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PROJECT REPORT

ON

THE STUDY ON CUSTOMER SATISFICATION ON THE

PRODUCTS AND SERVICES OFFERED BY IOB

SUBM ITTED BY

MEENAKSHI MORE

SEAT NO -13

(SEM V).TYBBI

UNDER THE GUIDANCE OF

Mrs. BYSHI PANIKAR

Submitted to university of Mumbai i n partial fu lf il lment for the

requirements of the award of degree

BACHELOR OF COMMERCE (Banking & Insurance)

PATUCK GALA COLLEGE OF COMMERCE & MANAGEMENT

SANTACRUZ, MUMBAI

20132014


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PROJECT REPORT

ON

THE STUDY ON CUSTOMER SATISFICATION ON THE

PRODUCTS AND SERVICES OFFERED BY IOB

SUBM ITTED BY

MEENAKSHI MORE

SEAT NO -13

(SEM V).TYBBI

UNDER THE GUIDANCE OF

Mrs. BYSHI PANIKAR

Submitted to university of Mumbai i n partial ful fi llment for the

requirements of the award of degree

BACHELOR OF COMMERCE (Banking & Insurance)

PATUCK GALA COLLEGE OF COMMERCE & MANAGEMENT

SANTACRUZ, MUMBAI

2013 - 2014


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CERTIFICATE

This is to certify that the project entitled THE STUDY ONCUSTOMER SATISFICATION ON THE PRODUCTS AND

SERVICES OFFERED BY IOB is a true and satisfactory work done

by MEENAKSHI MORE, T.Y.B.B.I., and Roll No. 13. The project report

submitted to university of Mumbai in partial fulfillment for the

requirements of the award of the degree of Bachelor of Banking &

Insurance for the academic year 2013-2014.

--------------------------------------------------- -----------------------------------------------------

Signature of Project Guide Signature of External Examiner

--------------------------------------------------- -------------------------------------------------------

Signature of the Coordinator Signature of the Principal


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DECLARATION

I, MEENAKSHI MORE, student of Patuck-gala college ofCommerce & management, T.Y.B.B.I. (SemV) hereby declare that I have

completed the project on THE STUDY ON CUSTOMER

SATISFICATION ON THE PRODUCTS AND SERVICES

OFFERED BY IOB in the academic year 2012-2013.

The subject matter contained in this project is research work and most of

the work carried out is original and was done under the guidance of my

project guide Mrs: BYSHI PANIKAR

The information submitted is true and original to the best of my

knowledge.

---------------------------------

(MEENAKSHI MOE)

(Roll No. 13)


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ACKNOWLEDGEMENT

It is my earnest and sincere desire and ambition to acquire profound

knowledge in the study of Banking and Insurance. I have had

considerable help to advice ate very outset of this project. It is my

pleasure to acknowledge the help and guidance that I had received from

those personnel and to thank them individually.

First of all, I express my sincere thanks to Dr. (Mrs.) Meeta Pathade,

Principal for having given me a chance to undergo the project work.

Secondly, I convey my sincere thanks to my project guide and the course

coordinator Mrs. Byshi Panikar for her valuable suggestions and co-

operation and encouragement for refining this project study.

Finally, I thank all my friends for their valuable support and contribution

to my project.


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EXECUTIVE SUMMARY

Customer satisfaction has a vital role in sustaining and improving

hold on the market.

Customer satisfaction is the outcome felt by buyers who have

expectation. Customers are satisfied when their expectation are met and

delighted when their expectations are exceeded. Satisfied customers

remain loyal longer, buy more, and are less sensitive and talk favorableabout the company.

We should also consider the fact that the cost of attracting a new

customer may be five times the cost of keeping the current customer

happy. Therefore the companies are intending in developing stronger

bones and loyalty with their customers.


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INDEX

SR.No TOPIC

1 INTRODUCTION

1.1

1.2

1.31.4

1.5

1.6

1.7

1.8

1.9

What is customer satisfaction?

Definition

What Do Customer Want?What Constitute Satisfaction?

Customer Satisfaction Survey

Banking In India

Overview

Indian Overseas Bank

Product and Services Offered By IOB.

2 PROJECT TASK

2.1

2.2

2.3

2.4

2.5

Statement Of the Problem

Objective Of the Study

Research Methodology

Method Of Data Collection

Scope Of Study

3 DATA ANALYSIS &

INTERPRETATION


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4 FINDINGS

5 SUGGESTIONS

6 CONCLUSION

7 ANNEXURE

BIBLIOGRAPHY


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CHAPTER 1

INTRODUCTION

THE STUDY ON CUSTOMER SATISFICATION

ON THE PRODUCTS AND SERVICES OFFERED

BY INDIAN OVERSEAS BANK


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1.1INTRODUCTION

The modern concepts of marketing realized that measuring

consumer needs or behavior was not enough. CONSUMER

SATISFACTION should be the core and then the correct perception on

which marketing policies of our organization should be built.

Management must think of itself not as producing products but as

providing customer creating value satisfaction.

Customer satisfaction has a vital role in sustaining and improving

hold on the market. Brief descriptions about the various measures that are

needed to improve customer orientation have also been dealt with.

Consider the fact to days customer face a plenitude of products in

every category. Customer will be having high and raising expectation of

quality and service. In the face of their vast choices, the customer will

gravitate to the offering that the best meet their individual needs and

expectation. They will buy one of the bases of their perception value.

Therefore it is not surprising that todays winning companies are

those succeed best in satisfying indeed delighting their target customer.

They pay extreme attention to quality and service to meeting and even

exceeding customer expectation.

Customer satisfaction is the outcome felt by buyers who have

expectation. Customers are satisfied when their expectation are met and

delighted when their expectations are exceeded. Satisfied customers

remain loyal longer, buy more, and are less sensitive and talk favorable


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about the company. From this it is clear that the satisfied customer will be

less sensitive towards the fluctuating price and offensive marketing

typically cost more than defensive marketing, because it requires much

effort and cost to induce satisfied customers to switch away from their

current suppliers. We should also consider the fact that the cost of

attracting a new customer may be five times the cost of keeping the

current customer happy. Therefore the companies are intending in

developing stronger bones and loyalty with their customers.


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1.2 DEFINITION OF CUSTOMER SATISFACTION

Customer satisfaction refers to the extent to which customers are happy

with the products and services provided by a business. Customer

satisfaction levels can be measured using survey techniques and

questionnaires

DEFINITIONS:

Definition 1: Customer satisfaction is equivalent to making sure that

product and service performance meets customer expectations.

Definition 2: Customer satisfaction is the perception of the customer that

the outcome of a business transaction is equal to or greater than his/her

expectation.

BENEFITS OF CUSTOMER SATISFACTION

The importance of customer satisfaction and support is increasingly

becoming a vital business issue as organization realize the benefits of

Customer Relationship Management (CRM) for providing effective

customer service. Professionals working within customer focused

business or those running call centres or help desks, need to keep

informed about the latest customer satisfaction techniques for running a

valuable customer service function. From small customer service

departments to large call centres, the importance of developing a valued

relationship with customers using CRM is essential to support customer

and long-term business growth.


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1.3 What Do Customers Want?

Before we begin to create tools to measure the level of satisfaction,it is important to develop a clear understanding of what exactly the

customer wants. We need to know what our customers expect from the

products and services we provide.

Customer expectations have two types

Expressed Implied

Expressed Customer Expectations are those requirements that are

written down in the contract and agreed upon by both parties for

example, product specifications and delivery requirements. Suppliers

performance against these requirements is most of the items directly

measurable.


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Implied Customer Expectations are not written or spoken but are the

ones the customer would expect the supplier to meet nevertheless. For

example, a customer would expect the service representative who calls on

him to be knowledgeable and competent to solve a problem on the spot.

There are many reasons why customer expectations are likely to change

overtime. Process improvements, advent of new technology, changes in

customers priorities, improved quality of service provided by

competitors are just a few examples. The customer is always right.

Suppliers job is to provide the customer what he/she wants, when he/she

wants it. Customer satisfaction is customers perception that a supplier

has met or exceeded their expectations.


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1.4 WHAT CONSTITUTES SATISFACTION?

We cannot create customer satisfaction just by meeting customers

requirements fully because these have to be met in any case. However

failing short is certain to create dissatisfaction.

Major Attributes of customer satisfaction in banking industry

Can be summarized as:

Product quality Premium Outflow Return on Investment Services Responsiveness and ability to resolve complaints and reject reports.

WHAT ARE THE TOOLS?

Overall communication, accessibility and attitude.

Customer expectations can be identified using various methods such as:

Periodic contract reviews

Market research Telephonic interviews Personal visits Warranty records Informal discussions Satisfaction surveys

Depending upon the customer base and available resources, we can

choose a method that is most effective in measuring the customers

perceptions. The purpose of the exercise is to identify priorities for

improvements. We must develop a method or combination of methods

that helps to continually improve service.


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1.5 CUSTOMER SATISFACTION SURVEYS

Formal survey has emerged as by far the best method of periodically the

customer satisfaction. The survey are not marketing tools but an

informationgaining tool. Enough homework needs to be before

embarking on the actual survey.

This includes:

Defining Objectives of the Survey

Design Survey approach

Develop questionnaires and forms

Administer Survey (Email, Telephone or Post)

Method of compiling data and analysing the findings

Format of the report to present the findings

There is no point in asking irrelevant questions on a customer satisfaction

questionnaire. The basic purpose is to find out what we are doing right or

wrong. Where is the scope for improvement, where do we stand vis--vis

other suppliers. How we can serve the customer better?

A customer satisfaction measurement survey should at least

Identify the following objectives:

Importance to customers (Customers priorities)

Customers perception of suppliers performance

Your performance relative to customers priorities.


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Priorities for improvement

Survey forms should be easy to fill out with minimum amount of time

and efforts on customers part. They should be designed to actively

encourage the customer to complete the questions. Yet they must provide

accurate data should also be sufficiently reliable for management decision

making. This can be achieved by incorporating objective type questions

where customer has to rate on scale of say 1 to 10.

For repeated surveys, you could provide the rating that was previously

accorded by the customer. This works like a reference point for the

customer.Space should always be provided for the customers own

opinions this enables them to state any additional requirements or report

any shortcomings that are not covered by the objective questions.


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INTRODUCTION TO BANKING IN INDIA

Banking in India in the modern sense originated in the last decades of

the 18th century. The first banks were Bank of Hindustan (1770-1829)

and The General Bank of India, established 1786 and since defunct.

The largest bank, and the oldest still in existence, is theState Bank

of India, which originated in theBank of Calcuttain June 1806, which

almost immediately became theBank of Bengal. This was one of the

three presidency banks, the other two being theBank of Bombayand

theBank of Madras, all three of which were established under chartersfrom theBritish East India Company. The three banks merged in 1921 to

form theImperial Bank of India, which, upon India's independence,

became theState Bank of Indiain 1955. For many years the presidency

banks acted as quasi-central banks, as did their successors, until

theReserve Bank of Indiawas established in 1935.

In 1969 the Indian governmentnationalizedall the major banks

that it did not already own and these have remained under government

ownership. They are run under a structure know as 'profit-making publicsector undertaking' (PSU) and are allowed to compete and operate

ascommercial banks. The Indian banking sector is made up of four types

of banks, as well as the PSUs and the state banks, they have been joined

since 1990s by new private commercial banks and a number of foreign

banks.

Banking in India was generally fairly mature in terms of supply,

product range and reach-even though reach in rural India and to the poor

still remains a challenge. The government has developed initiatives toaddress this through the State bank of India expanding its branch network

and through theNational Bank for Agriculture and Rural

Developmentwith things likemicrofinance.
http://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/Microfinancehttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/National_Bank_for_Agriculture_and_Rural_Developmenthttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Nationalisedhttp://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/Imperial_Bank_of_Indiahttp://en.wikipedia.org/wiki/British_East_India_Companyhttp://en.wikipedia.org/wiki/Bank_of_Madrashttp://en.wikipedia.org/wiki/Bank_of_Bombayhttp://en.wikipedia.org/wiki/Bank_of_Bengalhttp://en.wikipedia.org/wiki/Bank_of_Calcuttahttp://en.wikipedia.org/wiki/State_Bank_of_Indiahttp://en.wikipedia.org/wiki/State_Bank_of_India


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OVERVIEW

If one were to say that the future of banking in India is bright, it would be

a gross understatement. With the growing competition and convergence

of services, the customers stand only to benefit more to say the least. At

the same time, emergence of a multitude of complex financial

instruments is foreseen in the near future (the trend is visible in the

current scenario too) which is bound to confuse the customer more than

ever unless she spends hours (maybe days) to understand the same. The

success (or failure) of any bank would depend not only on tapping the

untapped customer base (from other departments of the same bank,

customers of related similar institutions or those of the competitors) but

also on the effectiveness in retaining the existing base.

India has witness to a sea change in the way banking is done in the past

more than two decades. Since 1991, the Reserve Bank of India (RBI)

took steps to reform the Indian banking system at a measured pace so that

growth could be achieved without exposure to any macro environment

and systemic risks. Some of these initiatives were deregulation of interest

rates, dilution of the government stake in public sector banks (PSBs),

guidelines being issued for risk management, asset classification, and

provisioning.

Technology has made tremendous impact in banking. Anywherebanking and Anytime banking have become a reality. The financial

sector now operates in a more competitive environment than before and

intermediates relatively large volume of international financial flows. In

the wake of greater financial deregulation and global financial

integration, the biggest challenge before the regulators is of avoiding

instability in the financial system.


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BANK PROFILE

Established on 10th February 1937 by Mr. M. Ct. M. Chidambaram

Chettyar, leader in banking, insurance and industry areas, Indian

Overseas Bank (IOB) had the twin aims of attaining specialization in

overseas banking as well as foreign exchange business. IOB has always

been talked about for its excellent presence and services. At the time of

inauguration, IOB started its business in three branches at the same time.The branches were located at Karaikudi and Chennai in India and

Rangoon in Myanmar, erstwhile Burma. It had a branch in Penang also.

During the time when India became an independent nation, Indian

Overseas Bank was running 38 branches in India and 7 overseas

branches. At that point of time, the Deposits of the bank was Rs.6.64

corer and Advances was Rs.3.23 corer

IOB received the status of nationalized bank in the year 1969 along with

other 13 major banks. By this time, it had 195 branches. Gradually

between the periods 1969 and 1992, IOB started spreading its wings in

foreign destinations like Colombo and Seoul.


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IOB was the first bank to receive ISO 9001 Certification from Det Norske

Verities (DNV), Netherlands in the month of September 1999 for its

Computer Policy and Planning Department. Besides, in its journey, it has

won many awards and accolades too. These include:

NABARD's award 2000-2001 for creating maximum number ofcredit links of Self Help Groups in comparison to all the other

Banks in Tamil Nadu


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INDIAN OVERSEAS BANK

IOB is a one of the major bank based in Chennai with over 1400 domestic

branch & 6 branches in Abroad. The bank was established in 1937 to

encourage overseas banking for foreign exchange operation. The bank

started simultaneously with 3 branches there are;

Indian overseas bank Chennai

Indian overseas bank Rangoon Indian overseas bank Singapore Indian overseas bank Burma Indian overseas bank Malaysia Indian overseas bank Srilanka Indian overseas bank Sumatra

In the year 2000 I.O.B engaged India in IPO which brought the Govt.

share in the bank down to 75%.


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IOB International expansion

1937-38: As mentioned above, IOB was international from itsinception with branches Indian Overseas Bank Rangoon, Indian

Overseas Bank Penang, and Indian Overseas Bank Singapore.

1941: IOB opened a branch in Malaya that presumably closed almostimmediately because of the war.

1946: IOB opened a branch in Ceylon. 1947: IOB opened a branch in Bangkok and re-opened others. 1948: United Commercial Bank (see below) opened a branch in

Malaya.

1949: IOB opened a branch in Bangkok.


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BRANCH PROFILE (IOBBANDRA)

Bandra is also one of the important branches in Mumbai. In Bandra

branch has more than 28000 accounts is there and also issuing Port trust,

Govt. Hospitals, railways, MTC, PWD, Tele-communication department

etc. this service is offering from 35years ago. Totally 32 staff working for

that the branch, Foreign exchange dealing is done here. All type of loans

is provided here. Locker, DD, BC, gold coins etc., are the facilities given

here. Cathedral branch is CBS type.

WORKING HOURS;

In Indian overseas bank working hours is from 9:30AM to 4:30PM.

HEAD OFFICE;

The head office of the Indian overseas bank is located at mount road near

spencer plaza

In Chennai

ADDRESS;

Radhaswami Apartment,

Gr. Floor, Maharashtra 400050,36th Rd, Bandra West


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FUNCTIONS OF INDIAN OVERSEAS BANK

Its accept deposits from the public.

It lends money to the needy people, for having loans, jewelsloans & for the customer durable goods.

Bank issue Cheque.

It deals in the bill of exchange, dies, promissory notes, coupons,draft, and bill of lending, railway receipts, warrants, certificates,

scripts & other securities weather transferable or negotiable.

It acts as agent for remittance of money on behalf ofgovernment, municipality, local board, Insurance Corporation &

other.

It grants & issue letter of credit travelers Cheque & circularnotes.


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PRODUCTS & SERVICES

IOB Bank offers wide variety of Deposit Products to suit your

requirements. Coupled with Convenience of networked branches/ ATMs

and facility of E-channels like Internet and Mobile Banking, IOB banking

Bank brings at your doorstep. Select any of deposit Products and provide

your details online and our representative will contact you for Account

Opening.

DEPOSITS:

SAVING DEPOSIT

In this type of deposit the depositor can deposit & withdraw whenever he

is in need of money. The depositor can also have Cheque book facility by

maintain a balance of Rs.500/-, in the account any person can deposit on

behalf of the account holder can withdraw the amount.

FIXED DEPOSIT

Fixed deposit can be accepted for 30 days to 37 months and at

various interest rates, while depositing money in a fixed. The customer

received a deposit receipt which is usually market NOT

NEGOTIABLE the deposit is repayable on demand & after the maturity

period.

RECURRING DEPOSITS

Deposits received for 6 months to a maximum of 10 years as monthly

fixed installment. The amount saved and interest compounded at

quarterly intervals paid at the time of maturity. In case of monthly

installments exceeding Rs.25000 a maximum period is restricted to 3

years


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SPECIAL FIXED DEPOSITS

Deposits accepted for 6 months to 10 years. Interest payable every

quarterly or monthly. Monthly interest is payable @ discount rate.

RE-INVESTMENT DEPOSITS

Deposits accepted for 6 months to 10 years. Interest compounded

quarterly and at the time of maturity in case of deposits Rs. 15 lakhs

maximum period is restricted to 3 years.

GRANTINTY LOANS AND ADVANCE

Lending is one of the primary functions of co- operative bank, some of

the method of lending are.

PERSONAL LOANS

Individual in employment, professional, self-employed not over 55 years

of age is eligible for personal loan to buy consumer durable such as

electric, electronic goods metals and wooden furniture etc. the minimum

loan is 5 times the gross salary or 90% if the cost so the article whichever

is less.

PUSHPAKHA (CAR LOAN)

Car finance for purchase of new as well as used car and two wheelers

90% of a cost of new car and two wheeler and 75% cost of old car two

wheeler or financed against hypothecation of vehicles. Repayments of 60

EMI for new car and 36 EMI for old car


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COMMERCIAL LOAN

Range of services on existing loans & extended products like funding of

new vehicles, refinance on used vehicles, balance transfer on high cost

loans, top up on existing loans, Extend product, working capital loans &

other banking products.

SUBHA GRUHA

Home loans scheme for residents individual up to Rs. 50 lakhs repayable

in 20 years for purchase construction of new/old house flats in the case of

fixed rate opinion the maximum repayment period is 10 years.

HOME IMPROVEMENT SCHEMES

Loans schemes for repairing / renovation/up gradation of existing houses

to individuals in service, profession, trade. Loan up to Rs.5 lakhs

repayable in 120 EMI with a holiday of months.

VIDYA JOTHI EDUCATION LOAN SCHEME

Loans schemes and student education in abroad loan amount Rs. 7.5

lakhs study in abroad.

FARM EQUIPMENT LOANS

Preferred financier for almost all leading tractor manufacturers in the

country. Flexible repayment options in tandem with the farmer's seasonal

liquidity. Monthly, Quarterly and Half-yearly repayment patterns to

choose from. Comfortable repayment tenures from 1 year to 9 year


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CREDIT CARDS

IOB Bank Credit Cards give you the facility of cash, convenience and a

range of benefits, anywhere in the world. These benefits range from life

time free cards, Insurance benefits, global emergency assistance service,

Discounts, utility payments, travel discounts and much more.

DEBIT CARDS

The IOB Bank Debit Card is a revolutionary form of cash that allows

customers to access their bank account around the clock, around the

world.

The IOB Bank Debit Card can be used for shopping at more than 100,000

Merchants in India and 13 million merchants worldwide.

TRAVEL CARD

Presenting IOB Bank Travel Card. The Hassle Free way to Travel theworld. Traveling with US Dollar, Euro, Pound Sterling or Swiss Francs;

Looking for security and convenience; take IOB Bank Travel Card Offers

the Pin based security. Has the convenience of usage of Credit or Debit

card.

PRE PAID CARDSIOB Bank brings to you a complete bouquet of pre-paid cards providing

payment solutions at your fingertips. IOB Bank pre-paid cards are a safe

& convenient way for associate payments, disbursements, gifting & small

ticket transactions. Pre-paid cards are available on a VISA platform thus

providing accessibility to over one lakh merchant establishments & cash

withdrawal from all VISAS.


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IOB BANK PURE GOLD

Gold has been traditionally the most favored form of investment for

Indians. IOB Bank with its `Pure Gold' offer attempts to bridge the gap

between the need of the customers for buying gold and availability of an

organized avenue to satisfy that need, by taking care of the two key

components Reliability and Convenience. Reliability 24 Carat IOB Bank

Pure Gold is imported from Switzerland.

This Gold carries a 99.99% Assay Certification, signifying highest level

of purity, as per international standards. IOB Bank Pure Gold is

competitively priced based on daily prices in the international bullion

market. Currently, gold is available in 2, 4, 8, 20, 50,100gm


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FOREIGN EXCHANGE DEALINGS

The foreign exchange management act.1999 defines: Foreign exchange

means foreign currency and includes---

(I) Deposits, credits and balances payable in any foreign currency.(II) (ii) Drafts, travelers Cheque, letters of credit or mills of

exchange, expressed or drawn in Indian currency but payable in

any foreign currency;

(iii) Drafts, travellers Cheque, letters of credit or bills of exchange drawn

by banks, intuitions or persons outside India, bit payable in Indian

currency.

Thus, foreign exchange includes foreign currency, balances kept

abroad, and instruments payable in foreign currency, and instruments

drawn aboard but payable in Indian currency.

Foreign exchange is the mechanism by which the currency of one

country gets converted into the currency of another country. Foreign

exchange plays an important role in international trade. The conversion of

currencies is done by banks who deal in foreign exchange. These banks

maintain stocks of foreign currencies in the form of balances with banks

abroad.


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REPORTING OF FOREIGN EXCHANGE

TRANSWACTIONS

BY BRANCHES:

MONETARY LIMIT:

ANY SALE OR PURCHASE OF FOREIGN EXCHANGE WHERE

REPEE VALUE IS RS.50, 000/- or above, branches should obtain rat3s

form dealings rooms at FEDCO (FOREIGN EXCHANGE

DEVELOPMENT CENTRAL OFFICE) Th.B., Mumbai, as the case

maybe. If the transactions are put through at the rates given by

FEDCO/Tr.B.,Mumbai, the same should be reported by branch

immediately by telex/fax.

If the branches purchase more than one sale at a time, whose aggregate

value is rs.50,000/- and above then also branches should contact dealingsroom at FEDCO/Th.B. ,Mumbai for rates and repor6t the same by

telex/fax even though the individual item may be below Rs.50,000/-.

If the branches purchase/sell foreign exchange (either as one or multiple)

whose value at the time of purchase/sale will be below Rs.50,000/- by

applying the card rate, but during the day the aggregate purchase or sale

exceed Rs.50,000/-, then at the end of the day branches should report the

aggregate of such purchases/sales dealing room at FEDCO/Tr. Mumbai

by teem/fax at the card rate if the aggregate purchase or sale is below

rs.50,000/-, branch should report through exchange position memo

immediately. The exchange position memo may be sent by teem or

details conveyed over phone according to the convenience of branch.

Care should be taken not to omit any transaction form reporting


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In case of u since bill discounted, the branches should contact dealing

room at FEDCO/TR. B, Mumbai for rates irrespective of the amount of

bill, i.e., even if the rupee amount of bill is less than Rs.50,000/-.

Branches should not apply card rates but apply card rates but apply rates

obtained from dealing room.


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CHASSIFICATION OF SALE/PURCHASE

TRANSACTIONS FOR REPORTING PURPOSES

The purchase transactions are classified under the heads exports andnon-exports. Similarly the sale transactions are classified under the heads

non-import

The items are to be include these heads are as below.

EXPORT NON-

EXPORTS

IMPORTS NO-IMPORTS

Export bills

Purchased

discounted

negotiated

Purchase of

instruments

Other than for

export

Sales transaction

for all import

whether under

LC or not under

LC

Sale for issuances of

DD / TT/TC etc., for

other than imports

Realization of

export bill

sent and

collection.

Realization

instruments on

collection other

than of exports

Sales of foreign

exchange for

import bill

which are

received directly

by the imported

Conversion of NRE

rupee to FCNR/RFC

deposits etc.,


35/98

OTHER LOANS

The bank providing personal loans for purchasing television, refrigerator

other house hold article. There also offering loans to small scale industry,

self-employed person & transport operators.

NRI ACCOUNTS

Non-Resident Ordinary (NRO) Resident Foreign Currency Account (RFC) Foreign Currency Non-Resident Accounts (Banks) NRI home loan scheme NRI remittances Remittances procedures Tracking cell Forward cover IOB NRI shield IOB Expo Gold Card

Corporate Banking

Micro Small and Medium Enterprises (MSME) IT & BPO Cash management services -IOB STARS


36/98

Rural

IOB's commitment for social causes

Agricultural short time loans Financial inclusion Agri business consultancy

OTHER SERVICES AND PRODUCTS:

VISA International Credit Cards VISA Debit Card IOB Fine Gold Real Time Gross Settlement (RGTS) Forex Collection Services Agriculture and Business Consultancy Service Investment options like Mutual Funds and Shares

SECONDARY FUNCTIONS OF THE BANK

Secondary function refers to the various service rendered by thebank

Safety locker Clearing of bills Overdraft of weavers Financial analysis for PDS Issue of DD Refinance for product loan


37/98

IOB CREDIT CARD

annual / entry fee ( life time)

International card affiliated to VISA Roll over facilities with repayment of 10 % of the outstanding

amount

Lowest interest @ 24% (analyzed) for the roll over credit Free credit card period up to 50 days from the date of purchase.

Enhanced insurance coverage such as personal, accident, baggage,purchase, protection, etc.

Add on car facilities to the family members. Lowest service charges @ 2.25% on the cash payment. Facilities to draw cash at over 15000 ATMs in India and over 8.7

lakhs ATMs worldwide.

Payment for fee to foreign institution

Reward point are redeemed and credited to the account.

INSURANCE LINKED RETAIL PRODUCTS

IOB Jeevan Health Care Plans Vidya Suraksha Vidya Jothi with Suraksha Liability insurance for retail loans. NRI shield


38/98

MUTUAL FUND DISTRIBUTIONS

Franklin Templeton limited Tata mutual funds Standard charted mutual funds Kotak mutual funds

GOVERNMENT BUSINESS

E-Payment of direct taxes E-Payment of indirect taxes Pension payment scheme Sales tax collections Provident Fund Scheme 1968 8 percent savings taxable bond scheme Senior citizen scheme 2004


39/98

SERVICE AVAILABILITIES AT FREE OF CHARGES

Insurance, revenue, annual, free for ATM cards No frill account, no minimum balance changes and additional

deduction of names in deposits

Verification in nomination Closure of A/cSB /CDCC Charges in operation of CDCC Duplicate deposit receipt

No due certificate Cancelation of DD / BC Balance enquire by using ATM cards Inward remittance through NEFT/ RTGS


40/98

DEMAND DRAFT CURRENT CHARGE IN IOB

BANKERS CHEQUE CURRENT CHARGES IN IOB

AMOUNT

RANGE FOR CUSTOMERS

NON-

CUSTOMERS

Up to 1000 Rs. 14 Rs. 21

Above 1000-5000 Rs. 21 Rs. 32

Above 5000-10000 Rs. 28 Rs. 41

Above 10000-1

lakh

Rs. 2.04 per 1000. (Min Rs.

30)

Rs. 3.06 per 1000

(Min Rs. 45)

Above 1 lakh-10lakh

Rs. 2.76 per 1000(Min Rs. 2712)

Rs. 4.41 per 1000(Min Rs. 4068)

Above 10 lakhRs. 2.76 per 1000

(Min Rs. 2712)

Rs. 4.41 per 1000

(Min Rs. 4068)

AMOUNT

RANGEFOR CUSTOMERS

NON-

CUSTOMERS

Up to 1000 Rs. 7 Rs. 11

Above 1000-5000 Rs. 20 Rs. 31

Above 5000-10000 Rs. 28 Rs. 41

Above 10000-1

lakh

Rs. 2.05 per 1000. (Min Rs.

30)

Rs. 3.06 per 1000

(Min Rs. 45)

Above 1 lakh-

10lakh

Rs. 1.38 per 1000

(Min Rs. 1020)

Rs. 2.07 per 1000

(Min Rs. 1058)

Above 10 lakhRs. 1.38 per 1000

(Min Rs. 1632)

Rs. 2.07 per 1000

(Min Rs. 2448)


41/98

CHAPTER 2

PROJECT TASK


42/98

2.1 STATEMENT OF THE PROBLEM

This Study will help us to understand the consumers satisfaction about

banking services and products. This study will help banks to Understand,

how a consumer selects, organizes and interprets the Quality of service

and product offered by banks. The market is more aware and realistic

about investment and returns From financial products. In this backgroundthis study tries to analyze The customer satisfaction towards banking

services in general and IOB In particular.


43/98

2.2 OBJECTIVE OF THE STUDY

PRIMARY OBJECTIVE

To study, analyze and evaluate the customer satisfaction level

towards the different services rendered by the bank and to identifying the

critical success factors.

SECONDARY OBJECTIVES

To evaluate the awareness level of the customer on the product andservices.

To find out the differences among perceived service and expectedservice.

To evaluate the process efficiency in customer query andrequirement handling

To understand consumers preferences. To access the degree of satisfaction of the customers


44/98

2.3 REASERCH METHODOLOGY

RESEARCH DESIGN:

A descriptive study tries to discover answers to the questions who, what,

when, where, and, sometimes, how. The researcher attempts to describe

or define a subject, often by creating a profile of group of problems,

people, or events. Such studies may involve the collection of data and the

creation of a distribution of the number of times the researcher observes a

single Event or characteristic (the research variable), or they may involve

relating the interaction of two or more variables. Organizations that

maintain databases of their employees, customers, and suppliers already

have significant data to conduct descriptive studies using internal

information. Yet many firms that have such data files do not mine them

regularly for the decision-making insight they might provide.

This descriptive study is popular in business research because of its

versatility across disciplines. In for-profit, not-for-profit and government

organizations, descriptive investigations have a broad appeal to the

administrator and policy analyst for planning, monitoring, and evaluating.

In this context, how questions address issues such as quantity, cost,

efficiency, effectiveness, and adequacy. Descriptive studies may or may

not have the potential for drawing powerful inferences. A descriptive

study, however, does not explain why an event has occurred or why the

variables interact the way they do.


45/98

SAMPLING

Convenience sampling method is used for the survey of this project. It is

a non-probability sample. This is the least reliable design but normally

the cheapest and easiest to conduct .In this method Researcher have the

freedom to choose whomever they find, thus the name convenience.

Example includes informal pools of friends and neighbors or people

responding to a newspapers invitation for readers to state their position

on some public issue..

SAMPLE SIZE

Sample size denotes the number of elements selected for the study. For

the present study, 50 respondents were selected at random. All the 50

respondents were the customers of IOB in Bandra Branch

SAMPLING METHOD

A sample is a representative part of the population. In sampling

technique, information is collected only from a representative part of the

universe and the conclusions are drawn on that basis for the entire

universe. A convenience sampling technique was used to collect data

from the respondents.

QUESTIONNARIE DESIGN:

The questionnaire consists of 2 types of questions.

i) open endedii) Closed ended.


46/98

OPEN ENDED QUESTION

This refers to a question that has no fixed alternatives to which the

answer must confirm. The respondent answers in his own words and at

any length they choose.

CLOSED ENDED QUESTION

It contains those questions in which the respondent is given a limited

number of alternatives responses from which he/she is to select the one

that most closely matches his attitude.

The fixed alternative questions may be taken in the form of

Dichotomous questions Multi-choice questions

Dichotomous questions

It refers to one, which offers the respondent a choice between only 2

alternatives and reduces the issues to its simplest terms.

Multi-choice questions

A multiple-choice question refers to one, which provides several set ofalternatives. Multiple-choice questions can be used when an issue has

more than two aspects.


47/98

2.4 METHOD OF DATA COLLECTION

To know the response, the researcher used questionnaire method. It has

been designed as a primary research instrument. Questionnaires were

distributed to respondents and they were asked to answer the questions

given in the questionnaire. The questionnaires were used as an

instrumentation technique, because it is an important method of data

collection. The success of the questionnaire method in collecting the

information depends largely on proper drafting. So in the present study

questions were arranged and interconnected logically. The structured

questionnaire will reduce both interviewers and interpreters bias. Further,

coding and analysis was done for each questions response to reach into

findings, suggestions and finally to the conclusion about the topic.

TYPES OF DATA

Every decision poses unique needs for information, and relevant

strategies can be developed based on the information gathered through

research. Research is the systematic objective and exhaustive search for

and study of facts relevant to the problem Research design means the

framework of study that leads to the collection and analysis of data. It is a

conceptual structure with in which research is conducted. It facilitates

smooth sailing of various research operations to make the research as

effective as possible.

1. PRIMARY DATA

Primary data are those collected by the investigator himself for the first

time and thus they are original in character, they are collected for

particular purpose. A well-structured questionnaire was personallyadministrated to the selected sample to collect the primary data.


48/98

Total No. of Customers

2. SECONDARY DATA

Secondary data are those, which have already been collected by some

other persons for their purpose and published. Secondary data are usually

in the shape of finished products. Two types of secondary data were

collected for the preparation of the project work:

Internal Data was generated from companys brochures, manuals and

annual reports

External Data, on the other hand, was generated from magazines,

research books, intranet and internet (websites).

TOOLS USED FOR ANALYSIS OF DATA

1. Simple percentage analysis2. weighted score method

1. SIMPLE PERCENTAGE ANALYSIS

Percentage refers to a special kind of ratio percentage are used to describe

relationship.

Percentage=No. of. Customers x


49/98

Total No. of Respondents

2. WEIGHTED SCORE METHOD

In weighted score method the weights are obtained by multiplying the

rating given with the frequency, this gives a very basic idea as to the

factor carrying highest to lowest weight.

Weighted average = Rating * Frequency


50/98

2.5 SCOPE OF THE STUDY

This study is limited to the customers with in Mumbai city. The study

will be able to reveal the preferences, needs, satisfaction of the customers

regarding the banking services, It also help banks to know whether the

existing products or services they are offering are really satisfying the

customers needs.

LIMITATIONS OF THE STUDY

Although the study was carried out with extreme enthusiasm and careful

planning there are several limitations, which handicapped the research

vise,

1. Time Constraints:

The time stipulated for the project to be completed is less and thus there

are chances that some information might have been left out, however due

care is taken to include all the relevant information needed.

2. Sample size:

Due to time constraints the sample size was relatively small and would

definitely have been more representative if I had collected information

from more respondents.

3. Accuracy:

It is difficult to know if all the respondents gave accurate information;

some respondents tend to give misleading information.


51/98

4. It was difficult to find respondents as they were busy in their Schedule

and collection of data was very difficult. Therefore, the study had to be

carried out based on the availability of respondents


52/98

CHAPTER 3

DATA ANALYSIS

&

INTERPRETATION


53/98

DATA ANALYSIS & INTERPRETATION

DATA ANALYSIS

Analysis is the process of placing the data in an ordered form, combining

them with the existing information and extracting the meaning from

them. In other words analysis is an answer to the questions what message

is conveyed by each group of the data which are otherwise raw facts are

unable to give meaning full information. A raw data become information

only when they are analyzed and put in a meaning form.

INTERPRETATION

Interpretation is a process of relating various bits of information to

existing information. Interpretation attempts to answer well, what relation

existing between the findings to research objectives and hypothesis

framed for the study in the beginning.


54/98

TYPE OF ACCOUNT TO OPERATE WITH BANK

1. What type of account do you have in bank?

SL.

NO

ACCOUNT

TYPE

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Saving Account 58 58%

2 Current

Account

22 22%

3 Fixed Deposit 17 17%

4 NRI Account 13 13%

Analysis: From the above table it could be inferred that 58% of the

customers are choosing savings account and very few of about 13%

prefer NRI Account.

Interpretation: Most of the respondents are preferring savings account.

Presently the bank offers varieties of account services to the customer.

58%

22%17%

13%

Saving Account Current Account Fixed Deposit NRI Account

0

10

20

30

40

50

60

70

Account Type

Saving Account

Current Account

Fixed Deposit

NRI Account


55/98

Facility Level of IOB than SBI & HDFC Bank

2. IOB Provide better facilities than SBI & HDFC Bank?

SL. NO FACILITY

LEVEL

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Excellent 27 27%

2 Good 43 43%

3 Satisfactory 23 23%

4 Poor 7 7%

Total 100 100%


customers are satisfied with the service and quality of products of their

bank. Only 7% of customers are says poor facility in IOB

Interpretation: Most of the respondents say IOB offering good facility

to its customer. But to the other end few people says the facilities are less.

27%

43%

23%

7%

Excellent Good Satisfactory Poor

0

10

20

30

40

50FACILITY LEVEL

Excellent

Good

Satisfactory

Poor


56/98

IOBs Value Added Service

3. What type of value added service provide by IOB?

SL. NO VALUE ADDED

SERVICE

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Young Star 12 12%

2 Senior Citizen 57 57%

3 Prepaid Cards 24 24%

4 Recurring Deposit 7 7%

Total 100 100%

Analysis: 57% of the customers are using senior citizen service and only

7% are using recurring deposit scheme.

Interpretation: Most of the respondents are utilizing the value added

service as senior citizen accounts. But rarely very few people are

choosing recurring deposit account.

12%

57%

24%

7%0

10

20

30

40

50

60

Young Star Senior Citizen Prepaid Cards Recurring Deposit

VALUE ADDED SERVICE

Young Star

Senior Citizen

Prepaid Cards

Recurring Deposit


57/98

Product Ratings of IOB from Others

4. How do you rate the products and services offered by IOB than

others?

SL. NO PRODUCT

RATING

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Excellent 16 16%

2 Good 62 62%

3 Better 20 20%

4 Poor 2 2%

Total 100 100%


customers rate IOB products as Good. Only 2% of the people Rate IOB

products as Poor.

Interpretation: Most of the respondents are rating the products as good.

Moderate peoples are rating as excellent. Only few people in the

customers are rating the IOB products as poor.

16%

62%

20% 2%0

20

40

60

80

Excellent Good Better Poor

Product Rating

Excellent

Good

Better

Poor


58/98

REFERRING IOB TO OTHERS

5. Will you suggest Indian Overseas Bank to your friends/ Relatives for

its service?

SL. NO REFERRING

IOB

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Yes 76 76%

2 No 18 18%

3 Not Sure 6 6%

Total 100 100%


customers are ready to refer IOB to others. Only 6% of customers are not

sure what to do.

Interpretation: Most of the respondents are obviously ready to refer IOB

to their friends, relatives and others. But few of them are not sure on this

decision also some people are straight forward in not referring IOB to

others.

76%

18% 6%0

20

40

60

80

Yes No Not Sure

Referring IOB

Yes

No

Not Sure


59/98

Relationship with IOB

6. How long have you been banking with IOB?

SL. NO IOB ACCOUNT

OPERATIONS

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 < 1 Year 17 17%

2 1-5 Years 55 55%

3 5-10 Years 17 17%

4 >10 Years 11 11%

Total 100 100%


customers are having relationship with the bank for about 1-5 years. Only

11% of customers are having more than 10 years of relationship with

IOB.

Interpretation: Most of the respondents are satisfied with the service

offered by IOB. Presently the bank has more customers who have theaccount with them for more than a year and less than 5 years.

17%

55%

17%11%

0

10

20

30

40

50

60

< 1 Year 1-5 Years 5-10 Years >10 Years

IOB ACCOUNT OPERATIONS

< 1 Year

1-5 Years

5-10 Years

>10 Years


60/98

PURITY OF GOLD OFFERED IN IOB

IOB offerings ____ Purity of fine gold to their customers

SL. NO GOLD PURITY

IN IOB

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 100% 1 1%

2 99.99% 60 60%

3 99% 9 99%

4 99.9% 30 30%

Total 100 100%


customers believe that the gold offered by the IOB are 99.99% pure. Only

1% thinks that the purity of good offered by IOB is 100%.

Interpretation: Most of the respondents have the clear idea on the purity

of the gold. Since gold cannot offered in 100% pure it is said to be in

99.99% pure.

1%

60%

9%

30%

0

10

20

30

40

50

60

70

100% 99.99% 99% 99.90%

GOLD PURITY IN IOB

100%

99.99%

99%

99.90%


61/98

Best Insurance Product in IOB

8. What is your main concern while taking an Insurance policy?

SL. NO INSURANCE

PRODUCT

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Tax Saver 15 15%

2 Investment 20 20%

3 Security 5 5%

4 All the Above 60 60%

Total 100 100%


customers choose the entire insurance product for their benefits. Only 5%

of the customers choose the insurance product offered them security.

Interpretation: Most of the respondents are investing in IOB for tax

saving, investment and security for their money. This shows that the

customers believe IOB has a best insurance market in India.

15%20%

5%

60%

0

10

20

30

40

50

60

70

Tax Saver Investment Security All the Above

INSURANCE PRODUCT

Tax Saver

Investment

Security

All the Above


62/98

OTHER MAJOR SERVICES IN IOB

9. What are the other products & services offered by IOB to the

customers?

SL. NO OTHER

SERVICES .IOB

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Visa Credit Card 16 16%

2 Visa Debit Card 54 54%

3 IOB Fine Gold 23 23%

4 Forex Exchange 7 7%

Total 100 100%


customers feel the Visa Debit Card is the service other than the general

service.

Interpretation: Most of the respondents are utilizing the additional

service of visa debit card from IOB. But only few people are utilizing the

Forex exchange and other services from IOB

16%

54%

23%

7%0

10

20

30

40

50

60

Visa Credit Card Visa Debit Card IOB Fine Gold Forex Exchange

OTHER SERVICES IN IOB

Visa Credit Card

Visa Debit Card

IOB Fine Gold

Forex Exchange


63/98

GOVERNMENT BUSINESS SCHEMES THROUGH IOB

10. What are the government business schemes available for the

customers through the banks?

SL.

NO

GOVERNMENT

SCHEME

NUMBER OF

RESPONDENTS

PERCENTAGE

OF

RESPONDENTS

1 Pension Payment 40 40%

2 PF Scheme 27 27%

3 Senior Citizen A/C 3 3%

4 All the above 30 30%

Total 100 100%

40%

27%

3%

30%

0

5

10

1520

25

30

35

40

45

Pension

Payment

PF Scheme Senior Citizen

Account

All the above

GOVERNMENT BUSINESS SCHEME

Pension Payment

PF Scheme

Senior Citizen Account

All the above


64/98


customers are pension payment account holders. Only 3% of the account

holders are senior citizen account holders in the government retired

account holders

Interpretation: Most of the respondents are having the pension payment

in IOB since many of the customers are government retired employees

Here few customers are senior citizen account holders. One- third of the

people have using the all schemes


65/98

GOVERNMENT TAX COLLECTION IN IOB

11. What type of taxes can be pay to the government through the

banks?

SL. NO GOVERNMENT

TAX COLLECTION

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Sales Tax 19 19%

2 Income Tax 24 24%

3 Value Added Tax 7 7%

4 All the above 50 50%

Total 100 100%


customers are paying all the government taxes in IOB. Only 7% of the

customers are paying only value added tax in IOB.

Interpretation: Most of the respondents feel that IOB is the good place

to pay all type of government taxes. Also this makes sure IOB is offering

best class service for taxpaying.

19%24%

7%

50%

0

10

20

30

40

50

60

Sales Tax Income Tax Value Added Tax All the above

GOVERNMENT TAX COLLECTION

Sales Tax

Income Tax

Value Added Tax

All the above


66/98

AWARNESS AND SATISFACTION LEVEL OF

VARIOUS LOANS

12. Please provide us with Information about your awareness &satisfactory level for the schemes

SL. NO LOAN SCHEME NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Pushpaka 8 8%

2 Liquirent 15 15%

3 Subh Gruha 72 72%

4 Vidya Jothi 5 5%

Total 100 100%


customers are aware of the Subh Gruha Loan. Only 5% of the customers

are not sure on the vidhya Jothi.

Interpretation: Most of the respondents are Aware about the Subh

Gruha in IOB. But few customers are not so

8% 15%

72%

5%

0

20

40

60

80

Pushpaka Liquirent Subh Gruha Vidya Joythi

AWARNESS AND SATISFACTION LEVEL OF VARIOUS

LOANS

Pushpaka

Liquirent

Subh Gruha

Vidya Joythi


67/98

LOCKER FACILITY AVAILING CUSTOMER

13. What type of customer mostly using locker facilities in the bank?

SL. NO LOCKERFACILITY

PREFERENCE

NUMBER OFRESPONDENTS

PERCENTAGE OFRESPONDENTS

1 Business People 50 50%

2 Government Staff 30 30%

3 Bank Staff 13 13%

4 House Wifes 7 7%

Total 100 100%

50%

30%

13% 7%

0

10

20

30

40

50

60

Business People Government Staff Bank Staff House Wifes

LOCKER FACILITY PREFERENCE

Business People

Government Staff

Bank Staff

House Wifes


68/98


customers using locker facility are business class people. Only 7% of the

customers are house wifes using locker facility.

Interpretation: Most of the respondents say they are utilizing the locker

facility in IOB. The main players are business class people. Followed by

government staffs and then bank staffs.


69/98

RELATIONAL SHIP BETWEEN BANKER CUSTOMERS

14. How is the relational ship between the customer and the bankers?

SL. NO RELATIONSHIPBETWEEN BANK &

CUSTOMER



1 Good 13 13%

2 Moderate 58 58%

3 Better 9 9%

4 Poor 20 20%

Total 100 100%


customers are have moderate relationship with IOB. Only 9% of the

customers feel relationship between bank & customer is better.

Interpretation: Most of the respondents are having a moderate

relationship between the bank & customer. But few customers are feeling

it is better and some feel it is poor in relationship.

13%

58%

9% 20%0

20

40

60

80

Good Moderate Better Poor

RELATIONSHIP BETWEEN BANK &CUSTOMER

Good

Moderate

Better

Poor


70/98

FIXED DEPOSIT INTEREST RATE SLAB OF IOB

FROM OTHER BANKS

15. How the fixed deposit interest rate slab varies in IOB from otherbanks

SL. NO FIXED DEPOSIT

RATE

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 2- 3% 5 5%

2 3- 4% 27 27%

3 5- 10% 40 40%

4 Above 10% 28 28%

Total 100 100%

5%

27%

40%

28%

0

10

20

30

40

50

2- 3% 3- 4% 5- 10% Above 10%

FIXED DEPOSIT RATE

2- 3%

3- 4%

5- 10%

Above 10%


71/98


customers are satisfied with the interest rate slab. Only 5% of customers

are not satisfied.

Interpretation: Most of the respondents are satisfied with the fixed rate

slab with the bank. Hence it is offering the interest rate at minimum level.

Also few people are not aware of the interest rate of fixed deposit in IOB.


72/98

OPENION ABOUT THE CHARGES LEIVED BY IOB

16. Give your opinion about the charges levied by IOB for the services

provided

SL. NO CHARGES

LEIVED BY

IOB

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 High 26 26%

2 Moderate 64 64%

3 Low 10 10%

Total 100 100%


consumers feel that the charges are high comparatively from other banks.

Only 10% of consumers are not satisfied in charges levied by IOB.

Interpretation: Most of the respondents are not satisfied the charges

levied by IOB. Customers are expecting the charges to be reduced to get

more benefit from the bank.

26%

64%

10%0

10

20

30

40

50

60

70

High Moderate Low

CHARGES LEIVED BY IOB

High

Moderate

Low


73/98

HOW DO YOU KNOW IOB

17. How would you know the products and services of IOB

SL. NO HOW YOU

KNOW IOB

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Advertisements 20 20%

2 Friends & Relatives 61 61%

3 Awareness 18 18%

4 Direct Selling Agents 1 1%

Total 100 100%

20%

61%

18%1%

0

10

20

30

40

50

60

70

Advertisements Friends &

Relatives

Awareness Direct Selling

Agents

HOW YOU KNOW IOB

Advertisements

Friends & Relatives

Awareness

Direct Selling Agents


74/98


consumers are referred by friends & relatives for the best service offered

by IOB. Only 1% of consumers are came by direct selling agents.

Interpretation: Most of the respondents tell they are referred by their

friends and relatives. Where very few came by the advertisements and the

awareness created by the bank. Very less in count are generated by direct

selling agents.


75/98

MOSTLY PREFERRED LOAN OFFERED BY IOB

18. Which type of loan is mostly preferred by the customers?

SL. NO MOSTLY

PREFERREDLOAN

NO.OF

RESPONDENS

PERCENTAGE OF

RESPONDENTS

1 Personnel Loan 10 10%

2 Commercial Loan 8 8%

3 Housing Loan 72 72%

4 Educational Loan 5 5%

Total 100 100%


consumers are choosing housing loan

Interpretation: Most of the respondents prefer housing loan from IOB.Only few of the customers prefer education loan and other loans in

10% 8%

72%

5%0

10

20

30

40

50

60

70

80

Personnel Loan Commercial Loan Housing Loan Educational Loan

MOSTLY PREFERRED LOAN

Personnel Loan

Commercial Loan

Housing Loan

Educational Loan


76/98

IS MANAGER AVAILABLE FOR ANY CLARIFICATION

19.Can we have the discussion with the bank manager in case of any

complaints or clarifications?

SL. NO MANAGER

DISCUSSION

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Yes 68 68%

2 No 32 32%

Total 100 100%

Analysis: From the above table it could be inferred that 68% of thecustomers are satisfied since the manager is available for any

clarification. Only 32% of the customers says it is not followed in IOB.

Interpretation: Most of the respondents are satisfied with the

clarification facility with manager. But some customers feel not so.

68%

32%

0

20

40

60

80

Yes No

MANAGER DISCUSSION

Yes

No


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ABROAD SERVICE OUTLETS OF IOB

20. Specify any drawbacks/ problems that you faced with IOB

SL. NO ABROAD

SERVICES

NUMBER OF

RESPONDENTS

PERCENTAGE OF

RESPONDENTS

1 Yes 95 95%

2 No 5 5%

Total 100 100%


customers are aware that IOB has the service outlet in abroad. Only 5%

of the customers do not know there are any branches in abroad.

Interpretation: Most of the respondents are aware that there are

branches throughout the world in important locations. Where we can see

that many people are aware in the branch regarding the abroad outlets.

95%

50

20

40

60

80

100

Yes No

ABROAD SERVICES

Yes

No


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DRAWBACKS/ PROBLEM WITHIN IOB

21. Specify any drawbacks/ problems that you faced with IOB

SL. NO CUSTOMERSUGGESTION



1 Yes 86 86%

2 No 12 12%

3 Not Sure 2 2%

Total 100 100%


consumers are suggesting that there are drawbacks within ION. Only

12% of consumers are sure that there are no internal problems in IOB.

Interpretation: Most of the respondents tell that there are some internal

problems and drawbacks in IOB. Where few people say that no problem

in IOB.

86%

12 20

20

40

60

80

100

Yes No Not Sure

DRAWBACKS/ PROBLEM WITHIN IOB

Yes

No

Not Sure


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WEIGHTED AVERAGE METHOD

RATE THE FACILITIES PROVIDED AT IOB

FACILITI

ES AT IOBGOOD AVG

POO

R

WEIGHT

ED

SCORE

WEIGH

TED

AVERA

GE

RAN

K

Comfortable

seat36 60 4 232 2.32

III

Hospitality 56 38 4 248 2.48 II

Rest Room 13 87 0 213 2.13 IV

Drinking

Water58 42 0 258 2.58

I

Interference:

The drinking water facility available at IOB in Bandra branch is mostlyimpressive followed by the hospitality service provided by the customer.

Comfortable seating and Rest Room facility need to be improved.


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DEALINGS WITH IOB

SERVICE HIGH MEDIUM LOW NONE

WEIGHTED

RANK

SCORE AVG

Stock Broking 78 69 40 13 412 2.06 I

Insurance 24 63 26 87 224 1.12 IV

Tax Saving 17 26 64 93 107 0.84 V

TIN Facility

(PAN, TDS)29 74 13 84 248 1.24

III

Mutual Fund 82 58 36 24 398 0.76 VI

Other Services 8 32 64 96 152 1.99 II

Interference:

The various service provided by IOB. Share and Stock Broking rank first

as the highly sorted after service by customer. Followed by the

investment in the mutual funds, while awaiting TIN facility and insurance

services are moderately utilized by the customer by the tax saving scheme

and other services are less.


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RATE THE QUALITY OF SERVICES PROVIDED BY

IOB

FACTOREXCELL

ENT

GOO

DOK

POO

R

WEIGHTED R

A

N

K

SCO

RE

AVERA

GE

Immediate

attention52 41 3 4

2660.43

I

online service 21 40 37 2 205 0.35 III

skill of

employee13 25 55 7

1490.28

V

time taken for

service 20 29 45 6 233 0.39 II

quality of

advice13 28 49 8

1670.30

V

product &

service details19 24 45 11

1740.31

IV

bank timing 8 22 52 18 147 0.28 VI

Pamphlets 14 17 49 20150

0.28VI

I


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Interference:

From the above table it can be interfered that the immediate attention

followed by time taken for service on online applicable by the users while

quality of advice displaced of products dealt / availability of application.

Also office timing should be improved.


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CHAPTER 4

FINDINGS OF THE STUDY


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FINDINGS OF THE STUDY

58% of the respondents are opinion that the customers are choosingsaving account in IOB.

43% of the respondents are opinion that the customers are satisfiedwith the service and the quality of products in IOB.

57% of the respondents are opinion that the customers are using seniorcitizen services in IOB.

62% of the respondents rated that IOB products is good. 76% of the respondents are ready to refer IOB to others. 55% of the respondents have relationship with the IOB for about 1-5

years.

60% of the respondents are opinion that the gold offered in IOB is99.99% pure.

60% of the respondents are opinion that all the insurance products ofIOB are beneficial.

54% of the respondents are opinion that the Visa Debit card is themajor service in IOB.

40% of the respondents are opinion that they are pension paymentaccount holder in IOB.

50% of the respondents are opinion that they are paying all thegovernment taxes through IOB.

72 of the respondents are opinion that they are aware of Subh Gruhaloan product of IOB.

50% of the respondents are utilizing the locker facility in IOB bybusiness class people.

72% of the respondents are opinion that the publicity of IOB to thepeople is done through friends & Relatives.


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64% of the respondents are sure that the levied charges by IOB arelow.

72% of the respondents are opinion that the customers prefer HousingLoan from IOB.

68% of the respondents are satisfied with the manager availability forany clarification.

58% of the respondents are opinion that the customers have moderaterelationship with IOB.

95% of the respondents are aware of the IOB service outlets in abroad. 50% of the respondents agree that customers have some drawbacks

and problems in IOB.

40% of the respondents are satisfied with the interest rate slabs. 33% of the respondents are opinion that the stock broking ranks first

as the highly sorted after service by customer in IOB.

71% of the respondents are opinion that they do not expect any moreservice from IOB.

55% of the respondents are opinion that the customers prefer ATMservices.


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CHAPTER 5

SUGGESTIONS

&

RECOMMENDATIONS


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SUGGESTIONS & RECOMMENDATIONS

With regard to banking products and services, customers respond at

different rates, depending on the consumers characteristics. Hence I IOB

should try to bring their new product and services to the attention of

potential early adopters.

Due to the intense competition in the financial market, IOB shouldadopt better strategies to attract more customers.

Return on investment company reputation and premium outflow aremost preferred attributes that are expected by the respondents. Hence

greater focus should be given to these attributes.

IOB should adopt effective promotional strategies to increase theawareness level among the customers.

IOB should ask for their consumer feedback to know whether thecustomers are really satisfied or dissatisfied with the service and

product of the bank. If they are dissatisfied, then the reasons for

dissatisfaction should be found out and should be corrected in future.

The IOB brand name has earned a lot of goodwill and enjoys highbrand equity. As there is intense competition, IOB should work hard

to maintain its position and offer better service and products to

customers.

The bank should try to increase the Brand image through performanceand service then, only the customers will be satisfied.

Majority of the people find banking important in their life, so IOBshould employ the strategies to convert the want in to need which will

enrich their business.


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The bank may conduct events/ schemes week or months for promotingproducts.

A separate information desk marked as an investment consultancyprovider may be established for catering to the needs of the customers.

A refined data base may be used for sending personal reminders to thecustomers.

Strategic points may be identified for the displaying the potters. Allthe communications may be bear the information/ logo of the different

schemes.

Cost effective, visually appearing tools like bulletin board may beused for promotion.

Direct mailers may be sent to co-operate account holder.


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CONCLUSION


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CONCLUSION

The project entitled THE STUDY ON CUSTOMER

SATISFICATION ON THE PRODUCTS AND SERVICES

OFFERED By Indian Overseas Bank has helped me in studying

satisfaction about services and products offered to customers. Since the

opening up of the banking sector, private banks are in the fray each one

trying to cover more market share than the other. Yet, IOB is far behind

SBI. IOB must also be alert what with Private Banks (ICICI, HDFC)

breathing down its neck.

I am sure the bank will find my findings relevant and I sincerely hope it

uses my suggestions enlisted, which I hope will take them miles ahead of

competition.

In short, I would like to say that the very act of the concerned

management at Indian Overseas Bank in giving me the job of critically

examining consumer satisfaction towards financial products and services

of the company is a step in their continual mission of making all round

improvements as a means of progress.

I am sure the bank has a very bright future to look forward.


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ANNEXURE

NAME :

AGE :

SEX :

TYPE OF CUSTOMER TO IOB :

1. What type of account do you have in bank?a. Savings Account

b. Current Accountc. Fixed Depositd.NRI2. IOB Provide better facilities than SBI & HDFC Banka. Excellent

b. Goodc. Satisfiedd. Poor3. What type of value added service provide by IOB?a. Young Star

b. Senior Citizenc. Prepaid Cardsd. Recurring Deposit4. How do you rate the products and services offered by IOB than

others?

a. Excellentb. Goodc. Betterd. Poor


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5. Will you suggest Indian Overseas Bank to your friends/ Relatives forits service?

a. Yesb.Noc.Not Sure6. How long have you been banking with IOBa. 10 years

7. IOB offerings ____ Purity of fine gold to their customersa. 99.19%

b. 99.9%c. 99.99%d. 100%8. What is your main concern while taking an Insurance policya. Tax benefits

b. Securityc. Investment/Savingd. All the above9. What are the other products & services offered by IOB to the

customers

a. Visa International Credit Cardsb. Visa Debit Cardc. IOB fine Goldd. Forex Exchange10.What are the government business schemes available for the

customers through the banks?

a. Pension payment schemeb.provident fund scheme 1968


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c. Senior Citizen Scheme 2004d. All the above11.What type of taxes can be pay to the government through the banks?a. Sales tax

b. Income Taxc. Value Added Taxd. All the above12.Please provide us with Information about your awareness &

satisfactory level for the schemes

a) Pushpakab) Subh Gruhac) Liquirentd) Vidhya Joythi13.What type of customer mostly using locker facilities in the bank?a. Business people

b. government staffsc.bank staffsd. house wifes14.How is the relational ship between the customer and the bankers?a. Good

b. Moderatec. Betterd. Poor

15.How the fixed deposit interest rate slab varies in IOB from otherbanksa. 2% - 3%

b. 3% - 5%c. 5%- 10%d. Above 10%

16.Give your opinion about the charges levied by IOB for the servicesprovided

a. Highb. Moderate


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c. Lowd. High for certain services

17.How would you know the products and services of IOBa. Advertisements

b. friends & Relativesc. Awarenessd. Direct Selling Agents18.Which type of loan is mostly preferred by the customersa. Personnel Loan

b. Commercial Loanc. Housing Loand. Educational Loan19.Can we have the discussion with the bank manager in case of any

complaints or clarifications?

a. Yesb.b. No

20.Specify any other outlets in abroad to serve the customers globally?a. Yes

b.No21.Specify any drawbacks/ problems that you faced with IOBa. Yes

b.Noc.None


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22.Facility that used by the customer in IOB?Good Average Poor

Comfortable seat

Hospitality

Rest Room

Drinking Water

23.What is the Level of business with IOB from the day 1?SERVICE HIGH MEDIUM LOW NONE

Stock Broking

Insurance

Tax Saving

TIN Facility (PAN, TDS)

Mutual Fund

Other Services


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24.What are the qualities of service provided in IOB?SERVICE EXCELLENT GOOD OK POOR

Immediate attention

online service

skill of employee

time taken for service

quality of advice

product & service details

bank timing

25.Which type of service preferred the most of youa. ATM Serviceb. Internet Bankingc. Mobile Bankingd. Retail Banking


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BIBLOGRAPHY

Books Referred

Book Name Author publication

SERVICEMAKETING

Zeithaml.

A

Tata Mc Graw-Hills,

Publications

New Delhi

BUSINESSSTATISTIC

S

G.P.Gupt

a

SultanchandPublicati

on Mumbai

Websites

www.wikipedia.com www.thehindu.com www.newyorktimes.com www.economictimes.com www.iob.in
http://www.wikipedia.com/http://www.wikipedia.com/http://www.thehindu.com/http://www.thehindu.com/http://www.newyorktimes.com/http://www.newyorktimes.com/http://www.economictimes.com/http://www.economictimes.com/http://www.economictimes.com/http://www.newyorktimes.com/http://www.thehindu.com/http://www.wikipedia.com/


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Documents

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