BANKING

An ATM card, also known as a debit card, is a plastic card that allows you to access your money from an automated teller machine (ATM) or any other electronic payment terminal that accepts that particular card. Unlike a credit card, which allows you to borrow money, an ATM card is linked directly to your […]

Definition: A certificate of deposit (CD) is a type of savings account that offers a higher interest rate than a traditional savings account in exchange for a fixed term. CDs are typically offered by banks and other financial institutions. Key Features: Fixed term: CDs have a set term, which can range from a few months […]

Definition: The term “missent item” refers to an item that has been incorrectly sent or transferred to the wrong recipient or destination. Cause: Human error Technical malfunction Misinterpretation of instructions System errors Examples: A letter meant for Mr. Smith was sent to Mr. Jones instead. A package intended for delivery to New York was mistakenly […]

The formula for compound interest is given by: $$A = Pe^{rt}$$ where: A is the future value of the investment P is the principal investment amount e is the base of the natural logarithm r is the annual interest rate t is the number of years This formula calculates the future value of an investment […]

Sure, here is the definition of the word “nabard”: Nabard is not a word. There is no such word.

Cash and credit are two main ways people pay for things. Cash: Pays for items with actual currency. No credit record impact. Easy to overspend since it’s not visible. Can be inconvenient to carry large amounts. Credit: Pays for items using a credit card or line of credit. Impacts credit score. Can provide benefits like […]

A safe deposit box is a secured locked container provided by a bank or other financial institution for storing valuables and other personal items. Key features: Secure: Safe deposit boxes are typically located behind the bank’s vault, and access is limited to authorized persons only. Lockable: Each box has its own lock, which the customer […]

Definition: Chattel is a movable asset that can be easily transferred ownership, such as personal property, livestock, and goods. Examples: Automobiles Furniture Electronics Appliances Clothing Livestock Jewelry Weapons Key Features: Movable: Chattel is tangible and can be moved easily. Transferable: Ownership of chattel can be readily transferred. Personal Property: Chattel is generally considered to be […]

A bank card is a plastic card issued by a bank to its customers that allows them to make purchases and withdraw cash from ATMs worldwide. There are different types of bank cards including debit cards, credit cards, charge cards, and pre-paid cards. Key features of a bank card: Purchase transactions: Bank cards are used […]

Settlement Bank A settlement bank is a bank that temporarily holds funds on behalf of two parties involved in a transaction, typically a buyer and seller, until the settlement date. Process: Funds Transfer: The buyer transfers funds to the settlement bank. Payment Instruction: The seller provides a payment instruction to the settlement bank. Payment Release: […]