What are the basic banking terms?
What are the basic banking terms?
10 Basic terminologies that you should know about Indian banking
- Base rate. Want to take a personal or home loan from your bank?
- Cashback. Owning a credit card issued by your bank?
- Credit History.
- Collateral.
- Compound interest.
- Demat account.
- Electronic Fund Transfer.
- Fixed and Floating rate.
Which term is used in banking field?
Interest rate swap is used in banking field.
What are 3 key functions of the banking system?
These primary functions of banks are explained below.
- Accepting Deposits. The bank collects deposits from the public.
- Granting of Loans and Advances. The bank advances loans to the business community and other members of the public.
- Agency Functions. The bank acts as an agent of its customers.
- General Utility Functions.
What is SLR in banking?
Statutory Liquidity Ratio or SLR is a minimum percentage of deposits that a commercial bank has to maintain in the form of liquid cash, gold or other securities. It is basically the reserve requirement that banks are expected to keep before offering credit to customers. The SLR is fixed by the RBI.
What is vision of CBE?
Our Vision: To be a leader company and a reference in the telecommunications services, standing out for the added value that delivers to his customers, as well as throughout the value chain.
What are the 5 types of banking accounts?
Banking Basics: 5 Types of Bank Accounts
- Checking Account. A basic checking account is what’s known as a transactional account.
- Savings Account. It’s all in the name.
- Certificate of Deposit (CD)
- Money Market Account.
- Individual Retirement Accounts (IRA)
What are the 5 functions of banks?
Top 5 Functions Performed by Commercial Banks– Discussed!
- (a) Accepting Deposits:
- (b) Advancing Loans:
- (c) Discounting Bills of Exchange or Hundies:
- (d) Transfer of Money:
- (e) Miscellaneous Functions:
What is Rafa in banking?
RAFA stands for Recurring Deposit Account Fixed Deposit Account. The RAFA ratio shows how much deposit a bank has in the form of Recurring and fixed deposits.
What are the 3 types of savings?
The 3 common savings account types are regular deposit, money market, and CDs. Each one works a little different regarding accessibility and amount of interest. Besides these accounts, there are other savings options too.
