Different Kind of Accounts

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Different Kind of Accounts"

Transcription

1 Different Kind of Accounts 'Nostro Account' A bank account held in a foreign country by a domestic bank, denominated in the currency of that country. Nostro accounts are used to facilitate settlement of foreign exchange and trade transactions. The term is derived from the Latin word for "ours." Conversely, accounts that are held by the domestic bank in its home country for foreign banks are called vostro accounts, derived from the Latin word for "yours." For example, a U.S. bank may have nostro accounts with one or more Canadian banks. These accounts will be denominated in Canadian dollars, which enables efficient settlement of transactions that are Canadian dollar denominated. Nostro accounts also minimize the exposure of the U.S. bank to undue exchange rate risk. 'Vostro Account' The account that a correspondent bank, usually located in the United States or United Kingdom, holds on behalf of a foreign bank. A vostro account is one in which the domestic bank (from the point of view of the currency in which the account is held) acts as custodian or manages the account of a foreign counterpart. Also known as a loro account. For instance, if a Spanish life insurance company approaches a U.S. bank to manage funds in an account for the Spanish life insurer's behalf, the account would be deemed a vostro account of the insurer. The term vostro is Latin for "yours," thus when translated literally, it means "your account."

2 NRE Account In this account rupee denominations can be maintained. The account can opened in the names of two or more non-resident individuals provided all the account holders are persons of Indian nationality or origin. Amount held in the NRE account are freely repatriable and you cannot send money by any other means except as remittance from abroad or transfer from another NRE account. NRE account may be in the form of savings, current, recurring or fixed deposit accounts. Such accounts can be opened only by the non-resident himself and not through the holder of the power of attorney. Taxation Accrued interest income and balances held in NRE accounts are exempt from Income tax and Wealth tax, respectively Currency Account holder is exposed to the fluctuations in the value of INR. Interest rates Banks are free to determine the interest rate of saving s and term deposits of maturity of one year and above. Interest rates offered by banks on NRE deposits cannot be higher than those offered by them on comparable domestic rupee deposits. NRO Account NRO accounts may be opened / maintained also in the form of rupee denomination could be in the form of current, savings, recurring or fixed deposit accounts. The account can be held jointly by residents. You can transfer money into an NRO account from any account - even other individuals residing in india can transfer money into an NRI's NRO account. Repatriation Not repatriable except for the following: i) current income ii) up to USD 1 (one) million per financial year (April-March), for any bonafide purpose, out of the balances in the account, e.g., sale proceeds of assets in India acquired by way of purchase/ inheritance / legacy inclusive

3 of assets acquired out of settlement subject to certain conditions. Currency Account holder is exposed to the fluctuations, in the value of INR to the extent of interest amount. Interest rates Banks are free to determine their interest rates on savings deposits under Ordinary Non-Resident (NRO) Accounts. However, interest rates offered by banks on NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits. Tax is deducted at source in NRO accounts, unlike NRE accounts. However, funds from NRO to NRE accounts can be transferred, viceversa. 'Suspense Account' In accounting, the section of a company's books where unclassified debits and credits are recorded. The suspense account temporarily holds unclassified transactions while a decision is being made as to their classification. Transactions in the suspense account will still appear in the general ledger, giving the company an accurate indication of how much money it has. In investing, a suspense account is a brokerage account where an investor places cash or short-term securities temporarily while deciding where to invest them for a longer term. Suppose a doctor's office has two patients named Bob Smith, each with an outstanding balance of $100. One day at lunch, one of the Bobs stops by the office to pay his bill and leaves $100 cash and his name with the receptionist. Unfortunately, the receptionist does not ask for his address or account number and when the office bookkeeper returns from lunch, she doesn't know which Bob Smith has paid his bill. The bookkeeper would classify the transaction in the suspense account until she could determine which patient to attribute the $100 to.

4 Call Deposit Account A bank account for investment funds that offers the advantages of both a savings and a checking account. A call deposit account, like a checking account, has no fixed deposit period, provides instant access to funds and allows unlimited withdrawals and deposits. Like a savings account, a call deposit account pays interest. The rate of interest a call deposit account pays depends on the amount of money in the account, a system commonly referred to as banded interest rates. Also, different currencies may earn different interest rates. Depositors may have to meet a minimum balance threshold before they earn any interest. Call deposit accounts allow investors to deposit and withdraw funds in several currencies, which commonly include the U.S. dollar, the euro and the British pound. This flexibility reduces investors' exposure to foreign exchange expenses and currency risk. Call deposit accounts often have minimum deposit requirements to establish an account and may have minimum daily balance requirements, too. Margin Account A brokerage account in which the broker lends the customer cash to purchase securities. The loan in the account is collateralized by the securities and cash. If the value of the stock drops sufficiently, the account holder will be required to deposit more cash or sell a portion of the stock. In a margin account, you are investing with your broker's money. By using leverage in such a way, you magnify both gains and losses. Money Market Account This type of bank account pays interest at a higher rate than the rate paid on interest-bearing savings and checking accounts. Often, money market accounts impose a minimum balance for the account to start earning interest. The minimum required balance on a money market account is

5 usually higher than that imposed on a checking or savings account. With a money market account, withdrawals are limited to six per month. No more than three of these withdrawals can be by check. Time Deposits, frequently referred to as certificates of deposit (CDs), are bank accounts that require the account holder to make a deposit and agree to leave funds in the account for a specific amount of time. In return for this agreement, the financial institution pays interest to the account. Often, the interest paid on a CD is higher that the rate paid on other types of bank account. The account holder is required to keep his or her money in the account until the specified term is over. However, some financial institutions allow account holders to withdraw interest, without affecting the principal. In some cases, account holders may be allowed to withdraw their principal funds before their CD matures, but a penalty is typically charged. No-Frills Bank Accounts A no-frills bank account may allow the holder to pay bills and cash checks without paying the high fees associated with completing such transactions without an account. An account of this type will likely allow for only a limited number of checks, deposits, and withdrawals to be processed in any given month. In most cases, interest is not paid on a no-frills bank account. Checking Account is a bank account that uses checks as the primary instrument for withdrawing money. With a checking account, you can make purchases, pay bills, and give or loan money to anyone you choose. You can also use a check to transfer money from your checking account to a bank account at a different financial institution. Usually, financial institutions allow account holders to make as many deposits and withdrawals as they wish. Many allow account holders to make withdrawals and deposits through automatic teller machines (ATM) as well.

6 Negotiable Order of Withdrawal (NOW) Account An interest-earning bank account with which the customer is permitted to write drafts against money held on deposit. Also known as a "NOW account". Typically commercial banks, mutual-savings banks and savings-and-loan associations can offer this type of account to individuals, some nonprofit organizations and certain governmental units. Definition of 'Bank Trust Custodial Account A type of Individual Retirement Account (IRA) allowed by the Employee Retirement Income Security Act of 1974 (ERISA) in which contributions are paid into the bank's interest-bearing financial instruments or a self-directed account. The difference between a self directed account and the bank's interest bearing financial instrument is that the investor is in charge of investment decisions. Self-directed accounts are usually set up by a brokerage and the investor is charged an amount above trading costs. ERISA is federal legislation enacted to ensure that pension/retirement plans of employers are fair and secure. It is the law that established rules and regulations to govern private pension plans, including vesting requirements, funding mechanisms, and general plan design and descriptions. Definition of 'Official Settlement Account A type of account used in balance of payments accounting to keep track of central banks' reserve asset transactions with each other. The official settlement account keeps track of transactions involving gold, foreign exchange reserves, bank deposits and special drawing rights (SDRs). Essentially, this account keeps track of transactions related to international assets. The other account types used in balance of payments accounting are the current account and the capital account. The current account keeps a

7 record of a country's imports and exports of goods, services, income and transfers, and whether the country is a net creditor or net debtor. The capital account records the change in foreign and domestic ownership of assets. FCNR FCNR deposits stands for Foreign Currency Non-Repatriable account deposits. This is a Fixed Deposit Foreign Currency account and not a savings account. Deposits in this account can be made in any of the major currencies like US Dollar, UK Pound, Canadian Dollar, Deutsche Mark, Japanese Yen and Euro. Non-Resident Accounts Non-Resident bank accounts are those, which are maintained by Indian nationals and Persons of Indian origin resident abroad, foreign nationals and foreign companies in India. Bank branches can open ordinary nonresident accounts in the names of private individuals provided initial deposits for opening the accounts are received from abroad in an approved manner or the initial amount is tendered in foreign currency while on a visit to India or transfer of funds from the existing non-resident account of the same person.

FAQs ON NON RESIDENT ACCOUNTS

FAQs ON NON RESIDENT ACCOUNTS FAQs ON NON RESIDENT ACCOUNTS Q 1: Who can open a NRE account? A: The following individuals can open a NRE account without prior approval of RBI. - Non Resident Indian (i.e. An Indian Citizen, who have

More information

Master Circular on Non-Resident Ordinary Rupee (NRO) Account

Master Circular on Non-Resident Ordinary Rupee (NRO) Account Master Circular on Non-Resident Ordinary Rupee (NRO) Account 1. Definitions: Non-Resident Indian (NRI) NRI for this purpose is defined in Regulation 2 of Notification No. FEMA 5 / 2000- RB dated May 3,

More information

Transactions Reported by U.S. Banks and Securities Brokers

Transactions Reported by U.S. Banks and Securities Brokers 108 Transactions Reported by U.S. Banks and Securities Brokers In this section: Coverage and definitions Estimation methods overview U.S. claims reported by U.S. banks and securities brokers Own accounts

More information

How to Open a Foreign Currency Account

How to Open a Foreign Currency Account How to Open a Foreign Currency Account Quick facts on how Ethiopians and Ethiopian Origin living in the Diaspora can open the Foreign Currency Account in their country of origin. Requirements:- 1. Who

More information

FACILITIES FOR RELEASE OF FOREIGN EXCHANGE TO RESIDENTS SN PURPOSE QUANTUM OF EXCHANGE TO BE RELEASED

FACILITIES FOR RELEASE OF FOREIGN EXCHANGE TO RESIDENTS SN PURPOSE QUANTUM OF EXCHANGE TO BE RELEASED FACILITIES FOR RELEASE OF FOREIGN EXCHANGE TO RESIDENTS SN PURPOSE QUANTUM OF EXCHANGE TO BE RELEASED 1 Private visits to any US$ 10,000 in one calendar year. country Authorised dealers may effect (except

More information

Creating imaginative spaces across India. NRI/PIO/OCI Real Estate Investment Guidelines

Creating imaginative spaces across India. NRI/PIO/OCI Real Estate Investment Guidelines Creating imaginative spaces across India NRI/PIO/OCI Real Estate Investment Guidelines C O N T E N T S NRI/PIO/OCI Definition and general guidelines 04 Documents required for buying property 06 Tax on

More information

Chapter 16: Financial Risk Management

Chapter 16: Financial Risk Management Chapter 16: Financial Risk Management Introduction Overview of Financial Risk Management in Treasury Interest Rate Risk Foreign Exchange (FX) Risk Commodity Price Risk Managing Financial Risk The Benefits

More information

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS

Web. Chapter FINANCIAL INSTITUTIONS AND MARKETS FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

Managing Your Everyday Finances

Managing Your Everyday Finances Managing Your Everyday Finances Making the Most of Your Relationship With Morgan Stanley. Managing your day-to-day spending, cash flow, and available funds are key features of your overall financial management

More information

Frequently Asked Questions (FAQs)

Frequently Asked Questions (FAQs) Frequently Asked Questions (FAQs) Q1) Who qualifies as a Non Resident Indian (NRI)? An Indian citizen who stays outside India for employment or business; or intends staying outside India for an uncertain

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

DEPOSIT POLICY. Contents

DEPOSIT POLICY. Contents DEPOSIT POLICY Contents 1. Account Opening... 3 1.1 Types of Deposit Accounts... 3 1.2 Operation of Deposit Accounts... 4 2 - Term Deposits for Persons Residents in India... 7 2.1 Term Deposit Products

More information

GUIDANCE NOTES TO FORM MA/1

GUIDANCE NOTES TO FORM MA/1 GUIDANCE NOTES TO FORM MA/1 A General explanatory notes (a) (b) (c) (d) (e) (f) (g) UK throughout the form means the United Kingdom of Great Britain and Northern Ireland (ie it does not include Guernsey,

More information

IB UK Account Application for Financial Advisor Clients (Individual/Joint) - Sep 04 2008 Page 1/35

IB UK Account Application for Financial Advisor Clients (Individual/Joint) - Sep 04 2008 Page 1/35 This application form is for Interactive Brokers individual or joint account applicants whose account will be managed by an advisor and who live in Europe or the United Kingdom. Do not use this application

More information

GUARDIAN CANADIAN BOND FUND

GUARDIAN CANADIAN BOND FUND GUARDIAN CANADIAN BOND FUND FINANCIAL STATEMENTS DECEMBER 31, 2010 March 11, 2011 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto-Dominion Centre Toronto,

More information

Your guide to taxation in India

Your guide to taxation in India Sharing our experience Your guide to taxation in India www.fpinternational.com The tax treatment of our products if you return to India Whilst tax planning might be an important part of your overall financial

More information

Public Sector Debt - Instructions

Public Sector Debt - Instructions Public Sector Debt - Instructions Under the auspices of the Task Force on Finance Statistics 1 the World Bank has developed a new database to disseminate quarterly data on government, and more broadly,

More information

ANNEX 3. 1) Unbound. 2) None COMMERCIAL BANKS

ANNEX 3. 1) Unbound. 2) None COMMERCIAL BANKS ANNEX 3 (a) Acceptance of deposits and other repayable funds from the public 1) Unbound 2) None 3) Only institutions approved as banks, merchant banks and finance companies can accept deposits. Where a

More information

TRUST. Understanding Your Deposit Account. Truth in Savings

TRUST. Understanding Your Deposit Account. Truth in Savings Understanding Your Deposit Account Truth in Savings TRUST MEMBER FDIC TRUTH-IN-SAVINGS DISCLOSURE Important Account Opening Information. Federal law requires us to obtain sufficient information to verify

More information

SERVICE CHARGES FOR NRI ACCOUNTS

SERVICE CHARGES FOR NRI ACCOUNTS SERVICE CHARGES FOR NRI ACCOUNTS Please Note: These charges are subject to change, without prior notice. Service tax @ 14% will be levied over and above the charge specified. General charges Pass book

More information

ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA

ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA Acquisition and Transfer of Immovable Property in India A person resident outside India who is a citizen of India (NRI) can acquire by way of purchase,

More information

Insured Bank Deposits TM Program Information Statement

Insured Bank Deposits TM Program Information Statement Insured Bank Deposits TM Program Information Statement This document contains important information about the Insured Bank Deposits program ( IBD ) offered through Wayne Hummer Investments, LLC ( Wayne

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

Foreign Currency Account. Easily manage foreign currencies

Foreign Currency Account. Easily manage foreign currencies Foreign Currency Account Easily manage foreign currencies Contents 2 What s a foreign currency account? 2 Why open an ASB Foreign Currency Account? 3 Managing your account 3 What are the fees? 4 Interest

More information

Account & Miscellaneous Schedule of Fees. Effective June 15, 2015

Account & Miscellaneous Schedule of Fees. Effective June 15, 2015 Account & Miscellaneous Schedule of Fees Effective June 15, 2015 Table of Contents Government Arrangement.... 1 Your Guide to Service Fees... 1 Individual Accounts... 2 Regular Checking... 2 Interest

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (CONSOLIDATED) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

NRI IMPORTANT PROVISIONS RELATING TO NON-RESIDENT INDIANS

NRI IMPORTANT PROVISIONS RELATING TO NON-RESIDENT INDIANS IMPORTANT PROVISIONS RELATING TO NON-RESIDENT INDIANS CopyrightGopalChopra&Associates 1 Contents 1.0 Introduction..3 2.0 NRI Under Income Tax Act 1961.3 3.0 NRI under Foreign Exchange Management Act, 1999.4

More information

Personal Schedule of Fees

Personal Schedule of Fees Personal Schedule of Fees Effective May 6, 2016 bankofamerica.com Applies in all states. Bank of America, N.A. Member FDIC. 2016 Bank of America Corporation. 91-11-3000B 00-14-9299 29898 Table of Contents

More information

Basic Investment Terms

Basic Investment Terms Because money doesn t come with instructions.sm Robert C. Eddy, CFP Margaret F. Eddy, CFP Matthew B. Showley, CFP Basic Investment Terms ANNUITY A financial product sold by financial institutions pay out

More information

PERMANENT HEALTH FUND FINANCIAL STATEMENTS

PERMANENT HEALTH FUND FINANCIAL STATEMENTS FINANCIAL STATEMENTS Years Ended August 31, 2001 and 2000 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713) 982-2000 Fax: (713) 982-2001 www.us.deloitte.com INDEPENDENT

More information

Portfolio investment is covered by general permission subject to following condition/provisions.

Portfolio investment is covered by general permission subject to following condition/provisions. PORTFOLIO INVESTMENT SCHEME FOR NRIS Portfolio Investment Scheme for NRIs Schedule 2 and 3 of the Notification No. FEMA 20/2000 RB contains provisions relating to Portfolio investment by NRIs. OCBs are

More information

Opening Diaspora Account

Opening Diaspora Account Opening Diaspora Account What is Diaspora Account? It is a deposit account targeted for Ethiopians in Diaspora to open and use foreign currency account at home country. Individuals and companies can open

More information

TERHAD. Training to Labuan Offshore Entities on Compilation of International Investment Position (IIP) Report

TERHAD. Training to Labuan Offshore Entities on Compilation of International Investment Position (IIP) Report TERHAD Training to Labuan Offshore Entities on Compilation of International Investment (IIP) Report September 2012 TERHAD 1. Equity Capital: A/L Definition Form DIa Exposures with Affiliated Enterprises

More information

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the DECREE PROMULGATING THE LAW ON FOREIGN CURRENT AND CAPITAL TRANSACTIONS (Official Gazette of Montenegro

More information

Account Specific Terms and Conditions. Effective from 15 May 2015

Account Specific Terms and Conditions. Effective from 15 May 2015 Account Specific Terms and Conditions Effective from 15 May 2015 1 Account Specific Terms and Conditions contents Citigold Current Account pages 3-4 Citi Plus Current Account pages 5-6 Citi Access Account

More information

Cash Sweep Program Disclosure Statement

Cash Sweep Program Disclosure Statement Cash Sweep Program Disclosure Statement Summary Please consult the full text of the disclosure statement below for further information at the pages indicated. How the Cash Sweep Program Works The Cash

More information

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest Basic Banking When choosing a bank, you should look for a bank that offers the type of accounts and services you are looking for. You might look for convenience of branch locations, great customer service,

More information

PERSONAL PRODUCTS - ONLINE ACCOUNT OPENING AND WEBSITE

PERSONAL PRODUCTS - ONLINE ACCOUNT OPENING AND WEBSITE PERSONAL PRODUCTS - ONLINE ACCOUNT OPENING AND WEBSITE Community Bank and Trust of Florida P.O. Box 1570 Ocala, FL 34478 Welcome to Community Bank and Trust of Florida. The following disclosures are included

More information

Loan Disclosure Statement

Loan Disclosure Statement ab Loan Disclosure Statement Risk Factors You Should Consider Before Using Margin or Other Loans Secured by Your Securities Accounts This brochure is only a summary of certain risk factors you should consider

More information

Answers to Concepts in Review

Answers to Concepts in Review Answers to Concepts in Review 1. (a) In the money market, short-term securities such as CDs, T-bills, and banker s acceptances are traded. Long-term securities such as stocks and bonds are traded in the

More information

Comments on Quarterly Financial Accounts for 1Q 2009

Comments on Quarterly Financial Accounts for 1Q 2009 Comments on Quarterly Financial Accounts for 1Q 29 1 The ESA95 system distinguishes the following institutional sectors and sub-sectors: Non-financial corporations S.11 Financial corporations S.12 The

More information

Terms & Conditions governing Current Accounts. To be read in conjunction with Axis Bank Sri Lanka General Terms and Conditions

Terms & Conditions governing Current Accounts. To be read in conjunction with Axis Bank Sri Lanka General Terms and Conditions Terms & Conditions governing Current Accounts To be read in conjunction with Axis Bank Sri Lanka General Terms and Conditions Contents 1. Scope of this document...1 2. Product details and features...1

More information

TRUTH IN SAVINGS DISCLOSURE

TRUTH IN SAVINGS DISCLOSURE TRUTH IN SAVINGS DISCLOSURE Effective 2-15-2016 TABLE OF CONTENTS TERMS AND CONDITIONS TRUTH IN SAVINGS DISCLOSURE...... 2 BALANCE COMPUTATION METHODS. 2 DAILY BALANCE METHOD. 2 AVERAGE DAILY BALANCE METHOD.

More information

Module 2 Lesson 3 Narrative

Module 2 Lesson 3 Narrative Module 2 Lesson 3 Narrative What are savings tools/products/instruments? If you have a specific savings goal in mind and know the amount you need to save and how long you have to save for it, you have

More information

USING AEGIS vs INVESTING DIRECTLY WHAT ARE THE BENEFITS?

USING AEGIS vs INVESTING DIRECTLY WHAT ARE THE BENEFITS? WHAT IS AEGIS? Commonly referred to as a custodial wrap account or investment platform, the Aegis service is an electronic investment administration service that is available through selected investment

More information

ETPs for private investors

ETPs for private investors ETPs for private investors Simple products. Sophisticated strategies. ETPs Exchange Traded Products (ETPs) such as Exchange Traded Commodities (ETCs) and Exchange Traded Notes (ETNs) are listed exchange

More information

1. An offshore bank may transact any banking business with approved financial institutions.

1. An offshore bank may transact any banking business with approved financial institutions. Guidelines for Operation of Offshore Banks (last revised on 31 July 2008) 1. An offshore bank may transact any banking business with approved financial institutions. 2. An offshore bank may transact banking

More information

½ a mark for rounding up (6 marks) (b) There are a number of costs to the business associated with holding inventory:

½ a mark for rounding up (6 marks) (b) There are a number of costs to the business associated with holding inventory: EDI LCCI IQ ON DEMAND AWARD IN BUSINESS FINANCE AND BANKING OPERATIONS SAMPLE LEVEL 4 MARKING SCHEME DISTINCTION MARK 75% CREDIT MARK 60% PASS MARK 50% TOTAL 100 MARKS QUESTION 1 (a) Inventory days Receivable

More information

PURCHASING REAL ESTATE IN A SELF DIRECTED IRA OR QUALIFIED PENSION PLAN. By Maurice M. Glazer, CEO GLAZER FINANCIAL NETWORK

PURCHASING REAL ESTATE IN A SELF DIRECTED IRA OR QUALIFIED PENSION PLAN. By Maurice M. Glazer, CEO GLAZER FINANCIAL NETWORK PURCHASING REAL ESTATE IN A SELF DIRECTED IRA OR QUALIFIED PENSION PLAN By Maurice M. Glazer, CEO GLAZER FINANCIAL NETWORK In today s market or lack of market, most baby boomers have most of their retirement

More information

Interest Checking Earn interest on higher checking balances and pay no monthly service fee as long as minimum balance is maintained. $100.

Interest Checking Earn interest on higher checking balances and pay no monthly service fee as long as minimum balance is maintained. $100. Today, more than ever, managing your personal finances can be a challenging experience whether it s covering your day-to-day living expenses, buying a home, or saving for your retirement. At BankFinancial,

More information

Wells Fargo/BlackRock Short Term Investment Fund COLLECTIVE FUND DISCLOSURE

Wells Fargo/BlackRock Short Term Investment Fund COLLECTIVE FUND DISCLOSURE Wells Fargo/BlackRock Short Term Investment Fund COLLECTIVE FUND DISCLOSURE Wells Fargo/BlackRock Short Term Investment Fund This disclosure summarizes information about the Short Term Investment Fund

More information

Ministry Of Finance VAT Department. VAT Guidance for Financial Services Version 4: June 09, 2015

Ministry Of Finance VAT Department. VAT Guidance for Financial Services Version 4: June 09, 2015 Ministry Of Finance VAT Department VAT Guidance for Financial Services Version 4: June 09, 2015 Introduction This guide is intended to provide businesses offering financial services with information about

More information

Understanding Margin and Its Risks

Understanding Margin and Its Risks Understanding Margin and Its Risks www.siebertnet.com Before opening a margin account, you should have a clear understanding of the basic facts about margin and the risks of trading securities on margin.

More information

Current/Cheque/Savings Account and Fixed Deposit Terms

Current/Cheque/Savings Account and Fixed Deposit Terms Current/Cheque/Savings Account and Fixed Deposit Terms www.sc.com/sl Copyright 2015 Standard Chartered Bank Version 1.0-2015 Contents 1 Choosing the account that is right for you 1 2 Savings accounts 1

More information

LPL FINANCIAL INSURED CASH ACCOUNT PROGRAM DISCLOSURE BOOKLET Updated: April 2016

LPL FINANCIAL INSURED CASH ACCOUNT PROGRAM DISCLOSURE BOOKLET Updated: April 2016 LPL FINANCIAL INSURED CASH ACCOUNT PROGRAM DISCLOSURE BOOKLET Updated: April 2016 TABLE OF CONTENTS Basics of Program Page 3 What Accounts Are Eligible Page 3 What is Deposit Insurance Page 4 When accounts

More information

TRUTH IN SAVINGS DISCLOSURE

TRUTH IN SAVINGS DISCLOSURE TRUTH IN SAVINGS DISCLOSURE TABLE OF CONTENTS TERMS AND CONDITIONS TRUTH IN SAVINGS DISCLOSURE...... 2 BALANCE COMPUTATION METHODS. 2 DAILY BALANCE METHOD. 2 AVERAGE DAILY BALANCE METHOD. 2 AVAILABLE BALANCE..

More information

Regulations Q and D Interest on Demand Deposits/Reserve Requirements

Regulations Q and D Interest on Demand Deposits/Reserve Requirements Regulations Q and D Interest on Demand Deposits/Reserve Requirements Regulation Q (Prohibition against Payment of Interest on Demand Deposits) and Regulation D (Reserve Requirements of Depository Institutions)

More information

Doma.in Financial Domain Sale

Doma.in Financial Domain Sale AffinityRevenue.com $799 com Affinity Revenue 0 $ - 2001 690 AutomatedCashFlow.com $799 com Automated Cash Flow 5 $ 4.30 1999 AutomaticMoneySites.com $199 com Automatic Money Sites 0 $ - BigMoneySystems.com

More information

STATEMENT OF FINANCIAL CONDITION

STATEMENT OF FINANCIAL CONDITION STATEMENT OF FINANCIAL CONDITION First Clearing, LLC (A wholly owned limited liability company of Wells Fargo Advisors, LLC) (With Report from Independent Registered Public Accounting Firm Thereon) (A

More information

23 rd Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...

23 rd Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community... Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank

More information

UBS Deposit Account Sweep Program Disclosure Statement

UBS Deposit Account Sweep Program Disclosure Statement UBS Deposit Account Sweep Program Disclosure Statement Contents Summary 3 How the Program Works 4 Eligibility 4 Deposit Procedures 4 Withdrawal Procedures 4 Sweep Limit or Cap Election 4 Interest Rates

More information

The Financial Markets Division of a Bank

The Financial Markets Division of a Bank Chapter 1 The Financial Markets Division of a Bank A bank s financial markets division carries out financial markets transactions on behalf of the bank. These transactions have to do with the various tasks

More information

Solutions: Sample Exam 2: FINA 5500

Solutions: Sample Exam 2: FINA 5500 Short Questions / Problems Section: (88 points) Solutions: Sample Exam 2: INA 5500 Q1. (8 points) The following are direct quotes from the spot and forward markets for pounds, yens and francs, for two

More information

Institute of Chartered Accountant Ghana (ICAG) Paper 2.4 Financial Management

Institute of Chartered Accountant Ghana (ICAG) Paper 2.4 Financial Management Institute of Chartered Accountant Ghana (ICAG) Paper 2.4 Financial Management Final Mock Exam 1 Marking scheme and suggested solutions DO NOT TURN THIS PAGE UNTIL YOU HAVE COMPLETED THE MOCK EXAM ii Financial

More information

Summary Prospectus October 28, 2014

Summary Prospectus October 28, 2014 OPPENHEIMER Gold & Special Minerals Fund NYSE Ticker Symbols Class A OPGSX Class B OGMBX Class C OGMCX Class R OGMNX Class Y OGMYX Class I OGMIX Summary Prospectus October 28, 2014 Before you invest, you

More information

Current/ Cheque/ Savings Account and Fixed Deposit Terms

Current/ Cheque/ Savings Account and Fixed Deposit Terms Current/ Cheque/ Savings Account and Fixed Deposit Terms www.sc.com/zm Copyright 015 Standard Chartered Bank Version 01-015 Contents 1 Choosing the account that is right for you Savings accounts Fixed

More information

Notes to Consolidated Balance Sheet

Notes to Consolidated Balance Sheet Notes to Consolidated Balance Sheet 1. Amounts less than one million yen have been omitted. 2. Standards for recognition and measurement of trading assets and liabilities are as follows: Recognition: Trading

More information

ANNEX III FINANCIAL SERVICES (NON-CONFORMING MEASURES) SECTION A SINGAPORE

ANNEX III FINANCIAL SERVICES (NON-CONFORMING MEASURES) SECTION A SINGAPORE ANNEX III FINANCIAL SERVICES (NON-CONFORMING MEASURES) SECTION A SINGAPORE Section A Banking Sector Banking CPC 811 Financial Intermediation Services, except insurance and pension fund services Measure

More information

578326 (Rev 14) Cash Sweep Program Disclosure Statement

578326 (Rev 14) Cash Sweep Program Disclosure Statement 578326 (Rev 14) Cash Sweep Program Disclosure Statement Cash Sweep Program Disclosure Statement Summary Please consult the full text of the disclosure statement below for further information at the pages

More information

This is Foreign Exchange Markets and Rates of Return, chapter 4 from the book Policy and Theory of International Finance (index.html) (v. 1.0).

This is Foreign Exchange Markets and Rates of Return, chapter 4 from the book Policy and Theory of International Finance (index.html) (v. 1.0). This is Foreign Exchange Markets and Rates of Return, chapter 4 from the book Policy and Theory of International Finance (index.html) (v. 1.0). This book is licensed under a Creative Commons by-nc-sa 3.0

More information

CASH AND DUE FROM BANKS Section 3.4

CASH AND DUE FROM BANKS Section 3.4 OVERVIEW...2 Cash...2 Clearings...2 Cash Items...2 Due From Banks...3 Deposit Notes...3 EXAMINATION OBJECTIVES...4 Primary Reserves...4 Interbank Liabilities...4 Compensating Balances...4 Correspondent

More information

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA The translation of BiH legislation has no legal force and should be used solely for informational purposes. Only legislation published in the Official Gazettes in BiH is legally binding. LAW ON FOREIGN

More information

Service Tariffs Guide

Service Tariffs Guide Service Tariffs Guide Subscribe in Al Ahly Murattabat programs & Enjoy numerous benefits and special offers Account Charges Current Accounts Opening an individual / joint account EGP 25 Cash loans Auto

More information

CERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT April 2014

CERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT April 2014 The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit. CERTIFICATE OF DEPOSIT DISCLOSURE

More information

LPL Financial Insured Cash Account Program Disclosure Booklet

LPL Financial Insured Cash Account Program Disclosure Booklet LPL Financial Insured Cash Account Program Disclosure Booklet Member FINRA/SIPC TABLE OF CONTENTS INTRODUCTION 3 Alternatives to the Insured Cash Account Program as a Sweep Investment 4 Access to Funds

More information

HSBC Mutual Funds. Simplified Prospectus June 15, 2016

HSBC Mutual Funds. Simplified Prospectus June 15, 2016 HSBC Mutual Funds Simplified Prospectus June 15, 2016 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: Cash and Money Market

More information

Money and Banking. Introduction. Learning Objectives

Money and Banking. Introduction. Learning Objectives Money and Banking Introduction Money and Banking Learning Objectives Lesson 1 Time Value of Money: Time is Money! Distinguish between simple interest and compound interest. Calculate simple interest and

More information

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400 001. Notification No. FEMA 5(R)/2016-RB April 01, 2016

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400 001. Notification No. FEMA 5(R)/2016-RB April 01, 2016 RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400 001 Notification No. FEMA 5(R)/2016-RB April 01, 2016 Foreign Exchange Management (Deposit) Regulations, 2016 In exercise of

More information

Robert W. Baird & Co. Incorporated Cash Sweep Program

Robert W. Baird & Co. Incorporated Cash Sweep Program Robert W. Baird & Co. Incorporated Cash Sweep Program Summary Fact Sheet Introduction Robert W. Baird & Co. Incorporated ( Baird ) maintains a Cash Sweep Program that offers different ways for clients

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

LAW ON FOREIGN CURRENT AND CAPITAL OPERATIONS I BASIC PROVISIONS

LAW ON FOREIGN CURRENT AND CAPITAL OPERATIONS I BASIC PROVISIONS Law on Foreign Current and Capital Operations In accordance with Article 88 Item 2 of the Constitution of the Republic of Montenegro I hereby pass the ENACTMENT ON PROCLAMATION OF THE LAW ON FOREIGN CURRENT

More information

Tables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown

Tables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown Tables 1. Norges Bank. Balance sheet. In millions of NOK 2. Norges Bank. Investments for Government Pension Fund - Global. In millions of NOK 3. Banks. Balance sheet. In millions of NOK 4. Banks. Loans

More information

THE KINGDOM OF BHUTAN FOREIGN EXCHANGE REGULATIONS, [2013]

THE KINGDOM OF BHUTAN FOREIGN EXCHANGE REGULATIONS, [2013] THE KINGDOM OF BHUTAN DRAFT December 4, 2012 FOREIGN EXCHANGE REGULATIONS, [2013] Table of Contents CHAPTER I: GENERAL PROVISIONS... 3 1. SHORT TITLE AND COMMENCEMENT... 3 2. DEFINITIONS:... 3 CHAPTER

More information

The Central Bank of The Bahamas DORMANT ACCOUNTS

The Central Bank of The Bahamas DORMANT ACCOUNTS The Central Bank of The Bahamas DORMANT ACCOUNTS KEY POINTS ON THE DOMESTIC REGIME AND THE PROPOSED LEGISLATIVE AMENDMENTS The Central Bank of The Bahamas (the Central Bank) is proposing to make changes

More information

Self-Directed IRAs Made Easy

Self-Directed IRAs Made Easy Self-Directed IRAs Made Easy All information provided is for discussion purposes only. Please consult your tax advisor before entering into any financial transactions. About Advanta IRA As the nation s

More information

THE ADVANTAGE BANK DEPOSIT PROGRAM Protection for Your Short-Term Investments

THE ADVANTAGE BANK DEPOSIT PROGRAM Protection for Your Short-Term Investments THE ADVANTAGE BANK DEPOSIT PROGRAM Protection for Your Short-Term Investments ADVANTAGE BANK DEPOSIT PROGRAM PRODUCT SUMMARY This product summary of the FDIC-insured Advantage Bank Deposit ( ABD ) Program,

More information

Introduction to the Conceptual Framework

Introduction to the Conceptual Framework Introduction to the Conceptual Framework Workshop on the new Balance of Payments and International Investment Position Statistics Manual BPM6 Beirut February 14-16, 2012 Scope of International Accounts

More information

The PNC Investments Bank Deposit Program Disclosure Document

The PNC Investments Bank Deposit Program Disclosure Document The PNC Investments Bank Deposit Program Disclosure Document Summary Deposits By electing the PNC Investments Bank Deposit Program (the Program ), your available cash balances in eligible accounts will

More information

Consumer Pricing Information

Consumer Pricing Information Consumer Pricing Information Checking Package Options Minimum Opening Deposit Requirement to Waive ACCOUNT INFMATION 1. U.S. Bank Packages Prior to August 12, 2013: To maintain Package benefits, a Silver,

More information

6. Significant Accounting Policies for Preparing Consolidated Financial Statements

6. Significant Accounting Policies for Preparing Consolidated Financial Statements 6. Significant Accounting Policies for Preparing Consolidated Financial Statements (1) Scope of consolidation (a) Consolidated subsidiaries Principal companies: 327 companies Sumitomo Mitsui Banking Corporation

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Chatper 34 International Finance - Test Bank MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The currency used to buy imported goods is A) the

More information

Terms & Conditions for Resident Foreign Currency (Domestic) Account

Terms & Conditions for Resident Foreign Currency (Domestic) Account Terms & Conditions for Resident Foreign Currency (Domestic) Account These Terms (the Special Terms ) applicable to ICICI Bank s Resident Foreign Currency (Domestic) Account (the Account ) are in addition

More information

Foreign Currency Accounts

Foreign Currency Accounts Foreign Currency Accounts Westpac Savings & Investments If you re planning to go overseas, doing business with overseas companies,or simply wanting to invest in another currency, a foreign currency account

More information

REPORTING INSTRUCTIONS FOR INVESTMENT FUNDS

REPORTING INSTRUCTIONS FOR INVESTMENT FUNDS REPORTING INSTRUCTIONS FOR INVESTMENT FUNDS 1. Reporting policies & procedures 1.1 The Excel file Investment Funds Returns (FORM STAT 001) - contains three sheets (Assets, Liabilities and Memorandum Items).

More information

Foreign Exchange Management (Deposit) Regulations, 2000. Notification No.FEMA 5 /2000-RB dated 3rd May 2000

Foreign Exchange Management (Deposit) Regulations, 2000. Notification No.FEMA 5 /2000-RB dated 3rd May 2000 Foreign Exchange Management (Deposit) Regulations, 2000 Notification No.FEMA 5 /2000-RB dated 3rd May 2000 RESERVE BANK OF INDIA ( EXCHANGE CONTROL DEPARTMENT ) CENTRAL OFFICE Mumbai 400 001 In exercise

More information

Statistical standard for financial assets and liabilities 2013

Statistical standard for financial assets and liabilities 2013 Rationale The main purpose of classifying financial assets and liabilities is to provide consistent and relevant statistics that support economic analysis and macroeconomic management for New Zealand.

More information

Bendigo Foreign Exchange Contracts. Product Disclosure Statement.

Bendigo Foreign Exchange Contracts. Product Disclosure Statement. Product Disclosure Statement Bendigo Foreign Exchange Contracts. Product Disclosure Statement. 27 October 2014 1 About this document This Product Disclosure Statement (PDS) is an important document. It

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET This Product Highlights Sheet is an important document. Prepared on: 18 March 2016 It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important to

More information