BANKING

Electronic Money (EMoney) Electronic money (e-money) is a digital form of money that can be stored and transferred electronically. It is often used for online payments, money transfers, and other financial transactions. Types of Electronic Money: Central Bank Digital Currency (CBDC): A digital currency issued by a central bank. Cryptocurrencies: Decentralized digital currencies not controlled […]

Payment Banks Payment banks are a new type of bank that specialize in providing payment services to customers, typically through mobile applications or online platforms. They typically do not offer a full range of banking services, such as loans or deposits, and are typically regulated by specific authorities. Key Features of Payment Banks: Primary Focus […]

Term Deposit Receipt (TDR) [Bank’s Name][Bank’s Address][Bank’s Phone Number] [Date] [Customer’s Name][Customer’s Address] Account Number: [Account Number] Term: [Term Length]Interest Rate: [Interest Rate]%Principal: [Principal Amount] Interest Earned: [Interest Amount]Total Balance: [Total Balance] Signature: [Customer’s Signature] Date: [Date] Notes: The above template is a sample term deposit receipt and can be modified to suit your specific […]

The National Housing Bank (NHB) is a statutory organization established in India in 1982 under the National Housing Bank Act. It is a specialized bank that plays a crucial role in the housing sector by providing financial assistance to individuals and institutions engaged in housing activities. Key Functions of NHB: Providing Housing Loans: NHB offers […]

Electronic Banking (e-Banking) Electronic banking, also known as digital banking, is the use of electronic channels to provide banking services to customers. It encompasses a wide range of services, including: Common e-Banking Services: Online Banking: Allows customers to access their account information, transfer funds, pay bills, and perform other transactions through a secure online platform. […]

ECS Electronic Clearance Service (eCS) The Electronic Clearance Service (eCS) is a centralised electronic system for facilitating cargo clearance procedures in India. It is a key initiative of the Indian Customs Department under the Ministry of Finance. Key Features of eCS: Single Point of Entry (SPOE): eCS allows importers and exporters to clear their cargo […]

A deceased account is an account that belongs to a person who has passed away. There are a number of legal and financial considerations that surround deceased accounts. Legal considerations: Estate law: When a person dies, their assets are distributed according to their will or intestate law if there was no will. The executor of […]

Electronic Fund Transfer (EFT) Electronic fund transfer (EFT) is a type of payment transaction that occurs electronically between banks or other financial institutions through a network of computers. It is a fast, convenient, and secure way to transfer funds between accounts. Types of EFT: Immediate Transfers: Funds are transferred from one account to another in […]

Definition: A customer information file (CIF) is a centralized repository of customer data maintained by a company. It typically includes a wide range of information about each customer, such as: Basic Customer Information: Name Address Phone number Email address Date of birth Gender Occupation Industry Account number Customer segment Transactional Data: Purchase history Order details […]

The Internal Revenue Service (IRS) is a United States federal agency responsible for collecting taxes and enforcing tax laws. It is part of the Department of the Treasury. Key functions: Tax collection: Collects taxes on income, property, and businesses Tax enforcement: Enforces tax laws and regulations Tax processing: Processes tax returns and provides tax refunds […]