SSC(signature specinen card)....Bank maintains a Card which has two specimen (sample) signatures of the account holder. Normally banks scan the signature and store them in computer. Bank kept the record to check the validity of the signatures at the time of payment .
Letter of Credit:(LC)
A letter of credit is a document issued by the importers bank to exporter authorizing him to draw drafts on the bank payable on demand on the specified terms and conditions. It is very important and useful instrument of international trade.
BBA (BAsic banking account)
This is primarily aimed toward helping the low income group to benefit from the banking services without having the pressure to maintain specific balance amount with the banks. or INTRODUCTION OF BASIC BANKING ACCOUNT AIn order to facilitate and provide basic banking facilities to the low income people in Pakistan, it has been decided that all commercial banks operating in Pakistan will introduce Basic Banking Accounts (BBA) facility with the following features:- a. The minimum initial deposit will be Rs 1000. 2. The above features represent the minimum set of services which the banks shall provide to their BBA customers. The banks are, however, free to add more services, if they wish. The banks are also free to charge, as per their existing policy, for any service/transaction over and above the minimum set of services of a BBA, if they wish. 3. All the banks are advised to introduce and publicize the above facility and report compliance to SBP latest by February 28, 2006. Any violation of the above instructions shall invoke penal provisions under Banking Companies Ordinance, 1962. 4. The above instructions will be applicable on Basic Banking Accounts (BBA) only.
b. Will be non-remunerative account.
c. No limit on minimum balance. In cases, where balance in BBA remains 'nil' for a continuous six-month period, such accounts will be closed.
d. No fee for maintaining BBA.
e. Maximum two deposit transactions and two chequing withdrawals are allowed, free of charge, through cash/clearing per month.
f. Unlimited, free of charge, ATM withdrawals from the banks' own ATMs. In case of withdrawal from BBA through the ATM machines of other banks, the respective/other bank may recover charges for such transactions.
g. For the existing banking accounts, banks may get the consent of all their customers whether they wish to maintain a BBA with them or a regular full service banking account with its accompanying terms and conditions. In case an account holder does not give his/her consent for a BBA, his/her account will be treated as a regular full service banking account.
h. Statement of account will be issued once in a year.
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