Sbi Summer Internship Presentation

Prestige Institutes Of Management and Research Indore
Summer Internship Presentation
On
MARKETING OF NEW PENSION SYSTEM (NPS) UNDER UNORGANISED AND CORPORATE SECTOR WITH SPECIAL REFERENCE TO SBI AT JABALPUR. Faculty Mentor : Submitted by :
Prof. shailendra Gangrade
Aditya kumar Upadhyaya MBA(FT) 3RD Sem
INTRODUCTION
SBI founded on July-1-1955. Imperial Bank Of India was the origin of SBI. In 1959, the Indian government passed the State Bank of India Act, resulting in the acquisition of eight state-affiliated banks and the creation of the State Bank of India Group (SBI Group). The State Bank of India is the oldest and largest bank in India. The bank has 84 international branches located in 32 countries and approximately 14,000 ATMs.
About Pension Plan :

A pension plan is a method in which an employee transfers part of his or her current income stream toward retirement income. There are two main types of pension plans: Defined-Benefit Plans. Defined-Contribution Plans.
The National Pension System is an attempt towards providing adequate retirement income to every citizen of India. NPS aims at ensuring financial security to every citizen by encouraging them to start contributing towards the old age saving. NPS has been designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their employment. NPS seeks to inculcate the habit of saving for retirement amongst the citizens. Initially launched for Central Government employees, later it was offered to employees of various State Governments, corporate, and individuals belonging to unorganized sector and economically disadvantageous
Objective of Pension Plan

Ensure that every eligible person who has worked in either the public or private sector receives his retirement benefits. Assist employees by ensuring that they save to cater for their livelihood during old age. . Establish a uniform set of rules and regulations for the administration and payment of retirement benefits in both the public and private sectors.
Countinue . This new pension scheme is contributory, fully funded, privately managed, third party custody of the funds and assets and based on individual accounts. It ensures that everyone who has worked receives his/her retirement benefits as and when due. Most of the old pension schemes were not fully funded. Therefore, upon retirement, there were no ready funds to pay the pensioners. The new pension scheme is fully funded. Money is contributed into individual employees Retirement Savings Account (RSA) and when he/she retires there will be money in his/her RSA to pay his pension.
Scope of the pension scheme

The Pension Fund Regulatory and Development Authority's (PFRDA) announcement of a new pension scheme, for all the Indian citizens, effective from May 1, 2009, at once raised the hopes of people who have no wherewithal to support themselves during their evening years of life. as the media has already given an extensive coverage of the scheme details. The long and short of it is: one in the age group 18-55 should invest a minimum of Rs 6,000 per annum in installments - monthly, quarterly, half-yearly or annually
the fund managers in turn invest the money in the shares and securities as per the choice exercised by the member choosing from three types of assets classes specified. what one ultimately gets from the new pension scheme is ones own savings plus earnings on the savings, minus tax on withdrawal and other expenses and penalties as detailed in the scheme.
Suggestions and Recommendations

SBI may take steps to solve customer problems immediately. SBI may hire or recruit some more data entry operators so that the paper work and documentation should be done at a faster pace. SBI can place some marketing executives who observe the market periodically and provide benefit to the end user. Apart from the government obligations like making pension and salary of govt. employees and officials the bank should focuses mainly on the particular business and compete with the other banks in every sector. For the better service new offers and customized products would be require.
SBI should more concern about the fastest settlement of customer problems. SBI must take feedbacks of customers regarding features & services. A customer awareness programme should be take place in rural area. Provide proper training, well educate them to convince the people and provide information in easy way.
Conclusion
From the analysis part it can be conclude that customers have a good respond towards SBI services.SBI is in 1st position having large number of customers & providing good services to them. The bank has a wide customer base, so the bank should concentrate on this to retain these customers. In present scenario SBI is the good users of all there scheme in India. Within a very short period of time the achievement made by SBI is excellent, what a normal bank cannot expect, but it is being done by SBI. It happens due to employee dedication towards the organization, fastest growing Indian economy, & brand image. To be the best usage of new pension scheme, SBI can provide information to their customer through e-mail,. Fastest and easiest of using services ,better customer services, fastest customers problem solving techniques, customer retention Apart from all the above, SBI believe in providing good customer services to their customers which is a key factor for success in future.

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Prestige Institutes Of Management and Research Indore

Summer Internship Presentation

Prof. shailendra Gangrade

Aditya kumar Upadhyaya MBA(FT) 3RD Sem

About Pension Plan :

Objective of Pension Plan

Scope of the pension scheme

Suggestions and Recommendations

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