Question

This assignment will require you to do outside research. Research a company that you feel provided the best benefits - do NOT use GOOGLE as your example as we have talked about this in class already. This is similar to your last project. In your 1-2 page double spaced paper identify the company and explain in your own words the benefits they provide. In your opinion why are these benefits important to the employee, company, and its customers? Do you feel that all companies should provide the same type of benefits? Why or why not? Do you think that companies should only provide the government mandated benefits? Why or why not? Do you think benefits have increase, decreased or stayed the same over the past 20 years? Explain your answer.

Answer 1

South Indian Bank Limited

       South Indian Bank Limited (SIB) is a major private sector bank headquartered at Thrissur in Kerala, India. South Indian Bank has 871 branches, 4 service branches, 53 ext.counters and 20 Regional Offices spread across more than 27 states and 3 union territories in India. It has set up 1500+[2] ATMs and 91 Bulk Note Acceptor/Cash Deposit Machines all over India. South Indian Bank is a private sector bank that was founded in the year 1929 and is head-quartered in Thrissur City, Kerala, India. The bank offers banking and financial services to the customers. The banking products mainly include loans, savings, investment vehicles, insurance etc.

Banking Services

Deposit Account

Savings Account

        Offers various savings accounts to its customers so that they can deposit their cash.

Current Account

        South Indian Bank offers 2 types of Current Accounts namely Raha and Miza.

Loan

Home Loan

       South Indian Bank offers home loans for its customers at attractive interest rates through the easy documentation process.

Personal Loan

         Offers two types of personal loan schemes to cater the financial needs of different group of customers.

Education Loan

         This loan scheme aims to provide financial support to the meritorious students for pursuing higher education in India or abroad

Car Loan

        South Indian Bank offers Car Loan upto Rs.100 lakh for flexible tenure ranging from 12 months to 60 months 25.

Investment

Fixed Deposit

        With South Indian bank deposits can be made for the period ranging from 15 days to 10 years.

Recurring Deposit

       Offers recurring deposit with a fixed monthly deposit of Rs.100 ranging from 1 year to 10 years.

Cards

Credit Card

        South Indian Bank in association with SBI Cards has launched a Co-branded Credit Card named South Indian Bank- SBI CREDIT CARD.

Debit Card

          South Indian Bank provides an array of debit cards to its customers that come with a host of privileges and savings

Banking

Balance Enquiry

          Account holders can use South Indian Bank toll-free number, mobile banking, passbook, etc to check their account balance instantly.

Mobile Banking

          Customers can manage their money on the move and around the clock with South Indian bank mobile banking app called SIB mirror

Net Banking

            A user can visit the bank’s site, register on it and avail various banking services sitting at home.

NEFT/RTGS

            With NEFT/RTGS systems, money can be sent and received in an instant anytime.

IFSC Code

           The IFSC code of South Indian Bank is a unique alphanumeric code which distinctly identifies different South Indian bank branches involved in electronic mode of fund transfers. Every bank-branch has a unique code for identification.

South Indian Bank staff Benefits

Pension Plan. Pension Plan “Nps unit linked plan by govt”

Vacation & Paid Time Off. Vacation & Paid Time Off “Once in two years, we have LFC option”

Health Care & Insurance. Health Care & Insurance “Yes, insurance is given at free cost”

Benefits of a Bank Account

If you use check-cashing outlets or the piggy bank, you're missing out on the many benefits of managing your money with a bank account.

1. Bank accounts offer convenience

        For example, if you have a checking account, you can easily pay by check or through online bill pay. It's also cheaper than buying a money order (and you'll have proof of bank statements that you paid your bills). If you get an Automated Teller Machine (ATM) or debit card for the account, you can withdraw money easily or make payments at stores. A debit card is usually accepted for purchases anywhere credit cards are accepted.

2. Bank accounts are safe

      Your money will be protected from theft and fires. Plus, your money will be federally insured so if your bank or credit union closes, you will get your money back. The maximum amount of money that can be insured is $100,000.

3. It's an easy way to save money

    Many banks offer an interest rate when you put your money in a savings account. The interest will help your money grow over time. Be sure to shop around and check what fees are involved - you don't want to wind up paying more in fees than you are gaining in interest

4. Bank accounts are cheaper

     Banks and credit unions generally offer their account holders free or low-cost services:

Cashing checks: Using a check cashing outlet really adds up. You can deposit and cash your checks at the institution where you have a bank account for free.

Paying bills: Without a bank account, you probably rely on check cashing outlets, telephone bill pay or money orders—all of which have attached fees—to pay your bills. With a checking account, you can write checks for free or pay online at a low cost.

Transferring/wiring money: If you use a money transfer company to wire money to another person’s account, you will pay a fee, usually a percentage of the amount of the transfer. Depending on the amount you want to transfer, this fee can be expensive. If you wire from your bank account to another person’s account, your bank will usually charge a flat rate that is generally lower than the money transfer company.

Accessing cash: When you need cash but don’t have a bank account, you may decide to use a credit card to get a cash advance from an ATM. The credit card company will charge you a transaction fee and interest. If you have a bank account and an ATM or debit card, you can access your money from your own bank’s ATM for free. Although you can access your money from any ATM, you will likely pay a transaction fee if you use an ATM other than your bank.

Benefits to the company

The company can make the business world wide in next year.

They can increase their profit through good service.

Company can also increase market shares.

There is continuing the effort to increase the business and increase quality in the business services