Every one of us in this world wants to earn money but not everyone knows how to keep your money safe. Banking facilities have increased so much that it is now possible for us to do banking from our home itself but not every one of us has sufficient knowledge about it and as we all know half knowledge is more dangerous than no knowledge. We must have complete knowledge about the basic facilities provided by the banks and some of the basic banking terms.
Basic Terms Of Banking
Before going deep or having much more knowledge about banking, one should go through the basics. Some of the basic banking terms are:
- Deposit Account: It is clear from its name. The deposit accounts are the account which is accessible by depositing the money. There are different types of deposit account. Some of them are saving deposit account, Current deposit account, recurring deposit, fixed deposit.
- Loan: This is one of the most helpful policies from the bank. Here the bank lends us the money whenever we mortgage something. There are different types of loans like home loans, car loans, education loans, business loans, etc.
- Cheques: Cheque is an instrument that helps in paying. We do not have to carry cash with us all the time. We can pay the amount by the cheque. One should have sufficient balance in their account for paying the money through cheque.
- Debit/Credit Cards: Nowadays cheque has also gone old fashioned. Debit and credit cards have been introduced to the market. Paying by debit card need, to have balance in our account but paying by credit card doesn’t need that too. We have to pay the bill after using the money.
- Electronic Fund Transfer: Today’s world is the world of the internet. We can now pay the money in any corner of the world by sitting at our home through internet banking. This had made banking much easier.
These are some of the common terms that one should know. These are the banking basic terms which one has to face every day while dealing with a bank.