Banking

A bank is a financial institution, aside from receiving deposits and lending money to businesses and individuals, also involves protecting people’s money, disbursing payments, and investing the funds in securities. …

Rapid growth is on the horizon of the world’s e-commerce market. From the basic level of the internet to innovation in its online payment methods, it is increasing the role …

A bank guarantee is a statement from a lending institute to ensure that the debtor can fulfill their liabilities. A Bank guarantee makes the bank liable to meet the person’s …

Firstly, it must be understood that retail and commercial banks are depository banking institutions. This means that they make loans for their clients through the deposit they make to them. …

What are Stacks? Stacks refer to a substantial amount of money or wealth. It’s a slang term that originated from the idea of a stack of cash. People use this …

High-Yield Savings Accounts A high-yield savings account is a type of savings account that provides a higher annual percentage yield (APY) compared to a traditional savings account. With a high-yield …

What is a Bearer Cheque? Through its name, the purpose of the cheque becomes quite clear. It is called a bearer cheque because anyone who bears it can encash it …

Banks play a vital role in the economy of each nation. They are very advantageous for people who want to start a business. Rather than lending money to some people, …

Today, we all do bank transfers in our daily life. With the emergence of the Internet, the counting of online transfers has been increased rapidly. Global transactions have also been …

We all live in an era of a fast and technological world. One such thing is cards that ease our necessities. Almost everyone owns a debit card and smart card. …

Various types of Cards are available for financial and banking purposes, like debit cards, credit cards etc. Visa Signature and Platinum are certain types of credit cards that provides its …

NEFT and IMPS are two types of RTGS systems based on the nature of fund transfers. NEFT and IMPS is an electronic funds transfer system that facilitates person-to-person and bank-to-bank …

When you lend money or conduct any transaction, you have to pay interest, a small sum of money you pay for the transaction. Similarly, PayPal and Bank charge a fee …

The amount of money in an individual’s account is called Balance. In banking, current and available balance are confused terms. People think of the same terms. But there is a …

Every country’s central bank is responsible for keeping an eye on inflation and enforcing certain controls on money circulation in the industry. The CRR and SLR are key economic strategies …

The term market is widely and closely associated with our day-to-day lives. When it comes to marketing, the two most important elements are vendor and distributor. Although these two words …

Visitors to London are familiar with these terms but tend to get confused at times. Both terms refer to payment methods for public transport in London, United Kingdom. Buying a …

The loans are the way by which a person gets investment, and he pays it back on a monthly basis. The loans have made it easy for people to buy …

We observe several transactions in our daily life when we pay for goods or services in a transaction. Whether it may be a small-scale or big-scale business, there is a …

Not a single person in today’s time is unknown because, in some ways, he has given his information of identity to the authorities. Visas and Maestro cards also contain the …

English can be a tricky language. The words have several implications and denote varied meanings when placed in different contexts. And due to this reason, many words become the root …

Millions of purchasers prefer the ease and security that PayPal provides. PayPal is a global leader in the digital wallet ecosystem, allowing customers all over the world to pay, send …

Allstate and Wells Fargo are two fantastic internet banks that provide vital services for free. But, in the aggregate, which is the best option for you? We intend to provide …

Swift code is assigned to the instructions so that it will be helpful in the foreign market for identity. While the routing number is a number that consists of nine-digit …

In a world where digitalization is a must, and people are still scared of online fraud, PayPal has made sending or receiving money a lot easier with full-proof security. PayPal …

A credit card is a financial tool that provides loans and debt to its consumers and allows them to repay the provider in future data through installments. Credit cards let …

 Currency is one of the most important things in this world. Every people need currency to survive in this world. Currency is the same, but their values and names differ …

Currency is traded all around the world. The currencies of various countries are distinct from one another. The Pound Sterling, which is associated with the United Kingdom, is one example …

An NRI can earn a double income – one in the form of foreign currency, which costs more in your country and the other from your investment in Indian Rupees. …

Investments are one the greatest and most rewarding tools for creating wealth nowadays. For this purpose, it is necessary to have an investing platform that is secure and easy to …

OLAP and OLTP are online processing systems. However, there are prominent differences between them. OLAP and OLTP vary in their data, transaction, time, queries, and normalisation. OLAP refers to an …

ISIN and CUSIP codes are two of the world’s most famous checkpoints for securities and are especially important for trade, selling, and purchasing of shares. ISIN vs CUSIP ISIN stands …

Taking loans can be highly helpful for people when they are in need. But lately, it can convert into a severe headache, too, If the loans are not paid in …

A certificate of Deposit (CD) and a Savings account are both money market instruments that represent some amount of money deposited in the bank for which the bank is giving …

Using cards to make purchases is considered easier than cash transactions due to several reasons, including ease of access. The two main types of cards include credit cards and debit …

Money and currency are closely connected. They almost seem to be the same. These two terms are used by people in everyday life. Money vs Currency Money is a general …

There are different kinds of branches of banks. Each of them has its own workings and functions. Each of them stands out differently when it comes to operating in the …

Maintaining accounts for an organization is very important. There are many methods out there to maintain accounts. Different companies will opt for different methods depending on their needs. Real and …

Chime Bank and Wells Fargo are both magnificent online banks that offer essential administrations for nothing. However, which is the most ideal decision for you, speaking? We are expecting to …

A financial institution that helps people to deposit money, give loans etc., is known as Banks. The main function of a bank is to lend money directly or indirectly, i.e., …

Banking services have different functionalities all around the world. Keeping your everyday cash requires a bank account too. As the banking business requires to charge a fee on an everyday …

The financial area assists nations with keeping up soundness and maintainability in their economy. The financial business offers various advances and freedoms to end clients, associations, and governments to develop …

They do not exist in any physical form, just operation on a phone or computer with the help of the internet. The best examples of such banks are Chime Bank …

We hope to provide you with what you want to know which is best for you – we have accounts with both Ally Bank and Chime personally, as they are …

The cash of a nation is the foundation of its economy. Nonetheless, the nations, for example, Sweden, that has gone totally paperless, there are many paper monetary standards on the …

Buy Now and Pay Later is an incredible plan for shoppers. Especially if you are an online shopper, this feature shall be of great help. And if the repayment option …

Sezzle and Klarna are both “Buy Now, Pay Later” (BNPL) services, allowing users to make purchases and pay in installments. Sezzle divides payments into four interest-free installments, while Klarna offers …

Cardano’s value against the US Dollar fluctuates based on market dynamics, reflecting supply and demand for ADA tokens. Factors influencing this include Cardano’s technological developments, project partnerships, and overall market …

The available balance represents the total amount of funds in a bank account that a customer can use for transactions. It includes the posted balance (actual funds in the account) …

Mobile banking and Internet banking are two different but online modes of banking introduced by the banks only that enable their customers to make transactions whenever and wherever. Both forms …

Both retail banking and consumer banking are services provide to their customers with some additional facilities for their customers to keep their money safe in banks. Retail Banking vs. Consumer …

Banking plays a vital role in our economy. They ensure that the transactions happen swiftly and without any disturbance. They are a financial system that can lend money to people …

Banks provide retail banking and personal banking services to the general public or individual or retail customers rather than corporate, businesses, institutions, etc., and both are pretty similar in products …

Currency is the medium of exchange of goods and services authorized by the government of a particular country. Currency is the backbone of an independent and strong nation. There are …

Banking is the most basic and necessary activity in everyone’s daily life. It helps handle cash, credit, and transactions while providing a safe space for the same. Banks also offer …

There are so many types of banking systems, such as utility, scheduled or unscheduled, indigenous, and so on. However, personal banking, as well as commercial banking, still plays a significant …

Everyone is aware of the term Banking. But What is Banking, have you ever wondered? Well, Banking can be considered a driver which drives the economy financially. For any economy …

Pound and ounce are units of measure used to weigh objects, things, and living beings (for pounds). A pound is also written in Ib. And an ounce is also registered …

Individuals used to put their money in storage spaces, underground, or with grains before banks came into the picture. Their money was sometimes stolen or consumed by rats. In either …

In the British system, many names and values are given to the coins, which have been used for many years. Farthing, penny, crowns, and pounds are a few values among …

Money plays a significant role in our day-to-day lives in various forms, for business, education or anything else in the purchase. There are various forms of currencies used across the …

To many of us, both ‘public sector bank’ and ‘nationalized bank’ might not seem so different, but there are a few notable differences between them. A bank is a financial …

There are so many confusing terms regarding banking, and people do not know about them. Just like that, people get confused between the terms corporate banking and commercial banking. Corporate …

Before banks came into the picture, people used to save their money in underground lockers or with grains. At times, their money used to get stolen or eaten by rats. …

Banking is the system that handles all financial transactions. Several types of banking provide different types of facilities; Universal and Commercial Banking are also two types of banking with functions …

The banking sector helps countries to maintain stability and sustainability in its economy. The banking industry offers different loans and opportunities to end-users, organizations, and governments to grow their business …

Banks play a significant role in the economic growth of the country. Banks are the financial intermediaries between lenders and borrowers to fulfil their needs for funds and returns. Banks …

Banking is an industry that handles financial transactions. There are different types of banks functioning in various sectors of health, education, business, profession, agriculture, and so on to keep the …

A term that has gained maximum importance among Americans is “Stimulus Check”. According to recent news, the Corona Virus relief money or the Stimulus Check would be issued via Debit …

Banking is one of the most reliable sectors in this advancing world. It is a trustworthy industry that provides a safe environment to store cash and credits. Not only this, …

Banking is ubiquitous and essential in our day-to-day life. It helps us to manage our money and gives us loans when needed. Many banking types are unfamiliar to everyone; hence, …

In General, when a person has his businesses, he has two bank accounts. That person will have all his income and expenses, which is known as personal banking and second …

Indian Banking Systems provides many services to the public sector elevating the Indian economy. The Reserve Bank of India regulates these banks through the Parliament Act of the Government of …

Today’s world has many banks and different types of banking systems. Sometimes people get confused about some terms related to banking. Banking is also needed when it comes to industries …

Various types of banks are operating in the global economy to meet the financial needs of multiple groups of people involved in agriculture, industry, professions, and other activities. Knowing the …

The concept of banking dates back many centuries. A bank is a system that deposits, borrows, and gives its users loans. It bridges those who have extra money to save …

In today’s scenario, everything is revolutionized towards going globally digitally. The use of plastic money has increased in the last five years. But an individual must have a bank account …

Banking is a service that everyone uses, whether it is an individual, small business, big corporation, or government. Individuals and small businesses use commercial banks for their day-to-day financial activity, …

 Computerised accounting is the new-age method of gathering, recording and maintaining the financial information of a business or an organisation. This system entered the accounting world following the advent of …

A letter of credit is a document called a credit letter given by a bank or financial services. A letter of credit guarantees a seller receives the agreed payment from …

Electronic funds transfer (EFT) transfers money from one bank account to another.  It takes without a manual transaction for single or multiple institutions. It is a cashless system of transferring …

Before the advent of the digital revolution, most business-related activities, mainly financial accounting, used to be done by hand using pen, pencil and paper. Even today, this traditional manual accounting …

A guarantee means giving something as security. A lending organisation offers a bank guarantee that promises to pay for forfeiture if a debtor defaults on money or voids contract obligations …

What is Merchant Bank The traditional functions include:  How does it work? Advantages and Disadvantages of Merchant Banks: Advantages Disadvantages Merchant Banking customers get the most honest advice as they …

Mobile/Cellular banking is operating your bank account via a mobile device. Phone banking allows the customer to perform the same tasks which can be done by visiting the branch. Phone …

Banks are the most important financial institutions in the world. The banking system makes all financial transactions possible without much hassle. People can save their money in banks, take loans, …

The bank is the most trusted financial institution among the public. This institution fulfils all our financial needs. Anyone can open an account in a bank and do all of …

Sort code is a numerical code used primarily in the United Kingdom and Ireland to identify individual branches of banks or financial institutions for domestic transactions within those countries. In …

In its essence, the word ‘loan’ refers to borrowing any particular object by a person or a collective from another to return it within a stipulated amount of time. This …

Banking has become the foundation of modern economic activity. Banks offer various financial services like saving, loans, and fund transfers. Everyone uses banking services daily, Whether an individual or a …

Banking is an essential part of modern economic activity. Doing large financial transactions is nearly impossible without a banking system. In many places, doing large financial transactions without a bank …

NPA, or, Non-performing assets, are loans that have been left unpaid for a long time after the completion of the repayment time. Such assets are added to the bank’s balance …

The backbone of the modern economy is the banking system. It is one such financial institution on which almost all individual and business entity depends. Banking institutions worldwide offer various …

Stale and post-dated cheques are two of the many types of cheques that an individual can cash in at a bank. Stale Cheque vs Post Dated Cheque The difference between …

Unified Payment Interface (UPI) and Internet banking are two of the most commonly used banking tools which facilitate the user to perform several baking operations through the internet. UPI vs …

Internet Banking and Debit card are two different methods of conducting monetary transactions. Internet Banking vs Debit Card The difference between Internet banking and debit card is that while using …

Mobile money and Mobile Banking are separate terms for a modernized cashless transaction. Mobile money and Mobile banking are maintained by the financial institution that provides the service for the …

The currency of a country is the backbone of its economy. However, the countries such as Sweden that have gone entirely paperless have many paper currencies in the world, such …

Merchant banking primarily deals with providing financial services such as underwriting, advisory, and investment management to corporations and high-net-worth individuals. On the other hand, wholesale banking focuses on serving large …

Internet Banking allows users to manage their accounts, transfer funds, and conduct various financial transactions online through a bank’s website or app. NEFT (National Electronic Funds Transfer) is a specific …

EFT (Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement) are both electronic payment systems used for transferring funds between bank accounts. EFT typically involves the batch processing of transactions, which …

EFT (Electronic Funds Transfer) and ECS (Electronic Clearing Service) are both electronic payment methods facilitating fund transfers, but they differ in their scope and functionality. EFT typically encompasses a broader …

ACH (Automated Clearing House) transfers electronically move funds between bank accounts, typically used for recurring payments like salaries or bills, while eChecks are digital versions of paper checks, utilizing the …

EFT (Electronic Fund Transfer) is a broad term encompassing various electronic payment methods, including NEFT (National Electronic Funds Transfer), which is a system facilitating interbank transfers within India. NEFT operates …

A bank guarantee is a commitment by a bank to cover a specific amount of financial liability on behalf of a client if they fail to fulfill their contractual obligations. …

ACH (Automated Clearing House) payments are electronic transfers between banks within the same country, typically used for domestic transactions, offering lower fees and longer processing times, often taking 1-3 business …

ACH (Automated Clearing House) is a system facilitating electronic funds transfers within the US, enabling individuals and businesses to send and receive payments electronically, often used for recurring payments like …

ACH (Automated Clearing House) is a batch processing system for electronic funds transfers, typically used for low-value, high-volume transactions, offering slower settlement times but lower fees. RTGS (Real-Time Gross Settlement), …

ACH (Automated Clearing House) is a domestic payment system commonly used in the United States, facilitating electronic fund transfers between bank accounts within the country, known for its low cost …

Merchant Bank: Primarily focused on providing financial services like underwriting, corporate finance, and advisory services to businesses, including mergers and acquisitions, trading of securities, and managing investment portfolios. Development Bank: …

Bank Guarantee is a form of financial commitment issued by a bank, guaranteeing the fulfillment of a contract or payment obligation between two parties. Bonds, on the other hand, represent …

Private equity involves investing in private companies or taking public companies private, with a focus on operational improvements and long-term value creation, through leveraged buyouts. Investment banking, on the other …

A current account is a basic bank account that allows deposits, withdrawals, and day-to-day transactions. An overdraft, on the other hand, is a facility provided by the bank allowing the …

A bank guarantee is a financial commitment by a bank to cover a specified amount of debt or contractual obligation on behalf of a customer if they fail to fulfill …

A loan is a specific amount of money provided to an individual or entity by a lender, which must be repaid with interest over a predetermined period. Conversely, a limit …

Internet banking offers convenient access to financial services from anywhere, with 24/7 availability and quick transactions, while traditional banking relies on physical branches and face-to-face interactions, limited by business hours …

A loan is a sum of money borrowed from a lender, with fixed terms for repayment, including interest. It is used for specific purposes such as buying a house or …

A loan is a sum of money borrowed by an individual or entity that needs to be repaid with interest, while a deposit is an amount of money placed in …

Short-term loans have a shorter repayment period, within a year, with higher monthly payments but lower overall interest costs. In contrast, long-term loans offer extended repayment periods, several years, resulting …

An overdraft is a flexible credit facility linked to a bank account, allowing withdrawals beyond the account balance, while a term loan is a fixed amount borrowed for a specified …

An overdraft is a credit facility allowing account holders to withdraw more money than their balance, subject to a limit. A cheque is a written order from an account holder …

A charge card typically requires full payment of the balance each month, often with no pre-set spending limit, while a credit card allows users to carry a balance with interest …

Cash refers to physical currency or its equivalent held by individuals or organizations for immediate transactions or emergencies, providing liquidity but offering no potential for growth. Conversely, funds represent a …

Credit cards allow users to borrow money up to a predetermined limit, with interest charged on unpaid balances, offering rewards and perks, while debit cards directly deduct funds from the …

A credit report is a detailed record of a person’s credit history and financial activities. In contrast, a credit score is a numerical representation of an individual’s creditworthiness derived from …

EFT (Electronic Funds Transfer) is a broader term that encompasses various electronic methods of transferring funds, while ACH (Automated Clearing House) is a specific type of EFT system commonly used …

A letter of credit is a financial instrument that guarantees payment to a seller on behalf of a buyer for goods or services. In contrast, a bank guarantee is a …

A commercial bank primarily offers a wide range of financial services to individuals and businesses. In contrast, a merchant bank specializes in providing advisory and capital-raising services, for corporate clients …

An overdraft is a flexible credit facility linked to a current account, allowing account holders to withdraw more money than they have, subject to a predetermined limit, with high interest …

Scheduled banks are those financial institutions that are included in the Second Schedule of the Reserve Bank of India Act, 1934. They are regulated under the Banking Regulation Act, 1949, …

Public sector banks are owned and operated by the government, serving the broader socio-economic objectives, prioritizing financial inclusion and developmental initiatives. In contrast, private sector banks are privately owned entities …

Unit banking is a system where individual banks operate autonomously without branches, resulting in limited geographic coverage and potential concentration of risk. In contrast, branch banking involves a network of …