Bank Rate is the interest rate at which the RBI allows finance to commercial banks. By Bank Rate, we mean bank can regulate the level of economic activity.

SLR Rate is the minimum amount or percentage of the deposits that a bank has to keep with the RBI in the form of money,gold or any other approved security. In simple terms it is the ratio between cash and some approved security.

CRR or Cash Reverse Ratio is the amount of money that a commercial bank has to keep with the Reserve Bank of India. If the bank increase CRR then the amount with RBI comes down and vice-versa.

It is a process that recaculates the amount to pay an employess in the current period to account for retrospective changes that occurred in previous payroll periods.

1. Processing Payroll to generate Paycheck and Pay Stubs

2. Generating Tax reports and vouchers using which Taxes are deposited to Govt (Employee Tax).

3. Processing reports that are handed over to Accounting Dept.

4. Ensuring that the Deductions, Benefits, Acruals, Taxes and Salaries are accurate (

5. Posting the Journals to Finance

6. Processing Govt Reports and submitted to Govt

7. Entering interims (may also be done by HR in some Companies)

7. Year End Process to generate W2s

Payroll reports gives information about the total 'cost to Company' for the Employee Salary, Benefits (Cash and Non-Cash), Taxes, Total Hours worked. 

All these information is helpful for the Management decisions.

Means whatever income any employee received from the organisation and on that tax to be deducted. (e.g. Gross salary, Overtime, Bonus, Incentives etc.)

1. Collection of attendance / collation of attendance

2. Scrutunizing the received attendance 

3. Calculating the salary as per the attendance, based on LOP received

4. Once the Payroll Processing is over, the gross salary should be checked with Master Data of salary.

5. Netpay has to request for bank transfers / cheque 

6. Need to take care of statutories like PF / ESI / PT / Income Tax

7. While processing salary, statutory deductions like PF / ESIC / PT and income tax calculations tobe taken care.

8. Arriving the salary structure for New Joiners

9. F&F tobe done for resigned employees

10. PF & ESI Nomination has to take care for the new joiners

11. PF Settlement / PF transfer has to take care for the resigned employees after 60days from the date of resignation.