Important Viva Terms For Competitive Examination

Important Viva Terms For Competitive Examination

Q: what's plastic money?

A: plastic cash is that the Generic term for every type of bank cards, credit cards, debit

cards, sensible cards, etc.

Q: what's the earning supply of a Bank?

A: Fees and Commission, Interest, practice, Investments et al bank connected

incomes.

Q: What square measure the variations between the charge account credit and credit card?

A: Debit cards enable bank customers to pay cash that they need by drawing on

funds that they deposited with the cardboard supplier. Credit cards enable shoppers to

borrow cash from the cardboard institution up to a definite limit so as to get things or

withdraw money.

Q: Annual proportion Rate (APR):

The cost of credit on a yearly basis expressed as a proportion. cf. Apr amendment

in Term and different Changes in Term.

Q: Annual proportion Yield (APY):

A proportion rate reflective the overall quantity of interest paid on a time deposit account

based on the charge per unit and therefore the frequency of combination for a 365-day year. See

also APY and APY for Index-linked CDs.

Q: an automatic financial institution (ACH):

A computerized facility employed by member deposit establishments to electronically

combine, sort, and distribute inter-bank credits and debits. ACHs method electronic

transfers of presidency securities and supply client services, like direct

deposit of customers' salaries and government profit payments (i.e., Social Security,

welfare and veterans' entitlements), and preauthorized transfers.

Q: Cash dispenser Machine (ATM):

A machine, activated by a magnetically encoded card or different media, that can

process a range of banking transactions. These embody acceptive deposits and loan

payments, providing withdrawals and transferring funds between accounts.