While many of us are aware of basic banking terms, there is a plethora of confusing technical terminology associated with banking and finance. Financial terms and definitions the economic times. Any and all persons designated and authorized to transact business on behalf of an account. Over 18000 financial and investing definitions, with links between related terms. If theres a conflict between the terms in this document and those in the charges and additional product terms, the charges and additional product terms will apply.
Channel means any system, medium or channel, including an electronic banking channel, a website, swift. Suntrusts glossary of banking terms can help you quickly find the meaning to some of the most common and confusing banking words out there. When youre dealing with your finances, unfamiliar words and acronyms can make complicated processes even more confusing. Definitions of key terms and phrases used in commercial, retail and investment banking and bank regulation. These have been put in an organized and crossreferenced manner for the convenience of the visitors. Apr 18, 2017 in a series of providing free study material for sbi po exam. The words, expressions, institutions and definitions of the banking and finance industry can often seem dense and confusing to an undergraduate, even to one aspiring to the financial world themselves. Since then, more terms have continually been added with the publication of each new cpss report. Weve selected 30 useful terms that youre likely to come across in banking.
Banking ombudsman is a quasijudicial authority, which functions under indias banking ombudsman scheme 2006. Ebanking definition of ebanking electronic banking, also known as electronic funds transfer eft, is simply the use of electronic means to transfer funds directly from one account to another, rather than by cheque or cash. Complete list of banking terms with definitions for bank exams. Lesson 15 banking national institute of open schooling. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. You should read this agreement carefully and keep it with your other account records. Banking terms list of important banking terminology pdf. In this article, we have created a list of basic banking terminology that a firm must know. When rbi provides a loan to the bank for shortterm between 1 to 90 days, rbi takes some interest from the bank. The payment history of an account over a specific period of time, including the number of times the account was past due or over limit. An online facility that is made available by some banks or financial organizations, in which all the transactions related to the bank account, credit facilities, debts. Banking terms and concepts are many and can sometimes be difficult to figure out, even for the industry professionals. At its most basic, banking involves an institution holding money on behalf of customers that is payable to the customer on demand, either by appearing at the bank for a withdrawal or by writing a check to a third party. Commercial banks may also make shortterm loans to businesses or individuals.
It will be easy for you to prepare for upcoming bank exams interviews. Dec 22, 2015 banking terminology can be confusing, especially to people who are new to the commercial banking world. For small and midsize business owners, mobile banking gives the precious gift of time. Here we are providing you, 50 important banking terms useful for upcoming bank exam interview in an easy way. For example, an employee receiving a raise may reply with the words cool beans, upon receiving the news. Save as banking terminology pdf or basic banking terms pdf by saving in this name you can easily recognize the file later. Banking definition of banking by the free dictionary. Under the revised article 9, the definition of accounts is much broader. The revised definition covers a much wider variety of payment obligations, whether or not earned by performance, including license fees payable for the use of software, credit card receivables, and healthcare insurance receivables.
The network of institutions and laws that provide a great variety of financial services. We offers the glossary of banking terms containing more than 100 banking terms. Dictionary of banking terms and phrases helpwithmybank. Banks are a subset of the financial services industry. Save as banking terminology pdf or basic banking terms pdfby saving in this name you can easily recognize the file later. Bank member means standard chartered plc or any of its affiliates. Heres a quick list of banking terms and their definitions. Have your paycheck deposited directly into your bank or. Investorwords the most comprehensive investing glossary on the web. Pretty soon, youll be using them and seeing them everywhere. Learn vocabulary, terms, and more with flashcards, games, and other study tools. When rbi provides a loan to the bank for shortterm between 1 to 90 days.
If youre studying business english or economics, knowing some banking terms will also help you a lot with your vocabulary. A banking system also referred as a system provided by the bank which offers cash management services for customers, reporting the transactions of their accounts and portfolios, through out the day. Under the terms of some instruments, interest is not paid periodically over the life of the instrument but instead is paid solely at the end of the loandepositsecurity term. Total allowance for credit losses consists of specific and general allowances. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Go through the glossary of financial terms and know the meaning of all financial terms through their definitions here at the economic times. Basic banking terms and definitions saving as basic banking terms and definitions pdf. In payment systems, we see the practical application of many concepts that are key to central bank operations and policymaking, such as intraday liquidity, risk. This wealthhow article presents to you a glossary of banking terms and definitions that might help resolve your doubts. A balance transfer is the repayment of a credit debt with the help of another source of credit. Glossary of banking terms suntrust facts about banking.
Jun 25, 2019 online banking allows a user to execute financial transactions via the internet. Financial terminology can be complex, so weve provided definitions of many common financial terms to help with your personal financial planning. Banks may also provide financial services, such as wealth management, currency exchange and safe deposit boxes. Any cooperative bank as a society is bank of india. Complete list of banking terms with definitions for bank exams powered by. A nongaap financial measure used to assess each of the banks businesses and to measure the banks overall performance. So, weve brought together a glossary for the most common terms to help you get up to speed. Only accounts that are enabled for transfers are listed.
The society has to obtain a licence from the reserve bank of india before starting banking business. Closing a sale, meeting new customers or smoothing back office shipping glitches are important revenue producers. Important banking terms sbi, ibps po clerk so rrb exam. Very useful for engineers preparing for bank exams. A bank is a financial institution licensed to receive deposits and make loans. An interest rate that was given at the time the account was opened. Finance encyclopedic dictionary of international finance and.
Transfer to the name and number of the account to which you are transferring funds, which you enter in the create transfer field in tcf online banking. The guide is an important resource that will help to create a much greater understanding of. You can click on the respective alphabets to find the precise definition of the banking term. The term banking can be applied to a large range of financial institutions, from. Sometimes, the term balance also refers to amount of the debt that is owed. For consumers, mobile banking is a terrific way to efficiently manage the occasional administrative task on the go. The banking glossary provided by cornerstone bank helps you understand common banking terms with definitions and explanations to help you. Account information and services available online from a persons banking institution. A glossary of terms used in payments and settlement systems. Dictionary of banking terms barrons business dictionaries. Online banking terms and conditions these online banking terms and conditions these terms and conditions govern your use of the bankunited online banking services. Some institutions require that you use the banks power of attorney forms.
Browse and search thousands of banking abbreviations and acronyms in our comprehensive reference resource. The emi expanded the collection with the glossary of its blue book, payment systems in the european union, published in 1996. The a to z of financial terms plain english campaign. Basic banking terms and definitions pdf free download. Pdf complete list of banking terms with definitions for. Banking definition is the business of a bank or a banker. In general terms, the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. These atms usually have an added fee for their use.
It includes certain disclosures for electronic funds transfers. It was created by government of india with a purpose to deal with the complaints of customers of the banks related to various services rendered by the banks. The bank may refer to this as a durable power of attorney. Bank an organisation that invests and lends money bank identifier code a bank s unique code, which is used when transferring money between banks, especially in different countries, and when exchanging messages. Online banking is the name for certain services offered by first merchants bank hereinafter referred to as fmb. Use of the online banking services is expressly conditioned upon your acceptance of these terms and conditions. Read on for definitions of common commercial banking terms, so the next time you talk to your banker, youll be speaking the same language.
The terms of the written power of attorney may specify when it will expire. It includes the services described in this agreement. Online banking is also known as internet banking or web banking. Glossary of banking terms and definitions wealth how. A specialized bank that accepts savings at interest and lends. The banking industry uses a wide range of terms and terminologies. International bank for reconstruction and development international banking act of 1978 international banking facility ibf international finance corporation international labour organization international money order internet bank interpretive letter interstate banking intervene intervention mechanism intervention price introduce introduction. A glossary of terms used in payments and settlement systems bis. Banking 3 lesson 15 banking while walking in the streets of any town or city you might have seen some signboards on buildings with namescanara bank, punjab national bank, state bank of india, united commercial bank.
A bank is a financial institution licensed as a receiver of deposits and can also provide other financial services, such as wealth management. However, some interestbearing instruments, such as savings accounts, do not have defined maturities. Online banking terms and conditions first merchants bank. The balance is the actual amount of money that is left in the account. See earnings at risk, market value at risk and market value of portfolio equity. Dictionary of banking terms barrons business dictionaries fitch, thomas p. However, in practice, the term is often used to refer to segments of that broader definition such as only interest rate risk management or only interest rate and liquidity risk management. In other words, the bank which will pay the amount written on the cheque.
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