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Thread: Indian banking terminology

  1. #1
    Join Date
    Sep 2010
    Posts
    38

    Indian banking terminology

    I am a management student. And willing to go for MBA in the next year, and after that I wish to go for the banking service, but for that I have to gain knowledge about the banking terminology. This will help me for the banking exam that is conducting before getting job in banking sector. So I am looking for detailed information about the banking terminology. Any none is there who provide any information regarding this.

  2. #2
    Join Date
    May 2008
    Posts
    2,792

    Re: Indian banking terminology

    The common terminologies in bank is as money transfer with the debit and credit card, banking loans etc. balance transfer option with the credit card, this facility is very useful and effective for the office employees. You can also do this operation with the help of internet. This is works for the person who is having more than one credit card. In this process the card holder or the account holder can transfer money to other card, though if you are not applicable to transfer the payable amount to the account. The balance transfer facility is very useful to avoid the taxation while making the money transfer within two accounts. The saving account holders are offered by the passbook of the account by the bank, which is helps the consumer to track the transaction which is made in his account. In the credit card facility this is also possible via internet or telephone facility.

  3. #3
    Join Date
    Dec 2007
    Posts
    765

    Re: Indian banking terminology

    I think you are familiar with the cheque, which is comes with the saving account in every bank. By this facility you can make transaction at any time at any place. While you are issuing a cheque for the payment you no need of passbook or any card. You can issue a cheque for any account in any bank. Sometimes a issue is occurred with the cheque, which is mainly very common issue, known as cheque bounce, after issuing that one, it happens because either the signature which is inserted there not correct or the account number which is mention on the cheque is not veiled. In this case the cheque is not considered for the payment to any account, you have to make another cheque for the payment.
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  4. #4
    Join Date
    Aug 2008
    Posts
    721

    Re: Indian banking terminology

    As per my opinion regarding the cheque facility in the banking process, cheque is the most efficient process. A cheque is called as the bill of exchange drawn within the specific banks. Some of types of cheque are like the Bearer check which is used for either expressed as to be payable or last endorsement of a bank. Other one is Order check, which is used for payable to a particular person for making the payment. . Open check, this is the type of cheque which is conducted for the making the payment in the counter of the bank premise. I think is most risky, because this one is issued by the bank for the customer, if this one is stolen then anyone can get the amount which is assigned for other one. Cross cheque, cross cheque is a very simple one, which is used for making the payment in a particular account, in the cheque the account number and the name of the account holder will be mentioned, this will only transfer to the mentioned account number, who is having the name which is mentioned. I think this information is quite help you to gain knowledge's about the banking process with the cheque facility.

  5. #5
    Join Date
    May 2009
    Posts
    1,070

    Re: Indian banking terminology

    Other terminologies which are very much used for the basic deposit or withdraw of money. Which is known as Traveler’s Check, which is issued by the financial firm, it is basically used while any person go to travel some place without carrying the cash money with his/her, so in that time the Traveler’s Check is used to carry the money but not in the cash mode, after reaching some where just go to the branch of the bank from where you issue the Traveler’s Check, by submitting the cheque you can easily get the money. Now a day’s one of the most popular way to get the money or to deposit while you are not present in your home town is debit card or t MasterCard, which is the very easiest and popular way to carry the money during travel to some places. You can cash the money from ATM and by this you can also deposit the money to some other account of the bank. The bank is not charged any extra charge for using this one some other place with other bank ATM. Also the credit card is play‘s a very vital role in this situation. You can also use this for making payment for any purchase or you can get the cash from credit card. This credit card and the MasterCard is offered by almost all bank in India with the domestic and international access facility.

  6. #6
    Join Date
    Nov 2010
    Posts
    8

    Re: Indian banking terminology

    It is good for money transfer. Indian banking terminology which are good for withdraw a money and used for deposit. It is good for in cheque bounce. It is very safer. It is useful for office and other employee.

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