chartered Bank Credit Card one is also rewarded with exciting benefits and unique features.

Standard Chartered Credit Cards are of many varieties. Atleast one type of SCB Credit Card out of the entire range can fit to the need of a single person. The varieties of Standard Chartered Credit Cards are as follows:

• Standard Chartered Bank Classic
• Standard Chartered Bank Classic
• Standard Chartered Bank Cricket
• Standard Chartered Bank Diva
• Standard Chartered Bank Executive
• Standard Chartered Bank Executive
• Standard Chartered Bank Gold
• Standard Chartered Bank Gold
• Standard Chartered Bank Sapnay
• Standard Chartered Grindlays Classic
• Standard Chartered Grindlays Gold
• Standard Chartered Grindlays Star TV

Add-on Card is given free with Standard Chartered Bank Credit Card. SCB Credit Card come with the following insurances.

• Air accident Cover
• General Accident Cover
• Add-On Card Cover
• No Cover Baggage Cover
• Credit Shield on death
• No Charge Purchase Protection Cover
  
  

In India Standard Chartered Bank has branches in the following cities

• Ahmedabad
• Amritsar
• Bangalore
• Chennai
• Coimbatore
• Delhi
• Ernakulam
• Gurgaon
• Guwahati
• Hyderabad
• Kanpur
• Kolkata
• Mumbai
• Noida
• Pune

Standard Chartered Website
www.standardchartered.com
www.standardchartered.com/in (for India)

Headquartered in Calcutta, United Bank of India continues to grow from strength to strength, adding not only to profits but also to Capacities to undertake new business. Total business increased by 19.3% from Rs 31,179 crore to Rs 37,187 crore. The following are some of the major facts of UBI.

• Deposit increased to Rs 25,348 crore registering a growth of 11.4%.
  
  
• During the year, the Bank registered an increase of Rs 3,418 crore in Gross advances from Rs 8,421 crore in March 2004 to Rs 11,839 crore in March 205 recording an all time high growth rate of 40.6%.
  
  
• Credit-Deposits Ratio (CDR) rose to 46.7% from 37.0% in March 2004.
  
  
• Operating profit increased to Rs 690 crore during 2004-05 compared to Rs 613 crore in the previous year.
  
  
• Net profit after making provisions was Rs 300 crore.
  
  
• The Bank is focusing on lending to agriculture, small scale industries, infrastructure, retail and corporates.
  
  
• The Bank met the directives of Government of India for doubling the flow of credit to agriculture and its disbursement to agriculture amounted Rs 1066 crore forming 41.5% over the disbursement made in agriculture in the previous year.
  
  
• Priority sector credit increased from Rs 3534 crore to Rs 4557 crore.
  
  
• Agricultural credit increased from 1222 crore to Rs 1607 crore.
  
  
• SSI credit increased from Rs 511 crore to Rs 820 crore.
  
  
• During the year, retail lending increased from Rs 961 crore to Rs 1808 crore forming 15.3 % of total advances.
  
  
• The percentage of standard assets increased to 94% in March 2005 compared to 91% in March 2004.
  
  
• Net NPA ratio dropped to 2.43% from 3.76% in the previous year.
  
  
• During the year the Bank completed 100% computerization of its 1310 branches.
  
  
• Bank has successfully participated in the Real Time Gross Settlement (RTGS) system during the year. The facility is now available from 39 branches across the country.
  
  
• With a view to enlarge the coverage of potential centers, the bank opened 10 branches. Three branches in metropolitan areas were merged. First branch in the State of Sikkim opened.
  
  
• The Bank continued to maintain its safety net by achieving Capital Adequacy Ratio at 18.16% as against the stipulated norm of 9%.
  
  
• Staff productivity increased during the year. Business per employee increased to Rs 2.08 crore in March 2005 from Rs 1.69 crore in March 2004.
  
  
• Business per branch increased from Rs 23.9 crore to Rs 28.4 crore.

United Bank of India Head Office
United Bank Of India
Street 16, Old Court House Street,
Kolkata City
Kolkata
Zip 700 001
State West Bengal
Country India
Phone 248-7470 Fax 248-0897

United Bank Of India Website
www.unitedbankofindia.com
Email: utbihoc@vsnl.com

This is a revolving credit loan, also referred to as a home equity line of credit, where the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria similar to those used for closed-end loans. Like the closed-end loan, it may be possible to borrow up to 100% of the value of a home, less any liens. These lines of credit are available up to 30 years, usually at a variable interest rate. The minimum monthly payment can be as low as only the interest that is due.

Typically, the interest rate is based on the Prime rate plus a margin.

The borrower receives a lump sum at the time of the closing and cannot borrow further. The maximum amount of money that can be borrowed is determined by variables including credit history, income, and the appraised value of the collateral, among others. It is common to be able to borrow up to 100% of the appraised value of the home, less any liens, although there are lenders that will go above 100% when doing over-equity loans. However, state law governs in this area; for example, Texas (which was, for many years, the only state to not allow home equity loans) only allows borrowing up to 80% of equity.

Closed-end home equity loans generally have fixed rates and can be amortized for periods usually up to 15 years. Some home equity loans offer reduced amortization whereby at the end of the term, a balloon payment is due. These larger lump-sum payments can be avoided by paying above the minimum payment or refinancing the loan.

A home equity loan (sometimes abbreviated HEL) is a type of loan in which the borrower uses the equity in their home as collateral. These loans are sometimes useful to help finance major home repairs, medical bills or college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity.

Home equity loans are most commonly second position liens (second trust deed), although they can be held in first or, less commonly, third position. Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types, closed end and open end.

Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. In the United States, it is sometimes possible to deduct home equity loan interest on one's personal income taxes.

There is a specific difference between a home equity loan and a Home Equity Line of Credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate.

See also.........

Home Equity Line of Credit
Closed end home equity loan
Open end home equity loan

A credit card is a system of payment named after the small plastic card issued to users of the system. In the case of credit cards, the issuer lends money to the consumer (or the user) to be paid later to the merchant. It is different from a charge card (although this name is sometimes used to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard. The most common credit card size, known as ID-1, is 85.60 × 53.98 mm.

Also see.....

How Credit Cards Works

Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.

When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a 'Card/Cardholder Not Present' (CNP) transaction.

Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant's acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.

Other variations of verification systems are used by eCommerce merchants to determine if the user's account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.

Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.

“Consumer spending reaches record levels!” – a not unfamiliar news headline. However, if you take a look at the year-on-year rise in consumer spending figures and then compare those figures with the year-on-year rise in wages, you’ll immediately notice a disparity. Lately, rises in consumer spending have far outstripped rises in wages. So, how is this happening? The answer: record rises in the levels of debt financing.
Debt financing can come in many forms: credit cards, hire-purchase and store cards being principal among them. However, probably the biggest form of debt financing is the loan. However, the various different types of loans available can leave those unfamiliar with loans confused. The following is a brief explanation of loans to try to help you here.

LOAN TYPES

Simply put, a loan is something you borrow from someone willing to lend it. However, in the highly regulated world of financial markets, things are not that easy. As a result, “loans” involving money have a variety of names, depending on the intended use of the proceeds (money).

* Personal Unsecured Loans:

Probably the mainstay of loans is the personal unsecured loan. As it name suggests, a personal unsecured loan is money that you borrow from a bank or building society. As part of the loan agreement you agree to repay the principal of the loan (the amount borrowed) plus interest (the lender’s profit). In most cases you’ll agree to repay the loan in equal [monthly] repayments. However, you do not agree to provide any security (or collateral), in the case that you default on your repayment.
The upside of an unsecured loan is that the lender cannot repossess the item that you have bought with the proceeds of the loan, nor can they enforce against any of your other assets.
The downside of an unsecured loan is that, in return for the lender’s greater risk factor, you’ll likely be paying a higher level of interest than is the case with a secured loan. You also need to be a little careful: the concept of an “unsecured” loan is a misnomer. In fact, in most cases, you’ll need to declare what the loan is for, and if you do happen to default the lender will likely bring an action against you to seize the assets. Consequently, if you think it is unlikely that you’re likely to default, to reduce the costs of the loan, it’s probably just as well that you take out a secured loan.

* Personal Secured Loans:

Obtained in the same way as a personal unsecured loan, the main difference being that you agree to provide the lender with security, in the case that you default. “Security” can come in many forms (for example, share certificates, car, boat, plane, even cash bank accounts); however, these days banks prefer this security to be a charge over your house.
The upside of a secured loan is that interest rates and costs are usually lower – as the lender still has recourse to funds in a worst case scenario.
The downside to a secured loan is that you run the risk of losing the asset if you cannot repay the loan.

* Other types of loans

Depending on your needs, you may also come across the following types of loans, which are more specific to the application of the proceeds of the loan: car loans, student loans, home improvement loans, holiday loans, bridging loans, debt consolidation loans. Essentially, all of these work in the same way as a secured or unsecured loan.

A long-term loan, often a mortgage, that has one large payment (the balloon payment) due upon maturity. A balloon loan will often have the advantage of very low interest payments, thus requiring very little capital outlay during the life of the loan. Since most of the repayment is deferred until the end of the payment period, the borrower has substantial flexibility to utilize the available capital during the life of the loan. The major problem with such a loan is that the borrower needs to be self-disciplined in preparing for the large single payment, since interim payments are not being made. Balloon loans are often undertaken when refinancing or when a major cash flow event is anticipated. also called balloon note or bullet loan.

A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned," it is no longer the property of the estate, and creditors can seek to recover their money.

also check

Balloon Loan

Types of Loans

A method of borrowing in which a homeowner may borrow against home equity as needed using a checkbook or credit card. It differs from a standard loan in that the borrowing may be done over a period of time, preventing excess borrowing and limiting interest costs.

Equity

Ownership interest in a corporation in the form of common stock or preferred stock. It also refers to total assets minus total liabilities, in which case it is also referred to as shareholder's equity or net worth or book value. In real estate, it is the difference between what a property is worth and what the owner owes against that property (i.e. the difference between the house value and the remaining mortgage or loan payments on a house). In the context of a futures trading account, it is the value of the securities in the account, assuming that the account is liquidated at the going price. In the context of a brokerage account, it is the net value of the account, i.e. the value of securities in the account less any margin requirements.

Home equity loan

A loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt incurred in the purchase.

Selling a Home

Looking to sell your home or just to find out the best practice for the process? Learn the steps you need to take to sell your home, and how to get the best price.

Home Equity

Looking for a second mortgage or to borrow against the money you have down on your house? Find out all you need to know in this comprehensive article about home equity.

Introduction to Buying a Home

Learn the steps how to make a sound financial decision when buying a house. Understand what considerations are needed when it's time to decide how much to spend and whether it is better to rent or buy a home.

Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms. The most common consumer refinancing is for a home mortgage.

Advantages

Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to extend the repayment time, to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce or alter risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to raise cash for investment, consumption, or the payment of a dividend.

In essence, refinancing can alter the monthly payments owed on the loan either by changing the loan's interest rate, or by altering the term to maturity of the loan. More favourable lending conditions may reduce overall borrowing costs. Refinancing is used in most cases to improve overall cash flow.

Another use of refinancing is to reduce the risk associated with an existing loan. Interest rates on adjustable-rate loans and mortgages shift up and down based on the movements of the various indices used to calculate them. By refinancing an adjustable-rate mortgage into a fixed-rate one, the risk of interest rates increasing dramatically is removed, thus ensuring a steady interest rate over time. This flexibility comes at a price as lenders typically charge a risk premium for fixed rate loans.

In the context of personal (as opposed to corporate) finance, refinancing a loan or a series of debts can assist in paying off high-interest debt such as credit card debt, with lower-interest debt such as that of a fixed-rate home mortgage. This can allow a lender to reduce borrowing costs by more closely aligning the cost of borrowing with the general creditworthiness and collateral security available from the borrower. For home mortgages, in the United States, there may be certain tax advantages available with refinancing, particularly if one does not pay Alternative Minimum Tax.

Risks

Most fixed-term debt contains penalty clauses (known as "call provisions") that are triggered by an early payment of the loan, either in its entirety or a specified portion. In addition, there are also closing and transaction fees typically associated with refinancing debt. In some cases, these fees may outweigh any savings generated through refinancing the loan itself. Typically, one only rationally considers refinancing if the potential for a substantial cost savings exists, or if there is a need to extend the loan due to weak cash flow or other non-recurring commitments.

In addition some refinanced loans, while having lower initial payments, may result in larger total interest costs over the life of the loan, or expose the borrower to greater risks than the existing loan, depending on the type of loan used to refinance the existing debt. Calculating the up-front, ongoing, and potentially variable costs of refinancing is an important part of the decision on whether or not to refinance.