1 Departments Worked During Internship

I did my internship at Bank Alfalah I-8 Markaz, for a total duration of six weeks and the
departments that I worked during this time are as follows:
Accounts pening
perations
Accounts
!ome "inance
#redits
#ar "inancing
1.1 Accounts Opening Department
Accounts opening department is one of the departments that come under the retail$general
%anking facilities pro&ided %y Bank Alfalah I-8 Markaz' (ome of the ma)or deposit accounts
opened %y Bank Alfalah I-8 Markaz are as follows:
1.1.1 Major Deposit Account Products
1.1.1.1 Current Account
#urrent Accounts are non interest %earing accounts that ha&e a minimum account opening
re*uirement of +s ,-,---' .o zakat is deducted on the accounts %alance' "urthermore all current
account holders recei&e a !ilal de%it card and there are no restriction on the num%er of
withdraws or deposits made to and from the account'
1.1.1.2 Profit& Loss Saving Account
/rofit0 1oss sa&ing accounts can %e opened with a minimum %alance re*uirement of +s 2,---
and profit is credited on a half yearly %asis' 3here are no restrictions on the num%er of deposits
and withdrawal made to and from the account and all account holders recei&e a !ilal de%it card
as well' /rofit and loss sa&ing account cannot %e opened %y a %usiness corporation, howe&er can
%e )ointly opened %y indi&iduals' /rofits are paid at 45 on all account %alances'
1.1.1.3 Basic Banking Account (BBA)
Basic Banking Account was introduced %y %anks on an order %y the (tate Bank of /akistan and
is current in nature' 3here is no minimum %alance re*uirement for BBA, howe&er initial deposit
must %e +s ,---' Maximum two withdrawals and deposits are allowed %y che*ue, while there is
no restriction on A3M withdrawals'
1.1.1.4 Roya Profit Account
+oyal profit accounts are opened with a minimum %alance re*uirement of +s 2-,---' 3he %asic
aim of this account is that the higher the %alance the higher the return, as profit is credited on a
monthly %asis' 3he profit paid to account holders is as follows:
!a"e 1# Profits $ai% on Roya Profit Account
A&ount Profit $a.
"rom +s'2-,--- to 666,666 4'2-5
"rom +s',,---,--- to 7,666,666 8'2-5
+s'2,---,--- and a%o&e .egotia%le
Source# Bank Afaa' ()* +arka,
1.1.1.- .ifayat Account
9ifayat account is another sa&ing account product that can %e opened with a minimum %alance
re*uirement of +s ,-,---, with a maximum limit of +s , million' /rofit is calculated on a
monthly %asis, while it is credited on *uarterly %asis' Bank Alfalah pays :5 pa interest on
9ifayat Account'
1.1.1./ +a'ana A&%an Account
Mahana Amdan account is 3erm ;eposit +eceipt <3;+= for three years that can %e opened with
a minimum %alance re*uirement of +s ,--,---, with a maximum limit of +s ,2 million' /rofits
are paid at ,-5 pa, credited on a monthly %asis' ther features of this account include free
personal accident insurance and automatic renewal for another 8 years, after the expiry of
original period'
1.1.1.0 Afaa' 1%ucation
Alfalah education is a one year 3;+ that can %e purchased %y people ha&ing school going
children>s' A person can purchase a unit for +s ,--'---, with a maximum of 8 years' 3his 3;+
pays :5, paid at maturity and gi&es an additional ad&antage of gi&ing monthly school fee of the
children>s if the %readwinner of the family dies'
1.1.2 Basic Requirements for Account pening
3he %asic re*uirements to open an account for indi&iduals$self employed are as follows:
#.I#
(ource of income <salary slip etc=
.3. certificate <optional=
#ompany letterhead or authorization <as re*uired=
3he %asic re*uirement to open an account for a partnership
/artnership ;eed
/artners #.I#
#ompany 1etterhead
.3. certificate <optional=
3he %asic re*uirement to open an account for companies:
Memorandum of Association
Article of Association
;irectors #.I#
#ompany 1etterhead
.3. certificate <optional=
1.1.! Interna" #odes for Bank A"fa"ah Accounts
(ome of the ma)or account opened at Bank Alfalah I-8 Markaz and their internal codes are as
follows:
!a"e 2# (nterna Co%es for So&e Accounts
Account !y$e Co%e
#urrent Account -,-?????
/rofit0 1oss Account -4-?????
BBA Account -,86????
+oyal /rofits -46?????
#urrent Account @(; -,8?????
Source# Bank Afaa' ()* +arka,

1.1.$ Major Work Done %& Account pening Department
1.1.4.1 Sto$ Pay&ent
If a customer looses their che*ue %ook, then that customer will ha&e to come to the %ank and
firstly report the loss and then stop payment, %y telling the series of che*ue he has lost' By
stopping payment, the customer is guaranteed that no illegal payment is made from their account'
3he process for stopping payment, after the customer tells that he has lost is che*ue %ook is that
he fills a A"orm B>, which is same as a che*ue %ook re*uisition form and an indemnity form,
stating no responsi%ility on %ehalf of the %ank if any illegal payment is made %efore the time of
announcing a che*ue %ook lost'
As part of my internship, I was to assist a customer towards the whole process of stopping
payment'
1.1.4.2 Bank State&ent an% Bank Baance
A %ank statement tells the whole acti&ity of a %ank account o&er a period of time' #ustomers
often come and want their %ank statements and ha&e to fill a form, relating to the time period for
which the %ank statement is needed'
As part of my internship, I was to assist the customer to fill the ABank (tatement "orm> and
produce the statement through the %anks software and print it as well'
ften customers want to know their accounts %alance o&er the phone and thus I had to tell them
their account %alances using the %anks information system ABank (mart>'
1.1.4.3 Account 2$ening
Bhene&er a customer comes to open their account, they ha&e to fill a relationship contract with
the %ank' As part of my internship I had to fill these forms and then use the appropriate %ank
stamps to complete these forms' Also as part of the relationship form, I also had to do a
ACerisys>, a &erification system started %y .A;+A on the #.I# of the new account opener' A
ACerisys> tells, if more information pertaining to the customer is needed to open the account or
not'
"urthermore as all relationship forms ha&e to %e sent to 9arachi, a central location, for all
account relationship forms, I had to de&elop a list of daily forms sent and their *uantity'