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    THOUFIKA SUMMER INTERNSHIP REPORT S

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    KUMARAGURU PONRAJ
    This internship report summarizes the intern's learning at State Bank of India. The intern learned about foreign exchange trading features including competitive brokerage rates and currency futures contract specifications. They also learned about NRI banking services like NRE, NRO, and FCNR accounts. Finally, the report discusses government insurance schemes like PMSBY and PMJJBY as well as the Public Provident Fund long-term investment scheme.

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    THOUFIKA SUMMER INTERNSHIP REPORT S

    Uploaded by

    KUMARAGURU PONRAJ
    33 views4 pages
    This internship report summarizes the intern's learning at State Bank of India. The intern learned about foreign exchange trading features including competitive brokerage rates and currency futures contract specifications. They also learned about NRI banking services like NRE, NRO, and FCNR accounts. Finally, the report discusses government insurance schemes like PMSBY and PMJJBY as well as the Public Provident Fund long-term investment scheme.

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    THOUFIKA SUMMER INTERNSHIP REPORT s

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    This internship report summarizes the intern's learning at State Bank of India. The intern learned about foreign exchange trading features including competitive brokerage rates and currency futures contract specifications. They also learned about NRI banking services like NRE, NRO, and FCNR accounts. Finally, the report discusses government insurance schemes like PMSBY and PMJJBY as well as the Public Provident Fund long-term investment scheme.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    33 views4 pages

    THOUFIKA SUMMER INTERNSHIP REPORT S

    Uploaded by

    KUMARAGURU PONRAJ
    This internship report summarizes the intern's learning at State Bank of India. The intern learned about foreign exchange trading features including competitive brokerage rates and currency futures contract specifications. They also learned about NRI banking services like NRE, NRO, and FCNR accounts. Finally, the report discusses government insurance schemes like PMSBY and PMJJBY as well as the Public Provident Fund long-term investment scheme.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    SUMMER INTERNSHIP REPORT

    COMPANY : NAME : THAOUFIKA A


    State Bank of India – Main Branch REG NO: 2201519253
    15, Rue Suffren, COURSE: MBA (IB)
    Pondicherry, DATE : 22.05.2023
    Pin – 608001

    INTRODUCTION :
    State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector
    Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and
    legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through
    generations.
    The Bank has successfully diversified businesses through its various subsidiaries i.e SBI
    General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its
    presence globally and operates across time zones through 229 offices in 31 foreign countries.

    MY LEARNING IN SBI:

    ➢ Forex
    ➢ NRI
    ➢ Loans
    ➢ Insurances

    1.FOREX:
    Features of SBI FX Trade
    ➢ Competitive brokerage rates.
    ➢ Integrated platform of Bank Account and Online Trading Account.
    ➢ Provision for lien marking. The money continues to remain in the customer's account
    until the deal is done, thus earning him interest.
    ➢ Secure and Robust online platform.
    ➢ Product from India's most trusted and transparent Bank.
    Currency Futures:
    A currency futures contract is a standardized form of a forward contract that is traded on an
    exchange. It's an agreement to buy or sell a specified quantity of an underlying currency on a
    specified date at a specified price. In India, currently four currency pairs are traded
    (USD/INR,EURO/INR, GBP/INR and JPY/INR) with a lot size of 1000 units of the base
    currency, except JPY where the lot size is 100,000. Settlement for the customer is, however,
    done in Rupee terms and not in the foreign currency.
    Advantage of Currency Futures
    ➢ Transparent & Efficient price discovery
    ➢ Ease of trade
    ➢ No paperwork required at branch level unlike forward contracts
    ➢ Submitting proof of underlying is not a precondition
    ➢ Since, no actual delivery of foreign currency is involved, clients may hedge their
    indirect
    ➢ currency risks
    Contract Specifications of Currency Futures
    Features Details
    a) Symbol - USD/INR, EUR/INR, GBP/INR,JPY/INR
    b) Unit of trading - 1 (1 unit denotes 1000) except JPY (100000)
    c) Underlying - The exchange rate in INR for USD/EUR/GBP/ JPY
    d) Tick size - INR 0.0025
    e) Trading hours - Monday to Friday (9.00 am to 5.00 pm)
    f) Contract trading cycle - 12 month trading cycle.
    g) Final settlement day - Last working day of the expiry month.
    h) Position limits - Clients (per exchange): 6% of total open interest or USD 10mn,
    whichever is higher.
    i) Minimum-Initial margin - 4% of notional value of the contract.
    j) Extreme loss margin - 1% of notional value of the contract
    k) MTM Adjustment - Daily debited/credited to the account
    m) Mode of settlement - Cash settled in INR
    n) Daily settlement price (DSP) - Calculated on the basis of last half an
    hour weighted average price.
    o) Final settlement price (FSP) - RBI reference rate.(Last working day of
    the month)
    2. NRI:
    SBI offers NRIs banking relationships to manage personal finances and income from abroad
    and in India.
    There are 2 categories of NRE and NRO accounts, plus additional types of accounts for
    insurance, foreign currency deposits and also returning NRIs.

    Type of Account Purpose


    NRE Account For income earned abroad and converting it to
    Indian Rupees

    NRE Salary Account For salary earned abroad and converting it to


    Indian Rupees

    NRO Account For earnings in India for NRIs


    Non - Resident Ordinary (NRO) For salary earned in Indian while an NRI
    NRO Tax Saving Scheme Intended to help save on taxes with 80C
    FCNRB Account For foreign currency deposits
    FCNRB Premium Account For foreign currency deposits and insurance
    RFC Account For income earned abroad when resettling in India

    NRI Family Card For money transfers for family in India


    Demat Account For NRIs wanting to invest in stocks and bonds in
    India

    SBI Cap gains Plus Account For NRIs with property sales in India

    3. INSURANCES:
    a) PMSBY – Pradhan Mantri Suraksha Bima Yojana
    ➢ Purpose – Partial disability and death
    ➢ Rs 1 lakh for partial disability ( Loss of one eye or leg or hand)
    ➢ Rs 2 lakh for accidental death and full disability( Loss of both eyes or
    legs and hands)
    ➢ Eligibility 18 – 70 years
    ➢ Premium of Rs 20 per annum
    b) PMJJBY – Pradhan Mantri Jeevan Jyoti Bima Yojana
    ➢ Eligibility 18 – 50 years
    ➢ Rs 2 lakh for any kind of death
    ➢ Premium of Rs 436 per annum
    ➢ Auto Debit facilities – Annual premium of Rs 436 will get deducted from
    the bank account
    c) PPF – Public Provident Fund
    ➢ Purpose - Long Term Investment Scheme
    ➢ Eligibility – No age limit
    ➢ Intrest rate – 7.1%
    ➢ Deposit amount Rs 500 – 150000 p.a.

    Authorised signature

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