Category 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. The concept of the banking system in India was developed…

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 of the internet in people’s daily lives. EFT vs EDI…

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 obligations if they fail to pay. Whereas a Standby Letter…

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. Although their clients are different, they belong to two sides…

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 term to express financial aspirations or accomplishments.  Accumulating stacks implies…

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 savings account, you can potentially earn up to 10 to…

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 by submitting it to the bank. A bearer cheque provides…

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, it is the best choice to look for a bank.…

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 increased with the increase in business. Both Swift code and…

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. Still many are confused between these two. With different functions…

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 customer with “spend now and pay later” services. The banks…

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 money transfer transactions between different bank accounts in India. IMPS…

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 on any transaction where there is a cash outflow. Furthermore,…

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 slight difference between the two. In accounts, if there is…

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 for managing inflation and money flow in the country. Through…

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 are commonly used, they vary in their features and functioning.…

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 ticket for a single journey might seem financially penalizing. To…

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 houses, cars and get funding for their businesses. But the…

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 need for the transaction. We have two kinds of transactions,…

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 personal information of individuals to avoid unnecessary troubles. Visa vs…

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 of our confusion. Landlord and owner are both noun words…

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 money, and receive payments. PayPal can reshape the business world…

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 you with the information you require to determine which is…

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 within itself and is used for the identification of our…

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 has introduced express and standard checkout methods for people to…

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 consumers make purchases everywhere and at any time without carrying…

 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 for every country. Quid and Bob are currencies used in…

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 of a sort of money. The name “sterling” is occasionally…

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. Nowadays, people want to transfer the income earned from abroad…

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 handle. Savings accounts and fixed deposit accounts are two such…

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 Online Analytical Processing system. In contrast, OLTP refers to the…

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 for International Securities Identification Number and is a code that…

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 time or the debt continues to rise. The majority of…

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 interest to the depositor. Certificate of Deposit vs Saving Account…

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 cards. Credit Transactions vs Debit Transactions The difference between credit…

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 term for any form of payment or exchange of value,…

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 market. Branch Banking is in the form of banking where…

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 Nominal Accounts have different approaches to maintaining the accounts 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 furnish you with what you need to realize which is…

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., through capital markets. Banks are very important as they maintain…

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 transaction or even on minimum balance, it is time to…

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 their businesses and acquire benefits.  Simultaneously, they likewise make approaches…

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 and Varo.  Both of them are online banks that provide…

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 two big banks, and we feel they are both trustworthy…

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 planet like the Dollar, Pound, and Euro. Quid vs Dollar…

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 does not have interest charged, then nothing like it.  There…

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 various payment plans, including interest-free options and longer-term financing. Sezzle…

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 sentiment. Traders and investors closely monitor these variables to make…

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) and any additional funds that may be temporarily held due…

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 of banking require intense access and have their own uses.…

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 Retail banking is a type of banking in which…

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 (everyday or business needs) for personal or professional needs. Mostly…

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 and services because both offer approximately the same or quite…

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 about 180 different types of currencies across the world. Among…

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 a safe space for consumers to invest or take loans.…

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 role in society. One type is into retail customers, while…

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 in the world, Banking is essential. Banking consists of cash,…

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 as oz. They both are mainly used under the avoirdupois…

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 case, current banking aided in the resolution of this issue.…

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 many. Shilling and quid are two of those denominations of…

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 globe. They have separate names as well as different values.…

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 institution that handles cash deposited by the public, safeguards them,…

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 banking mainly has large multinational companies and big institutions as…

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. However, modern banking helped in resolving this issue. Banks lend…

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 and roles. Universal Banking is much broader, with more 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 and earn profit. At the same time, they also create…

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 do several functions and provide various services to meet the…

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 economy running. Group banking, Chain banking, Branch banking, Unit banking,…

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 cards. Mailboxes and Bank accounts of millions of Citizens of…

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, but it also helps people to keep an account of…

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, they don’t know or are confused about them. Corporate Banking…

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 in which, he will have all his business income and…

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 India. Many types of banks are present in India –…

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 and public sector units. For them, there is a banking…

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 difference between these banks is very important. Branch Banking and…

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 and those who need money. There are many types of…

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 to use this plastic money. It may be a Retail…

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, whereas big corporations and governments use investment banks for financial…

 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 computers in the 1980s. With its arrival, computing and maintaining…

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 the buyer. The bank pays the stipulated amount in full…

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 money from one bank account to another. It’s commonly used…

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 methodology is prevalent among business entities and companies. This 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 within certain regulations. The guarantee increases the company’s purchase power…

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 deal with experts and get counselling sessions fit for their…

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 banking not only saves time but also improves financial decisions.…

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, and transfer funds easily through bank accounts. However, all banks…

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 their financial activity from there. This institution helps everyone save…

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 contrast, Swift code, also known as Bank Identifier Code (BIC),…

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 word has a more specific connotation in the banking and…

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 business entity. Doing financial activity securely will become nearly impossible…

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 is also illegal. However, all banks do not operate in…

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 sheets after a long period. Usually, the 90-day period is…

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 monetary arrangements for easy financial transactions. Overdraft and Demand draft…

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 stale and post-dated cheques is the period in which they…

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 Unified Payments Interface (UPI) is a real-time payment…

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 Internet Banking, the customer is supposed to have an online…

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 users. Mobile Money vs Mobile Banking The difference between Mobile…

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 as Dollar, Pound, and Euro. The pound is a popular…

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 institutions, offering a range of financial products like loans, treasury…

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 electronic funds transfer system in India that enables interbank transactions,…

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 may take several hours or even days to complete, depending…

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 range of electronic transactions, including online banking transfers, wire transfers,…

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 same banking network but with faster processing times and reduced…

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 in batches, processing transactions at set intervals, typically available during…

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. On the other hand, a solvency certificate is a document…

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 days. Wire transfers, on the other hand, are immediate, highly…

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 utility bills. Direct Debit, prevalent in Europe, is a similar…

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), on the other hand, processes high-value transactions individually and in…

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 and batch processing. SWIFT (Society for Worldwide Interbank Financial Telecommunication)…

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: Specializes in providing long-term financing for projects that contribute to…

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 debt securities issued by governments or corporations to raise capital,…

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 hand, primarily facilitates capital raising, mergers and acquisitions, and advisory…

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 account holder to withdraw more money than is available in…

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 it. In contrast, a fixed deposit is an investment where…

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 refers to the maximum amount of credit extended to a…

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 and geographical constraints. However, traditional banking provides a sense of…

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 car. On the other hand, an advance is a…

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 a bank or financial institution, earning interest and available for…

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 in lower monthly payments but higher total interest expenses over…

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 period with regular repayments. Overdrafts offer short-term flexibility, whereas term…

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 to a bank to pay a specific amount to the…

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 charges. Charge cards often offer perks like rewards and no…

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 broader concept, encompassing various financial assets like stocks, bonds, or…

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 user’s bank account, limiting spending to available funds without incurring…

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 the information in their credit report. Credit Report vs Credit…

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 for processing electronic payments and direct deposits in the United…

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 promise by a bank to cover the financial obligations of…

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 and larger financial transactions. Commercial Bank vs Merchant Bank Commercial…

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 rates. In contrast, a loan provides a lump sum of…

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, and adhere to the statutory liquidity ratio (SLR) and cash…

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 driven by profit motives, focusing on innovation, efficiency, and customer-centric…

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 branches under a central bank, facilitating broader accessibility, diversified services,…