Important Banking
Banking Terms is Important for IBPO PO IBPS Clerk IBPS RRB SBI PO RBI Exams LIC Exams
The Benefits of Learning Banking Terms Very Scoring Topic Easy To Learn Easy To Remember It is Also Useful for Daily Life
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Plastic Money
BankingMONEY Terms PLASTIC
Plastic Cards used instead actual Bank Notes. Ex. - Cash Cards, Credit Cards, Debit Cards, Pre-paid Cash Cards & Store Cards.
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DEBIT CARD (Gift Card)
Type of Plastic Money Alternative payment method for cash withdrawals Prepaid ATM card Transfer money electronically when making a purchase
CREDIT CARD To borrow money when you purchases Sent a bill every month of your total purchase. Post Paid Money Card Allowing the holder to purchase services on credit
SMART CARD Chip Card or Integrated Circuit Card Can Process Information Plastic Card with a built-in microprocessor Used for Financial Transactions.
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Bank Accounts
SAVING ACCOUNT Save money & Earn interest. Least profitable type of short-term investment Interest Rate ranges between 4% - 6% per annum. The Number & amount of deposits - no restriction
CURRENT ACCOUNT Useful for Businessmen Not used for investment or saving No limit for transaction numbers or Amount No interest is paid Frequent deposits and withdrawals by cheque
RECURRING DEPOSIT ACCOUNT (RD) Save small Fixed amount every month. Earn interest at the rate applicable to Fixed Deposits. Minimum Period of RD is 6 months and maximum is 10 years.
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FIXED DEPOSIT ACCOUNT
Money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period. Period - 7 days to 10 Years Also known as Term Deposits or Bond.
Important Rates
BANK RATE
Bank rate is the rate charged by the central bank for lending funds to commercial banks. Bank Rate is a tool, which central bank uses for short-term purpose
REPO RATE
The rate at which the RBI lends money to commercial banks in the event of any shortfall of funds.
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REVERSE REPO RATE
The rate at which the RBI borrows money from commercial banks within the country.
STATUTORY LIQUIDITY RATIO (SLR)
The ratio of banks total deposits for which banks are required to keep with themselves It might be in form of cash, gold, government securities and deposits in other banks as current account.
CASH RESERVE RATIO (CRR)
Cash Reserve Ratio (CRR) is the amount of funds that the banks have to keep with the RBI.
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