Banking terms and concepts are many and can sometimes be difficult to figure out, even for the industry professionals. Lesson 15 banking national institute of open schooling. The banking system in india, should not only be hassle. Any cooperative bank as a society is bank of india. Any and all persons designated and authorized to transact business on behalf of an account. 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. Online banking is the name for certain services offered by first merchants bank hereinafter referred to as fmb. We offers the glossary of banking terms containing more than 100 banking terms.
Learn vocabulary, terms, and more with flashcards, games, and other study tools. Banks are a subset of the financial services industry. Financial terminology can be complex, so weve provided definitions of many common financial terms to help with your personal financial planning. Over 18000 financial and investing definitions, with links between related terms. Dictionary of banking terms barrons business dictionaries. Only accounts that are enabled for transfers are listed. 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. However, since banking is a significant part of our business and personal life, it is useful for consumers to learn some common banking terms. A nongaap financial measure used to assess each of the banks businesses and to measure the banks overall performance. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Heres a quick guide to help you navigate banking terms. Browse and search thousands of banking abbreviations and acronyms in our comprehensive reference resource.
Glossary of banking terms suntrust facts about banking. When youre dealing with your finances, unfamiliar words and acronyms can make complicated processes even more confusing. Closing a sale, meeting new customers or smoothing back office shipping glitches are important revenue producers. Total allowance for credit losses consists of specific and general allowances. 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. These atms usually have an added fee for their use. Sometimes, the term balance also refers to amount of the debt that is owed. 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. An interest rate that was given at the time the account was opened. 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. Assets that are offered to secure a loan or other credit.
When rbi provides a loan to the bank for shortterm between 1 to 90 days. For small and midsize business owners, mobile banking gives the precious gift of time. A bank is a financial institution licensed as a receiver of deposits and can also provide other financial services, such as wealth management. Complete list of banking terms with definitions for bank exams. Banking terms list of important banking terminology pdf. Have your paycheck deposited directly into your bank or. The network of institutions and laws that provide a great variety of financial services. The terms of the written power of attorney may specify when it will expire. 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. These have been put in an organized and crossreferenced manner for the convenience of the visitors. When rbi provides a loan to the bank for shortterm between 1 to 90 days, rbi takes some interest from the bank. Investorwords the most comprehensive investing glossary on the web. Glossary of banking terms and definitions wealth how.
Under the revised article 9, the definition of accounts is much broader. Banks may also provide financial services, such as wealth management, currency exchange and safe deposit boxes. 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. Dictionary of banking terms and phrases helpwithmybank. Banking definition of banking by the free dictionary. A glossary of terms used in payments and settlement systems bis. While many of us are aware of basic banking terms, there is a plethora of confusing technical terminology associated with banking and finance. It includes certain disclosures for electronic funds transfers. The emi expanded the collection with the glossary of its blue book, payment systems in the european union, published in 1996. Apr 18, 2017 in a series of providing free study material for sbi po exam. 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. This wealthhow article presents to you a glossary of banking terms and definitions that might help resolve your doubts.
Financial terms and definitions the economic times. The bank may refer to this as a durable power of attorney. A glossary of terms used in payments and settlement systems. Important banking terms sbi, ibps po clerk so rrb exam. So, weve brought together a glossary for the most common terms to help you get up to speed. In other words, the bank which will pay the amount written on the cheque. Banking ombudsman is a quasijudicial authority, which functions under indias banking ombudsman scheme 2006. Commercial banks may also make shortterm loans to businesses or individuals. Basic banking terms and definitions pdf free download. You should read this agreement carefully and keep it with your other account records. 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. Online banking terms and conditions first merchants bank. It includes the services described in this agreement. Weve selected 30 useful terms that youre likely to come across in banking.
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 day means, for any service location, a day on which banks are open for general banking business in such service location. Dec 22, 2015 banking terminology can be confusing, especially to people who are new to the commercial banking world. Basic banking terms and definitions saving as basic banking terms and definitions pdf. 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. A slang term used to refer to something favorable that has happened in business. If youre studying business english or economics, knowing some banking terms will also help you a lot with your vocabulary. 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 guide is an important resource that will help to create a much greater understanding of. For example, an employee receiving a raise may reply with the words cool beans, upon receiving the news. Dictionary of banking terms barrons business dictionaries fitch, thomas p. Online banking is also known as internet banking or web banking. 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. Account information and services available online from a persons banking institution.
Since then, more terms have continually been added with the publication of each new cpss report. Some institutions require that you use the banks power of attorney forms. The contract governing your openend credit account, it provides information on changes that may occur to the account. The a to z of financial terms plain english campaign.
In this article, we have created a list of basic banking terminology that a firm must know. 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. 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. Use of the online banking services is expressly conditioned upon your acceptance of these terms and conditions. A balance transfer is the repayment of a credit debt with the help of another source of credit. It will be easy for you to prepare for upcoming bank exams interviews. The society has to obtain a licence from the reserve bank of india before starting banking business.
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. However, some interestbearing instruments, such as savings accounts, do not have defined maturities. Very useful for engineers preparing for bank exams. Pretty soon, youll be using them and seeing them everywhere. The banking glossary provided by cornerstone bank helps you understand common banking terms with definitions and explanations to help you. Channel means any system, medium or channel, including an electronic banking channel, a website, swift. Pdf complete list of banking terms with definitions for. Read on for definitions of common commercial banking terms, so the next time you talk to your banker, youll be speaking the same language. Online banking terms and conditions these online banking terms and conditions these terms and conditions govern your use of the bankunited online banking services. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala.
Today i am providing basic financial and banking terms. You can click on the respective alphabets to find the precise definition of the banking term. Definitions of key terms and phrases used in commercial, retail and investment banking and bank regulation. Banking definition is the business of a bank or a banker. For consumers, mobile banking is a terrific way to efficiently manage the occasional administrative task on the go. Jun 25, 2019 online banking allows a user to execute financial transactions via the internet. A specialized bank that accepts savings at interest and lends. 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. The term banking can be applied to a large range of financial institutions, from. Go through the glossary of financial terms and know the meaning of all financial terms through their definitions here at the economic times. Here we are providing you, 50 important banking terms useful for upcoming bank exam interview in an easy way. Heres a quick list of banking terms and their definitions. Save as banking terminology pdf or basic banking terms pdfby saving in this name you can easily recognize the file later. The banking industry uses a wide range of terms and terminologies.
Suntrusts glossary of banking terms can help you quickly find the meaning to some of the most common and confusing banking words out there. Bank member means standard chartered plc or any of its affiliates. Finance encyclopedic dictionary of international finance and. Save as banking terminology pdf or basic banking terms pdf by saving in this name you can easily recognize the file later. Complete list of banking terms with definitions for bank exams powered by. See earnings at risk, market value at risk and market value of portfolio equity. A bank is a financial institution licensed to receive deposits and make loans. The balance is the actual amount of money that is left in the account.