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1) The best way to double your money is fold it in half and put it in your pocket.2) Stop going to Starbucks. Make coffee or tea at home and put it in a thermos. You could save 1500 dollars a year or more.3) Stop drinking soda. Drink more water. Or if you must have soda buy it by the 2-litre and fill a thermos. Or get a Sodastream. You can save at least 1500 dollars a year not drinking soda.3) Eat out less. Make lunch and bring it to work instead. It’s healthier and cheaper. You could save many thousands every year just from this. Even is it only costs you 12 dollars a day for lunch at the local Choke and Puke that’s almost 2700 dollars a year. You can make your lunch at home and bring it for a fraction of that price.4) If you must eat out from time to time to be social with friends, then just order the entree. Skip the appetizers and desserts and get water instead of soda. If you eat out once a week with friends you can save almost 20 dollars per meal this way. *** Never, ever divide the check equally. Pay YOUR share and be generous with the tip but dividing the bill equally means YOU are subsidizing someone else’s expensive entree, Super Call booze and appetizers. Pay for what YOU eat, not what THEY eat.***5) Reduce your time in bars. Bar drinks are a total waste of money. With tip a single round is 10 dollars. How many rounds do you have a night? You want to be social but you don’t need to go round-for-round. And go home earlier.6) Cut back on your phone and cable services. What do you really need?7) Cut back on subscriptions and impulse buys. Make lists of things you need at the store and stick to it.8) Forget about driving around town looking for the best gasoline price. You might save 60 cents or maybe a dollar over a tank of gas. It’s not worth your time.9) Here’s one that I do every year that always pays off. Use the “box strategy” for saving money for the holidays. There are three essential ways you can do this. Every Saturday put some money in a box, starting right after New Years. The first week put in 1 dollar; the second week put in 2 dollars; the third week put in 3 dollars and so on until Christmas. The last week you put in 52 dollars and you have 1378 [52 weeks, 1+2+3…+52=1378] dollars in the box. Or if it gets too hard over time then start with 52 dollars a week, then 51, then 50 and so on and the burden gets lighter with each week. Or if that is too hard then decide to put 20 dollars every week in the box. Or 10 or pick a number. By the end of the year, you’ll have a little pile of cash for that vacation or to pay off the bills.10) Save all your change in a box or bowl. By the end of the year you’ll have about 200 dollars saved at a minimum.11) Make a budget of what things cost on a monthly basis and prepare for it. Stick to the budget.12) Always “pay yourself first”. This means anytime you get paid, put at least 10 (and better if it’s 15) percent into a retirement fund. Use a Roth IRA or a Vanguard SP 500 index fund or 401K or Keough or some plan but put the max into it every week, then make your life on whatever is left. Plan for the future.13) Get rid of credit cards. The average American pays $1300 a year in interest alone. Just insane. Make certain you have the minimum number of credit cards and consolidate all the debt on one card. Pay off your credit cards on time, in full every month. Make sure your bank pays at least the minimum automatically at the same time every month, therefore eliminating the late fees, which are 35 dollars or more and cause your interest rate to jump. Interest rates on credit cards should be irrelevant to you because you’re paying them off every month. If you can’t pay off your credit card every month then your spending is out of control. Get it under control. Until you get it under control consolidate debt on the lowest interest rate card you can find.14) If you are buying a first time house then go for the 30 year fixed rate mortgage with no closing costs, no fees. The rate is a little higher but you can get into it with less money. You can find ways to avoid paying PMI by using multiple loans. If you cannot eliminate PMI then keep track of your house appreciation. As soon as your debt-to-value hits 20 percent then call the bank and tell them to cancel the PMI. *** If you do not actively kill PMI the bank will charge you for it forever. That’s 60 - 300 dollars a month you are wasting ***. Note that with mortgages you can pay off a 30 year mortgage in 23 years by making just one extra payment a year. Pay your mortgage biweekly (every two weeks) and that’s the same thing as making an extra payment a year. Or make your January payment in December to get the extra interest deduction on your taxes. Once you’ve been in your house a couple of years, try to refi to 15 years if you plan to stay in it, then make one additional payment per year and pay off that loan in 12 years. You will save tens, if not hundreds, of thousands of dollars in interest costs.15) Never, ever buy a new car. Buy a good used car with 30,000 miles on it. The car will still have the warranty and cost thousands less. Except for ego and pride there is no valid reason to buy a new car. It’s a total rip off. Never, ever go for the 5 year car payment scheme. If at all possible, go for the three year scheme and pay it off as quickly as possible. A paid-off car is money in the bank and you can save that payment in a fund as down payment for the next car. Many people say the “extended warranty” isn’t worth it but I disagree. It usually pays for itself with the first use. And look at cars with great gas mileage. If you can swallow your pride a little bit, you can save 500 dollars a year or more on gas.16) If you have to make a huge purchase such as a roof, note the life span and the cost, divide it up and put that money in a mutual fund every month. For example, if a new roof costs 20,000 and is expected to last 20 years, put 35 dollars a month away and when it’s time for a new roof you’ll have most of the cost on hand, no extra unplanned burden.17) Discover what kind of frequency of services you can reduce, such as house cleaning and yard maintenance. Even a small reduction in frequency saves hundreds of dollars a month.18) Invest in LED bulbs, and programmable thermostats. These are cheap and easy to implement and can save hundreds per year. Raise the thermostat higher in summer and lower in winter and save hundreds on heating and cooling costs. One of the best ways to save money on heating is to lower the temp on your hot water tank, especially in the summer. You burn an incredible amount of fuel to keep that water at the set temperature. And if you are going away for even a few days, set it to “vacation” or the lowest level. The furnace doesn’t care if you use the water or not - it’s going to keep it hot all the time.19) Donate old clothing and other goods to charity for a tax write-off. You might need to itemize but it’s worth it. Take the charitable deduction for religious services or keep track of money you donate. Up to a certain limit it is worth deducting.20) Seriously, give up smoking if at all possible. A pack-a-day habit costs between 3600 to 5000 dollars a year. If you must smoke, then invest in bulk tobacco and pre-rolled tubes. You can smoke for half the price.21) Use coupons whenever possible. In some cases, two-for-one coupons at restaurants make the food cheaper than you could make it for yourself - as long as you order the water and don’t order appetizers or desserts or booze. Eat the food, pay the bill AND LEAVE. This strategy only works if you can avoid the extras. But remember: a coupon for Prilosec (etc) STILL leaves the prices higher than for generic Omaprezarole and it’s the exact same thing. Where quality is NOT an issue, buy the generic.21) If you are a frequent traveler, take advantage of frequent flyer miles and points and play up the schemes where it’s profitable. Check out Deals We Like - The Latest Travel Deals for the Savvy Traveler for the latest on points and deals.22) Buy the quality item when you can afford it. Quality doesn’t necessarily mean higher price but it usually does. Quality counts in many things, such as tools and clothes and maybe even paper towels. But it doesn’t in aspirin or many cleaners or other things. Decide WHERE you want to spend on quality and where you can be cheap. Buy quality where it counts, such as in boots or coats and sweaters. Forget about buying high octane gas unless your car calls for it. It’s a total waste of money. Remember: Only the rich can afford to buy cheap because only the rich can afford to buy twice.23) Here’s some advice I cannot emphasize enough: Never, ever discuss your financial dealings with your friends and acquaintances. Don’t boast, don’t allude to the money you have, don’t flash cash. Be humble, be discreet and be silent. Nothing sets up jealousy or gloating like people who think you have something they don’t or that they are better off than you are. It sets you up for resentment, cavalier attitudes and people who expect you to act in their best interest “just because”. Never pass up the chance to shut the hell up.These are the easy tips for small potato savings that add up. The bigger tips are these:1) Never lend money you cannot afford to lose. There’s a better than even chance that you will never see lent money again. It’s the price you pay for finding out who your real friends are. Make anyone you lend money to sign a contract. A contract must contain the basic things: who it’s between, what the agreement is, what the start and end time frame is expected to be and what the “consideration” is to be. Consideration is either interest or penalty for non-performance. If someone borrows money for you and puts up their car, put that in the contract. If they give you an expensive watch to hold, put that in the contract. Remember: if it’s not in the contract, it never happened. Putting it in the contract gives you moral as well as legal high ground2) Never focus solely on cutting costs; focus more on improving your source of income. No one gets rich cutting costs. You get rich by improving revenue3) Never underestimate the power of interest in small amounts. Pay off all debts in full and on time, especially credit cards.4) It’s almost always better to buy a bad house in a good neighborhood than a great house in a bad neighborhood5) Set your financial goals. What are you trying to achieve and how will you get there. Make a plan for getting there. All goals must be sufficient, feasible and realistic. All plans must be specific, achievable and measurable. Any goal or plan that does not meet these criteria WILL fail. If you plan to pay of “X” debt in “Y” years then work out what that takes to accomplish and how you will do it. If you can’t do it, then don’t bother trying. You will fail and it will hurt you more.6) Invest the maximum in any retirement scheme and start as early as possible. Almost all the money made in a retirement scheme is made in the early years so the earlier you start, the more you will have when you need it. Read about the “Rule of 72” which shows how quickly money doubles at a particular interest rate. If you plan to retire at 67 and your investment doubles every seven years, then 10,000 dollars invested when you are 25 is worth $320,000 when you retire while 50,000 dollars invested when you’re 35 is only worth only $400,000 when you retire. It’s MUCH better to invest less for a regular period when you’re young than struggle to make it up later.7) Avoid get-rich-quick schemes you don’t understand. You WILL lose. Avoid any broker or planner who uses big words you cannot understand. Anyone who is being honest can tell you how their scheme works in a way a five year old will understand it. If you can’t understand it and they can’t dumb-it-down for you then they are cheating you every single time. They make money whether you win or lose. And with Trump’s new financial rules, brokers can advise you to invest in positions they know will fail; where they have a conflict of interest; and where they can invest against you for their own benefit.8) The easiest and most productive long term investment strategy using stocks in the SP 500 Vanguard Index funds. If you put money in these funds you will most likely do better than the market over the long term - the long term being 20 years or more. If you invest in these funds, put in an initial amount of 5000 dollars then put in 500 dollars a month (minimum) and using “dollar cost averaging” always put in that minimum (you can always add more than the minimum) whether the market goes up or down. If the market goes down, you get more shares for your money so that when the market goes up, your value will appreciate faster. In the long run, most of the money is made as the result of a “down” market.9) Don’t play games with individual stocks unless its a hobby where you set aside the same kind of money you would for a trip to Vegas. Betting on individual stocks is like gambling. If want to do it for fun, that’s great but don’t depend on it and don’t sweat over it. Don’t try “day-trading” where you buy a stock you think will go up and sell it very soon. You will lose. Don’t trade on margin. Don’t try to time the market. Don’t short-sell stocks. This means selling stocks you don’t own and then buying them three days later in the hope the price fell. You can lose your shirt. Look into buying on “Puts and calls” if you can figure out the complex schemes. If you like to play in the stock market then this is a way to play at low cost. If you must do the stock market thing open a discount brokerage account at TD Waterhouse and do it through there. Don’t expect to get any decent advice.10) Do not ever purchase any of the hundreds of “investment pornography” publications out there. They are all selling the latest bullshit that will get you rich and you will only feel anxious and inferior. If you stick with Index Funds then you never have to worry too much.11) Remember that the adage to “buy low - sell high” is always true. Set limits for when you will sell AND STICK TO THEM. If the stock you bought goes down 10 percent, then sell it (if 10 percent is your strategy). If it goes up 10 percent then sell it. If it goes up more, forget it. Always forget about what happens AFTER you sell a stock. That happened in the past and all the “if onlys” never got anyone successful. Remember two things: “No one ever bet enough on a winning horse” and “It’s never too late to make a losing bet”. Cut your losses, take your profits, forget what happened yesterday or what you woulda, shoulda, coulda done. You cannot change the past so don’t dwell on it.12) Remember that when there is blood in the streets it’s time to buy more stocks. When the stock market crashes is when ordinary people get rich. So far, the stock market has ALWAYS recovered. When something bad happens, be bold and take a risk on something you like and have confidence will pull through. This is the only time I ever recommend buying anything other than individual blue chips that pay dividends. And always remember: Sometimes you have to make it “real”. Stocks are NOT money until you sell them. Don’t count your chickens before they are hatched.13) It is never a mistake to buy more bonds, unless you believe the US Government will default in the next 30 years. As you get older, for every year, one percentage point of your investment money should be switched from more risky investments to bonds. Even if the stock market collapses, you will still preserve your capital. If you need this for your retirement then you must consider it. What about gold and silver? There’s always a tiny place for precious metals - but keep it tiny, like much less than 10 percent. And remember, if you’re buying metal because you think the shit is going to hit the fan, then you MUST have the metal on hand. Gold funds, gold held in escrow, etc is all going to disappear when the catastrophe comes. If you MUST buy gold, buy 1 oz .999 fine gold in recognized coins such as Maple Leafs. Avoid crappy corrupted American gold coins unless it can be shown they are highest possible carat weight. NEVER under any circumstances buy the promotional gold or silver coins, stamps or whatnot you see advertised on television. They are a complete and total RIPOFF.14) Property is almost always a good investment but return depends on three things: location, location, location. Stocks can fail but land always retains some residual value. Owning property is an excellent way towards generating extra income along the way and a giant nest-egg for when you retire. I cannot recommend it highly enough. There are too many factors to get into here about how to be smart but generally, buying property is a good bet.15) If you plan to “buy and flip” remember that time is your enemy. Get in and get out fast. Don’t fall in love with a house and never gold plate it. Do the minimum necessary to unload it as quickly as possible at your goal price. Flipping houses is like playing musical chairs. If the market turns or interest rates change you can be stuck with a piece of shit property you cannot unload.16) Plan to retire later. The later you can retire the more Social Security dollars you can get. You can start collecting at 62 but there is a huge financial incentive to wait until you are 67. If SocSec survives (and there is grave doubt of that right now since Trump is working to kill it) then waiting longer means more money for you - a lot more money.17) If you want to be healthy in your dotage then follow the Big Seven rules for living longer, healthier: Drink less booze; stop all tobacco products; drink more water (less soda); get more exercise (even if it’s just a little); eat more vegetables (lots more vegetables); Get (and stay) married; own a dog or cat. If you do these things you maximize not just your chance of living longer but enjoying a better quality of life.18) Get a lawyer to make your will. Do not die intestate. It’s misery for your survivors and the state gets a great deal of your money. Assign a proxy and power of attorney that you trust; make a living will; assign power of attorney over medical decisions; decide how you want your life to end. Don’t delay. Some day tomorrow is not going to come.19) Consider joining the military at a young age so you are always eligible for VA benefits, extra points and other perks that go with that job. Consider civil service as a way of getting good pensions or retirements and early retirement so you can do something else if you want. “Double Dippers”, people with 20 years in two civil service jobs make enormous retirement sums.20) Involve your spouse or significant other in all your financial dealings. Do it all together, not just so you have a plan but so that both of you know what to do if the other dies. It’s inevitable. Make sure they know the passwords, pins and combinations or where they can get them if they need it, and vice-versa.21) Consult and actuarial table and determine how long you will live and how much you will need to survive during that time and how you will live, No one can plan when they are going to die but you can get an idea on average and plan accordingly. This includes Assisted Living, which can run 5 - 10,000 dollars a month. If you run out of money you WILL find yourself on a stained mattress in a filthy state-supplied indigent nursing home being molested by the staff and robbed blind when you are most helpless. Don’t let that happen.22) Most of financial planning is about planning for the future and the biggest piece of advice I ever got was “Don’t be stupid”. That seems rather facile but it’s also true. Use common sense; don’t trust people you don’t know; if something seems too good to be true, then it probably is. And so on.23) Don’t skimp on insurance for your home and property. Review your policy once a year. Insurance is the biggest scam in the universe and if there is a way for them to NOT pay when you need it, they will find it. Insurers are one step to the left from hardcore criminals. You need insurance but you can never, ever trust an insurance firm. Ever. They change the policy you pay for every year and the burden is on YOU to know what’s no longer covered.24) Find a good lawyer and put him on retainer. That means you give him 5000 dollars and for that money you get a business card you can call in an emergency. It’s better to have a lawyer on hand who can advise you (even if it’s to a specialist) than to be scrambling for one in an emergency. Any work he does for you is paid for by the retainer until it is exhausted. He can handle real estate, torts, wills and other things or direct you to someone who can.25) Have an emergency fund set up with at least 3 months gross salary in a money-market or rapidly liquid account. I think 6 months is better and if you don’t need it, it’s accruing interest. But if you lose your job or an emergency comes up you will have something to turn to right away. This is important.26) it might be worth it to pay off high Interest school loans by refinancing your house to 30 years. It will at least lower the payments.27) When it comes to college, it ALWAYS pays to do two years at a cheaper school than to spend four or five years at a more expensive school. Socially, this is a very difficult choice but financially the savings are enormous. In addition, if you MUST take school loans then spend the money parsimoniously. Using school loan money on food or clothes means those things will end up costing you five times the price by the time you pay off the loan. Do anything you can to avoid school loans. They are a complete and total ripoff.

Selected Interview QuestionsCandidate: 00101.Why you are willing to join in a bank?I am willing to join in a bank since I hope that I may be having more opportunities to serve the public. Banks have better career opportunities by means of periodical promotions to higher cadre.02.What do you mean by appraisal of gold loans?Gold loans are granted against the security of gold jewellery namely gold chains, necklaces etc., The jewellery apart from gold contains certain amount of copper and stones. Appraiser is a person well versed in the art of appraising the jewellery and on appraisal of the jewellery, he will be finding out the approximate gold content so that the bank may be able to provide loans against the gold content.03.What are the different kinds of term deposits available in a commercial bank?The different kinds of term deposits available in a commercial bank are – fixed deposit, recurring deposit and reinvestment deposit. In the case of fixed deposit, a fixed amount is accepted for a definite period and interest is paid on quarterly basis. In the case of reinvestment deposit which is similar to fixed deposit, interest is paid on maturity since interest is reinvested. In the case of recurring deposit, monthly instalments are accepted for a fixed period.04.What is the minimum period for which a fixed deposit is accepted and the maximum period for which a fixed deposit is accepted?The minimum period for which fixed deposit is accepted is seven days and the maximum period is ten years.05.Whether a fixed deposit can be accepted for a period more than ten years?In the case of deposits in the names of minors on account of settlement of claims, the deposit can be for more than ten years06.What do you mean by FERA?FERA means foreign exchange regulations act and it came into effect from the year 1973. An act to regulate certain payments dealing in foreign exchange, securities, the import & export of currency and acquisition of immovable property by foreigners. Under Section 31 (1) of the Foreign Exchange Regulation Act ( FERA) of 1973, it is mandatory for foreign corporations, which are not incorporated in India to obtain permission from the Reserve Bank Of India (RBI) to acquire, hold, transfer or dispose off in any manner (expect by way of lease for a period not exceeding five years) any immovable property in India.07.What do you mean by ECS?ECS means electronic clearing service and the customer can authorize on periodical basis to make payment of certain utility bills like electricity charges, water charges etc., by debiting his account till such time he submits a revocation letter. Similarly, he can authorize corporate to credit the dividends on shares and interest on debentures as and when due to the credit of his account with the bank.08.What is the minimum amount that can be sent through RTGS?The minimum amount that can be sent through RTGS is Rupees two lakhs and there is no maximum limit09.What is the maximum amount that can be remitted through NEFT?There is no or maximum limit for remittances sent through NEFT10.What is the maximum amount that can be sent abroad by any resident individual?Under liberalized remittance scheme, all resident individuals including minors are allowed to freely remit an amount upto US dollars 250000 (or its equivalent freely convertible foreign currency) per financial year11..What is the name of apex bank which is responsible for the development of agriculture in the country?NABARD is the apex bank which is responsible for the development of agriculture in the country.12.What are the different kinds of schemes available in our country aiming towards poverty alleviation?National old age pension scheme; Jawahar Gramin Samruddi Yojana; National Family Benefit scheme; Mahatma Gandhi National Rural Employment Guarantee Scheme; National Maternal Benefit Schemel Annapurna etc.,13.What do you mean by crossing of any cheque?Writing of two parallel transverse lines drawn on the face of the cheque on top left hand corner with or without any words between the lines is known as crossing and it is for the purpose of making payment of the cheque through an account in the name of the payee or holder.14.What are the different kinds of crossing?Two parallel transverse lines drawn on the face of the cheque on top left hand corner of the cheque with any words or without any words is known as general crossing and the the payment can be made to the account of the payee or holder with any bank. In case the name of any bank is mentioned within the two parallel lines, it is known as special crossing and in this case, the payment should be made to the account of the payee or holder with the bank mentioned in the crossing only and not to any other bank.15.What do you mean by CASA?CASA means current and savings and this is applicable to computerized branches linked under core banking solution16.Whose signature is available in Rs. 100/- currency note?The signature of RBI governor is available in Rs. 100 currency note17.What do you know by dividend?Dividend is the return available in the form of money for the investments made by the shareholders in the equity shares and preference shares of any company.18.Bank holidays are declared according to which act?Holidays for banks are declared according to Negotiable Instruments act 1881 by the respective state governments in their states. However, all Sundays, all second and fourth Saturdays have been declared as holidays apart from the holidays permitted for religious and national ceremonies.19.Banks are functioning according to which act?Commercial banks in the country are functioning according to Banking Regulation act 1949 and to some extent as per Reserve Bank of India act 193420.RBI is functioning in the country as per which act?Reserve Bank of India is functioning according to Reserve Bank of India act 1934.Candidate: 00201.What do you mean by a guarantee?Guarantee is an undertaking executed by one person called as guarantor in favour of another person called as beneficiary expressing his intention to make payment in the event of failure of the principal debtor on payment of a debt or failure to perform any contract within the stipulated time or according to the terms of the contract.02.What are the different types of guarantees?The different types of guarantees are financial guarantee, performance guarantee and deferred payment guarantee03.What do you mean by letter of credit?Letter of credit is an undertaking executed by one banker on behalf of its customer to honour bills and documents drawn by another person as per the terms and conditions as mentioned in the letter of credit04.What do you know by packing credit advance?It is the preshipment advance granted by one bank to the exporter for the purpose of procuring raw materials; payment of various duties like customs duty, excise duty; packing charges; shipment charges etc.,05.What do you mean by special crossing?In case the name of any bank is mentioned within the two parallel lines, it is known as special crossing and in this case, the payment should be made to the account of the payee or holder with the bank mentioned in the crossing only and not to any other bank.06.What do you know by IFSC code ?IFSC means Indian Financial System Code and this is one alphanumeric code consisting of eleven digits of which the four alphabetic digits represent the name of the bank mentioned in abridged form and the next zero is known as control number and the last six numeric digits represent the branch code of the bank.07.Which is called as mother of deposits?Savings deposit is known as mother of deposits. Normally the first time customers will be advised to open savings deposits with the bank branch before availing any other facility with the bank08.Who is a called as natural guardian?Bother mother and father are known as natural guardian for the purpose of opening accounts in the name of minors represented by the guardian.09.Whether grandfathers and grandmothers can be natural guardians?Grand fathers, grandmothers grand grandfathers or grand grandmothers cannot represent as natural guardians on be behalf of the minors10.Which type of credit facility is available to a farmer for raising crops?For raising crops, the farmers are provided with crop loans, Kisan Credit Cards etc.,11.What do you mean by NULM?National Urban Livelihoods Mission (NULM) was launched by the Ministry of Housing and Urban Poverty Alleviation (MHUPA), Government of India in 24th September, 2013 by replacing the existing Swarna Jayanti Shahari Rozgar Yojana (SJSRY).The NULM will focus on organizing urban poor in their strong grassroots level institutions, creating opportunities for skill development leading to market-based employment and helping them to set up self-employment venture by ensuring easy access to credit. The Mission is aimed at providing shelter equipped with essential services to the urban homeless in a phased manner. In addition, the Mission would also address livelihood concerns of the urban street vendors12.What do you mean by Gram Sadak Yojana?The Pradhan Mantri Gram Sadak Yojana called as PMGSY was launched by the Government of India for the purpose of providing connectivity to unconnected habitations as part of a poverty reduction strategy. Government of India is endeavouring to set high and uniform technical and management standards and facilitating policy development and planning at state level in order to ensure sustainable management of the rural roads network.13.What are the salient features of MGNREGA?MGNREGA is known as Mahatma Gandhi National Rural Employment Guarantee act and according to this employment is guaranteed at least one person per household in rural areas. It aims at enhancing the livelihood security of people living in rural areas by guaranteeing hundred days of wage employment during each financial year to a rural household whose adult members volunteers to undertake unskilled manual work14.Which authority is supervising the functions of insurance companies?IRDA – Insurance Regulatory and Development Authority is the authority responsible for supervising the functions of insurance companies in our country15.What is meant by IPO?IPO means initial public offer and this is the first time public offer of equity shares, preference shares or debentures to the public for subscription16.What is meant by ASBA?ASBA means applications supported by blocked amount. Nowadays investors are permitted to remit the amount through ASBA demand drafts drawn in ASBA accounts for the purpose of subscribing shares or debentures through initial public offer and further public offer. When the demand draft is issued, instead of debiting the amount in the account, the amount is blocked till such time the shares or debentures are allotted. On allotment, the entire amount is debited; in the case of partial allotment, the amount is debited equivalent to the value of allotment and in the case of non allotment, the entire amount is allowed for further use. For the intervening period, the depositor earns interest as applicable to the category of deposits.17.What is meant by Performance guarantee issued by any commercial bank?In the case of contracts in favour of governments, the contractors are in a position to provide a bank guarantee by a reputed commercial bank, thereby undertaking to guarantee the government department to compensate the loss on account of failure of performance of the contract by the contractor within the due date or failure to perform the contract as per the terms and conditions of the contract. This is known as performance guarantee.18.What do you mean by packing credit facility issued by any commercial bank?Packing guarantee is known as preshipment advance provided by the commercial bank to the exporter for the purpose of procuring raw materials, packing materials or making payment towards customers duty, excise duty, transportation charges etc.,19.What do you mean by notice money?Notice money is money borrowed for a period of two days and more and upto fourteen days in the call money market.20.Treasury bills are issued by which authority and what are the different kinds of treasury bills available in the country?Treasury bills are issued by central government and state governments for the purpose of mobilizing funds from the public and others towards meeting the cost of various projects. There are three kinds of treasury bills as at present namely – 91 days, 182 days and 364 days. 91 days treasury bills are issued each Friday and the notified amount is Rupees one hundred crores. 182 day treasury bills are issued during alternative Wednesdays which is non reporting week and the notified amount is Rupees 100 crores and 364 days treasury bills are issued on alterntive Wednesdays which is a reporting week and the notified amount is Rupees 500 crores.Candidate: 00301.What do you know by PIN number?PIN number is four digit number expressed in numerical characters. PIN number is used for the transactions done using debit cards and credit cards through automated teller machines and point of sale terminals.02.What do you know by PAN number?PAN number is known as permanent account number. This is used for the purpose of remittance of income tax with income tax department. Tax payers should get one PAN number by sending an application along with relevant documents and by payment of specified sum of money to Income tax department or their agencies. It is ten digit number consisting and alphapetical and numerical characters.03.What are the functions of DICGC?DICGC means Deposit Insurance and Credit Guarantee Corporation and this corporation provides deposit insurance upto an amount of Rupees one lakh per depositor per bank in the event of insolvency of the bank and it also provides small loans guarantee upto certain limits04.What is the role played by ECGC?ECGC provides guarantee support to the exporters of the country in the form of several export guarantees05.Mention the Regional Rural Banks which are functioning in Tamilnadu?The Regional rural banks which are functioning in Tamilnadu are Pandiyan Grama Bank and Pallavan Gramin Bank. Pandiyan Grama Bank has been sponsored by Indian Overseas Bank and pallavan Gramin Bank has been sponsored by Indian bank.06.What do you mean by Mergers and what are the different kinds of mergers?When two independent units merge together to form a single unit, it is known as merger. The mergers can be vertical merger, horizontal merger, reverse merger, consolidation, amalgamation etc.,07.What do you mean by horizontal merger and reverse merger?When the business functions of two units are identical in nature and when the merger takes place between those units, it is known as horizontal merger. New Bank of India merged with Punjab National Bank and both are banking organizations. Industrial Credit and Investment Corporation of India Limited was instrumental in establishing ICICI bank as per LPG norms and subsequently Industrial Credit and Investment Corporation Limited merged with ICICI Bank and when a parent unit gets merged with an ancillary unit, it is known as reverse merger.08.Which are the top two private sector banks in our country?The top private sector banks in our country are HDFC bank limited and ICICI bank limited09.Whether housing loan is a priority sector advance and if so, upto what amount?Housing loans granted are treated as priority sector advances subject to certain conditions. Loans to individuals up to Rupees 28 lakh in metropolitan centres (with population of ten lakh and above) and loans up to Rupees 20 lakh in other centres for purchase/construction of a dwelling unit per family, are eligible to be considered as priority sector provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed Rupees 35 lakh and Rupees 25 lakh, respectively. Housing loans to banks’ own employees are not eligible for classification under priority sector.10.Whether educational loan is a priority sector advance?Loans to individuals for educational purposes including vocational courses upto Rupees 10 lakh irrespective of the sanctioned amount are eligible for classification under priority sector.11.What do you mean by micro, small and medium enterprises?The classification is based on original investment in plant and machinery: For micro enterprises, upto Rs. 25 lakhs for manufacturing units and Rupees 10 lakhs for service units; For small enterprises, for manufacturing units above Rupees 25 lakhs and upto Rs. 5 crores and for service units above Rupees 10 lakhs and upto Rupees 2 crores; For medium enterprises, for manufacturing units above Rupees 5 crores and upto 10 crores and for service units above Rupees 2 crores and upto Rupees five crores12.What do you mean by KYC and name any two important documents which are obtained as per KYC?KYC means know your customer guidelines and these guidelines were prescribed by RBI for new customers who are willing to open accounts with commercial banks and according to KYC, any new customer who is willing to open accounts with commercial banks should submit the photocopy of anyone of the following namely; driving licence, voter id card, AADHAARA card, passport as address proof and photocopy of anyone of the following namely; driving licence, voter id card, AADHAAR card, passport, pancard as identity proof. KYC is antimony laundering device.13.What is the present repo rate and reverse repo rate?The present repo rate is 6.25% and reverse repo rate is 5.75%14.In the case of MICR code, the middle three digits represent what?MICR code consists of nine numerical digits and the middle three numerical digits represent bank name15.PAN number consists of how many alpha characters?PAN number consists of ten digits. The first three alpha characters are random alphapetical characters between AAA to ZZZ; next one alpha character represents the category of the cardholder; the next one alpha character represents the first character of the name of the cardholder; the next four numerical digits are auto generated sequential numbers and the last one single alpha character is a check digit.16.What do you know by biometric automated teller machines?In the case of automated teller machines, the four digit numerical PIN number is used for performing transactions using debit card and credit card. In the case of biometric automated teller machines, instead of PIN numbers, anyone of the following body parts is used – left hand thumb impression; eye retina and voice recognition. In India, the left hand thumb impression is the accepted mode and these kinds of automated teller machines are known as green label automated teller machines.17.What is the criteria by which a bank is considered as largest bank?For the purpose of ranking, a bank is considered to be largest or smallest taking into consideration the business position of the bank; namely – the total deposits and total advances as at the end of March each year.18.What do you mean by commercial paper?Commercial papers are issued by well rated organizations for mobilizing funds from the public and other corporate. They are issued at a discount and they are freely negotiable by endorsement and delivery. The minimum maturity period is seven days and the corporate should have earned credit rating equivalent to P2 issued by CRISIL19.What do you mean by FCNR?FCNR means foreign currency non resident accounts. Non resident Indians and Persons of Indian origin are eligible to invest in this deposit. It is a term deposit accepted in the currencies – US dollar, Sterling Pound, Euro, Japanese Yen, Canadian dollar and Australian dollar. The minimum period of deposit is one year and the maximum period is five years and the deposit is held in foreign currencies and the interest earned is free from income tax.20.What do you mean by Escheat?He is a person who dies without leaving any legal heirs and in this case, his estate will revert to the state government.Candidate: 00401.What do you mean by money laundering?Using the banking channel for the purpose of bringing illegal money is known as money laundering.02.What do you mean by subprime lending?Mass lending by commercial banks to the borrowers without ascertaining the credit worthiness of the borrowers03.What is meant by LPG and who is responsible for introduction of LPG strategy in our country?LPG means liberalization, privatization and globalization and this was coined by Dr. Manmohan Singh, the then finance minister of our country. The salient highlights of the Liberalisation, Privatisation and Globalisation Policy in India are: Foreign Technology Agreements; Foreign Investment; MRTP Act, 1969 (Amended); Industrial Licensing; Deregulation Beginning of privatization; Opportunities for overseas trade; Steps to regulate inflation; Tax reforms; Abolition of License -Permit Raj04.What do you mean by PURA?PURA means providing urban amenities in rural areas. This concept was coined by Dr. A.P.J. Abdul Kalam, the then president of India.05.What do you know by current ratio?It is one equation between current assets and current liabilities. This ratio provides the liquidity position of the organization. When the ratio is more than one it is known as positive current ratio and the unit is having sufficient working capital and when it is less than one, the unit is found to have more current liabilities than current assets and the liquidity position is found to be very weak.06.What do you know about negotiable instruments act?In India, the negotiable instruments act was passed during 1881 which came into force with effect from March 01, 1882. Negotiable instruments means and include promissory note, bills of exchange and cheque payable to order or bearer. Promissory note, bill of exchange, cheque and demand draft are negotiable instruments.07.What do you know by MICR?MICR means magnetic ink character recognition. MICR code is available in MICR bank at the bottom of the cheque or demand draft. It consists of nine numerical digits of which the first three digits represent the centre/city; the middle three digits represent the bank and the last three digits represent the branch of the bank.08.When it comes to rural lending, which are all considered to be priority sector advances?When it comes to rural lending, the loans granted to the following are considered to be priority sector advances – Loans granted to all agriculture related activities; self help group; Differential rate of interest; Loans to SC/ST beneficiaries; Loans provided to doctors for setting up clinics in rural areas; Loans to dealers in fertilizers and pesticides; loans to dealers of springler irrigation and drip irrigation equipments etc.,09.Who is called as an authorized dealer?Authorised dealer is at present known as authorized person. Authorised person is an individual or organization permitted to deal in foreign exchange business in the country.10.What do you know by financial inclusion?Financial inclusion means the following: Providing formal banking services to poor people in urban and rural areas; Promoting the habit of money savings, insurance, pension-investment among poor people; Helping the people in getting loans at reasonable rates from commercial banks so that they do not become victims to local moneylenders11.What are the important initiatives taken through financial inclusion in the country?The following are the important initiatives taken through financial inclusion in our country: Lead banking scheme; No frill accounts; Basic savings bank deposit accounts; JANDHAN accounts; business correspondent and business facilitator facilities; Swabhiman campaign;12.What do you mean by MCLR?MCLR replaces the base rate system. RBI introduced the system with effect from 01.04.2016 in order to determine the base rate by commercial to improve the efficiency of monetary policy transmission. All rupee loans sanctioned and credit limits renewed with effect from 01.04.2016 to be priced with reference to MCLR and it will be an internal benchmark for the banks. It consists of marginal cost of funds, negative carry on account of CRR, operating costs and tenor premium. The marginal cost of funds consists of two components namely; marginal cost of borrowings and return on networth13.What are the major money market instruments?Certificate of deposits; Commercial paper; Inter Bank participation certificates; iner bank term money; Treasury bills; Bills rediscounting and call/notice money14.What are the differences between NEFT and RTGS?Both are two categories of online remittance facilities through CBS enabled branches of commercial banks. The minimum balance that can be sent through RTGS is Rupees two lakhs whereas in the case of NEFT, there is no such limit. The beneficiary gets his funds at real time and it means instantaneously without any loss of time. In the case of the beneficiary gets his funds in between batches15.Who is deciding the rate of interest for savings deposit accounts?Rate of interest for savings deposits is decided by respective commercial banks only and RBI has permitted full freedom in this connection.16.Who cannot open savings deposit accounts?Proprietorship concerns, partnership firms, limited liability partnership firms, private limited companies and public limited companies are not permitted to open savings accounts17.What is meant by memorandum of association?Memorandum of association is the parent document for any company whether it is a private limited company or private limited company. It contains the details of formation of the company, policies, objectives, registered office and more.18.What is known as power of attorney?Power of attorney is an authorization given by one person called as principal in favour of another person called as an agent authorizing the agent to perform certain activities on behalf of the principal and it can be specific power of attorney or particular power of attorney.19.In which currencies FCNR accounts can be opened in our country?FCNR account can be opened in the following currencies namely; US dollars, Sterling Pounds; Euro; Japanese Yen; Australian dollars and Canadian dollars.20.What are the differences between NRE and FCNR?NRE and FCNR accounts are opened by non resident Indians and Persons of Indian Origin in India. NRE accounts are to be opened in rupees whereas FCNR is opened in foreign currencies. NRE accounts can be opened in the form of savings account, current account, reinvestment deposit and fixed deposit whereas, FCNR account is permitted to be opened as fixed deposit or reinvestment deposit. NRE term deposits can be opened for a minimum period of seven days and maximum period of ten years. FCNR accounts can be opened for a minimum period of one year and maximum period of five years.Candidate: 00501.What do you mean by masala bonds?Masala bonds are the bonds issued for rupee denominated borrowings by Indian companies in overseas markets02.What do you mean by secondary market in our country?Secondary market pertains to capital market and it is also known as stock exchange or old issues market. Shares, debentures and bonds can be bought and sold from the stock exchange through registered brokers.03.What do you mean by fund based limits and non fund based limits?The loans provided to the borrowers in the form of term loans, overdrafts, cash credits and bills discounting limits are known as fund based limits since funds are released to the borrowers. Guarantees and letter of credits are non fund based limits since no funds are provided for the time being since they are contingent liabilities.04.What do you mean by off balance sheet items?Guarantees, letter of credits and bills sent for collection for which proceeds are yet to be realized are known as off balance sheet items05.What do you mean by closed ended scheme?This is one form of mutual fund scheme. Like initial public offer, the scheme is open for a certain period only and after which the public cannot invest their amount in the units under this scheme.06.What do you mean by open ended scheme?This is one mutual fund scheme and the units under scheme can be purchased and sold at any time07.What do you mean by overdraft facility granted by a bank?Overdraft is a facility granted by the banks towards meeting the working capital requirements of a borrower. This is provided by means of credit limit over and above the current account balance and the borrower has to pay the interest as and when due.08.What do you mean by collateral security?Collateral security is an additional security provided by the borrower in addition to the primary security. For example, in the case of vehicle loan, the car purchased out of loan is known as the prime security and the insurance policy obtained by the bank from the borrower for the sanction of this loan is known as collateral security.09.In regard to educating a customer, what are the different kinds of information boards displayed in a bank branch?The following boards are available in the bank branches – Working hours and business hours; Interest rates on various deposits; Interest rates for loans; Service charges; Time norms for various services; Details of schemes available in the branch10.Who is the present RBI Governor?The present governor of RBI is Shri Urjit Patel and he is functioning as the governor of RBI since 04th September, 201611.What do you mean by unclaimed deposits?The deposits which are not in operation for more than ten years are known as unclaimed deposits. For the purpose of this classification, the customer induced transactions are only taken into account.12.How many regional centres are available for RBI in the country?Reserve Bank of India has four regional centres at the following places – Chennai, Kolkatta, New Delhi and Mumbai.13.What do you mean by white label automated teller machines?The automated teller machines which are maintained and managed by non bank entities are known as white label automated teller machines. In our country TATA Indicash and Muthoot finance are having such machines installed at various centres.14.What are the advantages of CTS?CTS means cheque truncation scheme. This is used for clearing purpose. Normally commercial banks used to send the physical cheques through their15.What do you mean by certificate of deposits?Certificate of deposits are issued by scheduled commercial banks (except Regional Rural Banks) and all financial institutions within their umbrella limits. Individuals, corporate, companies, trusts, funds and associations can invest in certificate of deposits and they are issued for a minimum period of seven days and maximum period of twelve months in the case of commercial banks and in the case of financial institutions the minimum period is one year and maximum three years, Minimum amount for investment is Rupees one lakh and in multiples of Rupees one lakh.16.RBI is called by which names – mention four names?RBI is called by the following names – banker to banker; lender of the last resort; custodian of banks; banker to government;17.What do you mean by ways and means advances?Ways and means advances were introduced as per an agreement between Reserve Bank of India and Government and they are temporary overdraft facilities provided by RBI to central government and state governments and the purpose is to bridge the time interval of mismatch the government expenditure and receipts. The duration of the limit is ten days for central government and 14 days for state government departments.18.Who is banking ombudsman and by whom he is appointed?Banking Ombudsman is an arbitrary authority who resolves the complaints received from the customers of commercial banks in regard to bank related issues.19.What do you mean by EEFC account?Exchange Earner’s Foreign Currency account is an account maintained in an account maintained in foreign currency with an authorized dealer ; i/e/ a bank dealing in foreign exchange. Professionals, exporters, trainers etc., who are in receipt of foreign exchange for the services extended by them in foreign countries can invest the amount in EEFC account and the account will be in the form of current account and no interest is paid for the balance held in EEFC account.20.What do you know by NBFC?NBFC means non banking finance companies. It is a company registered under Indian Companies act 1956 and presently 2013 engaged in the business of providing loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire purchase, insurance business, chit fund business etc.,Candidate: 00601.What do you mean by arbitrage?It is the process of purchase of one security from one market and selling the same security for earning a profit at the same time at another market.02.What do you mean by Bonus shares?It is the free allotment of shares in certain proportion to the existing shares held by the shareholders of a company and this is a means of providing reward to the investors for their contribution to the growth of the organization by capital investment03.What do you mean by Bull?It is a term given to a speculator on stock exchange who buys the securities in expectation of a rise in the prices. The market is called as bullish when there is a domination of buyers over the sellers04.What is known as dematerialization?Dematerialisation is the process by which shares in the physical form are cancelled and they are issued in electronic form. The certificates are known as demat shares. This process eliminates the time and manpower involved in transfer and registration of shares from the seller to the buyer05.What do you mean by moorat trading?It is the auspicious trading on a special day, say Diwali during some specified hours.06.What do you mean by rights issue?It is the issue of new shares to the existing shareholders in a fixed ratio to those already held at a price which is generally below the market price of the old shares.07.What do you mean by futures?It is a standard contract issued on an agreement to buy or sell an asset at a certain price at a certain time in future. It is an obligation on the buyer to purchase the underlying instrument and the seller to sell it.08.What do you mean by forward?The forward is a contract that is traded off the stock exchange and it is self regulatory and has certain flexibility unlike future which are traded at stock exchange only and it do not have flexibility of quantity and quality of commodity to be delivered and these are regulated by Securities Exchange Board of India, Reserve Bank of India or other agencies.09.What do you mean by factoring?Factoring is an arrangement in which short term domestic receivables on sale of goods or services are sold to a company called as factor and this scheme came into existence during 1991 based on the report of Kalyanasundaram Committee10.What do you mean by forfeiting?Forfaiting represents the purchase of obligations, which fall due at some future date and arise from the delivery of goods in export transactions, without recourse to the previous holder of the obligations.11.What do you mean by leasing?A lease is a contract where the owner of the assets transfers the right to another person to use the assets against the payment of fixed lease rentals. In the case of one lease contract, there are two parties namely – the lessor or the owner and the lessee or user. The lessor remains owner and the leased property remains with the possession of the lessee.12.What do you mean by debt market?It is a market wherein the debt instruments are issued to the public by any company for investment and such debt instrument bears a fixed interest rate payable half yearly on specific dates and principal amount repayable on particular date on redemption. Debentures are normally secured/charged against the asset of the company in favour of debenture holder. The following are some debt instruments – debenture; bond; zero coupon bond; convertible bond; security receipts etc.,13.What do you mean by greenshoe option?It is an option provided by Securities and Exchange Board of India to a company which is coming out with one initial public offer to the public. By this option, the company can retain certain portion of the applications received through IPO in case of oversubscription.14.What do you mean by equity market?Equity market consists of investment by the public in different kinds of shares issued by the company and by subscribing for the shares, the investors are expressing their willingness to stand as owners of the company. The equity market consists of equity shares, preference shares, rights shares, bonus shares etc.,15.What do you mean by sweat equity?Directors and employees contribute intellectual property rights to the company in the form of providing technical know-how captured by way of research or contributed by way of strategy software developed for the company or adding profit and economic value. To compensate the directors and employees, the concept of sweat equity has come into existence.16.What do you mean by participatory notes?A participatory note is a financial derivative instrument issued against an underlying security and it allows the holder, to get dividend or capital gains earned from the underlying security although some of the holders may not be eligible to trade in stock markets in India.17.What do you mean by book building?Book building is the process to assess the demand for a particular public issue of various prices, based on which the issue is priced and sold to the investors.18.What do you mean by sensex?It is a stock market index provided by Bombay Stock Exchange for the information of the investors. The positive or negative variation in the index provides an insight for investment or dis-investment to the general public and especially the investors in the stock market. It is based on the market capitalization of top thirty shares earmarked by BSE19.What do you mean by Nifty?It is a stock market index provided by National Stock Exchange for the information of the investors. The positive or negative variation in the index provides an insight for the investment or dis-investment to the general public and especially the investors who are participating in stock market trading. It is based on the market capitalization of top fifty shares earmarked by NSE20.What do you mean by swap?A swap is a contract that binds two counterparties to exchange the different streams of payments over the specified period at specified rate.

Non-resident foreigners buying property in South Korea must abide by the Foreigner's Land Acquisition Act, Real Estate Registration Act, and Foreign Exchange Transactions Act. Non-residents must prepare documents certifying their residence in a foreign country, or provide confirmation with proper authentication.A property sale contract must be recorded by the foreigner to the head of the Shi/Kun/Ku (city/county/ward). If the property is located in military installation protection areas, designated cultural properties, and ecosystem conservation areas, foreigners “shall obtain permission from the head of Shi/Kun/Ku before the conclusion of the contract” .However, remittance of revenue or profit from property in Korea is not allowed. A foreigner who wants to enjoy rental income has two options. One is to establish a ‘stock company’ or corporation (Joosik hoesa), which is the same as a U.S. stock company. A foreigner can purchase the property through the stock company, and then remit the revenue out of the country in the form of dividends. The minimum capital required for a ‘stock company’ is KRW50 million (US$45, 045), and each share must have a minimum par value of KRW5,000 (US$5) for it to be sold without court approval.Another way is to register a ‘limited liability company’ (Yoohan hoesa), and pay the tax before remitting the money. The minimum capital required for a ‘limited liability company’ is KRW10 million (US$9,009). A ‘limited liability company’ cannot have more than 50 partners.This issue of remittance is one reason why foreigners tend to hold Korean property through a ‘stock company’ or a ‘limited liability company’.Nonresidents can open Korean Won bank accounts only for a limited range of purposes, which includes withdrawing Korean Won after depositing Korean Won acquired in Korea. However, individual and corporate residents can hold unlimited amounts of foreign currency in local foreign-currency bank accounts.A real estate agent should be sought. His services will include the transfer and registration of ownership. It is possible to obtain a contract in English.The title should then be checked. Title to real estate is evidenced by registration at the Real Property Registry. Under Korean law, buildings and land are owned separately. Therefore, there are separate registries for buildings and land.The Real Property Registry has some inherent limitations. For example, it does not show whether there has been a break in the chain of title caused by acts such as a forgery of the rightful owner’s seal or an unlawful sale of the property by a third party.Without proper title registration, the occupier of real estate may take ownership through one of the following types of adverse possession:The occupant is the registered title holder at the Real Property Registry, has occupied the premises for at least ten years and took possession with the intention of owning the real estate. The occupant must take possession peacefully and publicly, and with the belief that it has the legal right to possess the real estate. If, however, the occupant mistakenly believes through negligence (for example, by failing to check the Real Property Registry upon occupancy) that it has the legal right to real estate, it may not take adverse possession.The occupant has peacefully and publicly possessed the real estate for 20 years with the intent to own it and with the belief that it has the legal right to possess the real estate, and after the 20- year period, it has registered itself as the owner.The following information is contained in the registry:Title information, including current owner, history of title, dates of title transfer, and reasons for title transfer; andEncumbrances, including mortgages, easements, superficies, registered leases, trusts, and judicially-ordered attachments and injunctions.The appropriate authorities must be notified of the intention to make a foreign direct investment (FDI). This should be done at the head-office or branch of a domestic bank, branches of foreign bank, or KOTRA (including its overseas and domestic offices).A FDI company registration should be sought from the agency accepting notification, within 30 days from completion of capital of investment object introduction (Requirements: * Application for FDI company registration; * Certificates confirming purchase (deposit, etc.) of foreign currency ( in case of FDI-in-kind introduction, certificates confirming the completion of FDI-in-kind by KISC); * Copies of company registration at Korean Court registry (in case of personal business, certificate of business registration at tax offices).Then a contract should be signed, and a transcript of the real property registration obtained.Land Acquisition Filing must be done within 60 days after closing (payment in full) of contract at the Cadastral Division, City, County of Ward Office (Autonomies) of the place of land (Requirements : A real estate acquisition contract and a transcript of land registry).Strictly speaking, a parcel of land is legally distinguished from real property, but traditionally a building isn’t normally traded apart from its land in Korea. Therefore a ‘Land Acquisition Filing’ is usually needed in case of purchasing a house (incl. Apartment), factory, or commercial building). It is recommended that professional legal services be obtained, because of the complex requirements.A Business Registration should be lodged (where a local corporation is being formed to hold the property) at the national tax authority with jurisdiction over the place of real property, KOTRA (Requirements : * Business registration application form; * Certificate of FDI notification; * Notarized certificate of representative of individual with power of attorney (In the case of a corporation, business registration is normally done at the time of incorporation).Then a request should be made for Foreigner Registration No. for real estate registration, for an individual, at the Seoul Immigration Office (in Mok-dong : Tel. 82-2-650-6237), and for a corporation, at Cadastral Division, City, County or Ward Office of the place of real property (to give your representative a mandate, attach a power of attorney notarized by the public notary of one´s homeland (foreigner) or the consulate in the country of residence (Korean resident abroad).The title transfer must then be registered, within 60 days after closing of contract, at the registry office with jurisdiction over the place of real property. (Requirements : a) Certificate of alien registration (resident alien) / certificates of address and registry for real estate resister (non-resident alien) / transcript of the corporation registry (corporation); b) Registration form, the certificate of land acquisition filing, a certified contract, a certificate of registration and official seal of seller, copies of land/forest/building (improvement) ledger (for the mandate - attach a power of attorney notarized by the public notary of one´s homeland.All that said, the problem is not necessarily buying property to run a guest house as a business, the problem is that you’d need to get a special visa to be able to reside there full time to run it yourself. Otherwise, depending on the country under which you hold a passport and the visa time limits and restrictions placed, you have to keep leaving the country by the assigned deadline and then reapplying to return; meaning you have to fly out of South Korea for the required amount of time before returning again. Of course you don’t have to return back to your native country, you could fly to HK or Japan and return from there. But it is an added “business” cost you would have to consider. If for instance your country’s agreement allows on a 30 day stay, you’d have to do it 11 times a year; if they allow a 60 or 90 day stay, then respectively you have to leave 5 times or 3 additional times a year before coming back to Korea. Are you going to hire a Korean employee and keep the guest house open 24/7/365 days a year, or shut down when you have to be out of country to reestablish a new visa? Those things have to be considered too.Hope it helps! The best advice though is to have an attorney and have your attorney arrange for you to work with a reputable realtor in Korea to make the process as seamless and smooth as possible, as well as making sure all your rights are protected. In Korea, realtor rates and other fees associated with real estate transactions are preset and capped, but you can always negotiate a lower rate depending on the value of the property you are buying and other arrangements you are willing to make. i.e. using the same realtor as your booking agent for instance, as there are a number of realtors who arrange short term bookings under which your guest house may benefit a more stable income stream. Depending on your rates and the location of the guest house, if it is either near tourist spots in Seoul, or close to public transportation to the business section, or a major university, etc., you may find clientele who are businessmen, tourist wishing to be in country for up to a month or so, or foreign students studying in Korea who would prefer a guest house with breakfast and dinner included as a possible option—if the price is reasonable.Lastly, remember that foreigners may be unable to pay upfront deposits in Korean Won depending on which country they are from and the type of credit card they have (or don’t have). Be prepared for currency fluctuations and use them to your advantage, i.e. if you have a foreigner pay in their currency which is stronger than the Korean Won, you gain a profit from the arbitrage in currency rates. Likewise, if their currency is weaker than the Korean Won, you will want them to bear the conversion costs and only take payment in Korean Won. At the end of the year, even a 5–10% advantage in FX can mean thousands of dollars in additional revenue.Good luck!