General Awareness - Important Banking Terms for bank Exams
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Transcript of General Awareness - Important Banking Terms for bank Exams
Important Banking Terms
Important Banking Terms
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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Start With Easy Topics
Plastic Money
Banking TermsPLASTIC MONEY
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 a tool, which central bank uses for short-term purpose
Bank rate is the rate charged by the central bank for lending funds to commercial banks.
The rate at which the RBI lends money to commercial banks in the
event of any shortfall of funds.
REPO RATE
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The rate at which the RBI borrows money from commercial banks
within the country.
REVERSE REPO RATE
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.
Important Links
IBPS PO Recruitment
IBPS Clerk Recruitment
IBPS RRB Recruitment
IBPS SO Recruitment
Thank You