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Banking Glossary

[ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z ]

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page 1

	Account A record of financial relationship that a customer has with a bank. Auto renewal When the fixed deposit matures, the principal and interest are credited to the savings or current account. ATM Automated Teller Machine. A customer can access this machine to withdraw cash, transfer funds and make balance enquires with the ATM, credit or debit card. Bad debt Accounts that will remain uncollectable and will be written off. Bank rate The interest rate charged by the banks on loans. Bank rate is also interest rate charged by the Central bank on the member banks. Bank statement A periodic record of a customer's account that is issued at regular intervals, showing all transactions recorded for the period in question. Banker's cheque Same as Demand draft. Balance The amount of money in an account. Balance sheet A snap shot of the assets and liabilities at a given point of time. Bill discounting The bank honors a bill drawn by a borrower on his ( borrower's) customer and pays him immediately after deducting some amount as commission. Top