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KNOW BANKING AND ITS TERMS EASILYArticle Summary: Banks contribute a major part of the Indian economy. Keeping this in mind and to make people aware about the most common terms used in banking and finance, the following article has been created. There is a large scope in banking sectors. ALL THE BEST!
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BANKING - MEANING AND BASIC CONCEPTS
Bank can be given different kind of definitions according to one's awareness about what a bank does! but generally we can say that a BANK is a financial institute that helps in the channelisation of money and some lending activities. It includes accepting, depositing and lending the money for economic as well as [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] personal use. Thus BANKING involves all such activities which a bank does to give financial support to the associated people.
In other words : It is "A business establishment in which money is kept for saving or commercial purposes or is invested, supplied for loans, or exchanged."
BANKING TERMS AND THEIR MEANING:-
ACCOUNT: An account is a record of all financial transactions that are related to an asset, individual, transaction or any organization. It is a major term in the field of accountancy and is conventionally denoted by the A/c. It can also be defined as a transaction between a buyer and a seller about payments and dues which develop creditor-debtor relations.
ACCOUNT BALANCE: The total amount of money in a particular bank account, along with the debit and credit amounts, the net amount is also termed as the account balance.
ACCOUNT STATEMENT: A financial record that indicates the transaction and its effect on an account (usually bank account), in terms of debit and credit. Sometimes, an account statement also carries some precise details, like the date of transaction, code of transaction, mode of transaction, sales, purchases, [url=http://www.mxitcms.com/abercrombie/]abercrombie milano[/url] etc.
BANK DEBT: A bank debt is basically any debt that is owed to a bank, by any kind of consumer, organization or corporation. The debt may be anything from a bank loan to a credit card debt or an overdraft that has been used
BANKRUPTCY: A bankruptcy refers to economic insolvency, wherein the person's assets are liquidated, to pay off all liabilities with the help [url=http://www.tagverts.com/barbour.php]barbour online shop[/url] of a bankruptcy trustee or a court of law.
CAPITAL: The term 'capital' means the total net worth of any business establishment, organization or corporation or the total amount invested for financial returns
CASH: The cash flow is often defined as the liquid balance of cash as well as the bank balance [url=http://www.xjnyszx.com/wygkcn_GuestBook.asp]hollister[/url] that is available with an organization or a corporation. In some cases, the cash flow is also defined as the net amount of cash that is [url=http://www.qzjyrczx.com/guestbook.asp]abercrombi[/url] generated by the net income that has been generated by an organization or corporation in a particular time period.
CHEQUE: A cheque is [url=http://www.teatrodeoro.com/hollisterde.php]hollister deutschland[/url] a negotiable instrument that instructs the bank to [url=http://www.jeremyparendt.com/Hollister-b5.php]hollister[/url] pay a particular amount of money from the writer's bank, to the receiver of the cheque.
COMPOUND INTEREST: It is the interest that is 'compounded' on a sum of money that is deposited for a long time. The compound interest, unlike simple interest, is calculated by taking into consideration, the principal amount and the accumulated interest
DEBIT CARD: [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] A debit card is an instrument that was developed with digital cash technology, and is used when a consumer makes that payment first [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour pas cher soldes[/url] to the credit card company and then swipes the card. The debit card operates in the exact opposite manner of the credit card.
EQUITY: Equity is the remainder balance between market value of a [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour france paris[/url] given property and the outstanding real estate debt that is to yet be paid. The equity is a risk that is basically borne by the lender]
GROSS INCOME: Gross income is the total income of a person, organization or corporation in one financial year, before making any deductions
INTEREST: Interest is a charge that is paid by any borrower or debtor for the use of money, which is calculated on the basis of the rate of interest, time period of the debt and the principal amount that was borrowed. Interest is, sometimes, also titled as the 'cost of credit'.
MORTGAGE: A mortgage is a legal agreement between the lender and borrower where real estate property is used as a collateral for the loan, in order to secure the payment of the debt. According to the mortgage agreement, the lender of the loan is authorized to confiscate the property, the moment the borrower stops paying the installments.
MATURITY: The term maturity is used to indicate the end of investment period of any fixed investment or security. After maturity, the investor is repaid the invested amount along with the interest that has been accumulated. For example, on the maturity of a one year fixed deposit, the invested sum along with the accumulated interest, is [url=http://www.tagverts.com/barbour.php]barbour deutschland[/url] transferred by [url=http://www.osterblade.com]moncler outlet[/url] the bank to the account of the investor.
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