Most Commonly Used Banking Terms.
Bank Rate : It is the rate of interest charged by a central bank to commercial banks on the advances and the loans it extends.
Bouncing of a cheque : When an account has insufficient funds the cheque is not payable and is returned by the bank for a reason "Exceeds arrangement" or "funds insufficient".
CRR (Cash Reverse Ratio) : The amount of funds that a bank keep with the RBI. If the percentage of CRR increases then the amount with the bank comes down.
Cheque : It is written by an individual to transfer amount between two accounts of the same bank or a different bank and the money is withdrawn from the account.
Core Banking Solutions (CBS) : In this, all the branches of the bank are connected together and the customer can access his/her funds or transactions from any other branch.
Debit Card : This is a card issued by the bank so the customers can withdraw their money from their account electronically.
Demat Account :...