Credit Report vs Credit Score The key difference between Credit Report and Credit Score lies in the fact that a credit report is a report which shows the past history of all your payments whereas credit score is a number which evaluates your credit risk that you’re creditworthy or not …
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EFT vs ACH The key difference between EFT and ACH lies in the fact that EFT stands for Electronic Fund Transfer, while ACH is the short form of Automated Clearing House. ECT means to transfer money from one account to another instantly, while ACH means to settle all the transactions …
Letter of Credit vs Bank Guarantee The key difference between Letter of Credit and Bank Guarantee lies in the fact that a letter of credit is a document that a buyer’s bank gives to the seller with some conditions to supply the goods to the buyer, while bank guarantee means …
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Commercial Bank vs Merchant Bank The key difference between Commercial Bank and Merchant Bank lies in the fact that a commercial bank is a bank that is established by a group of people to provide general banking facilities to the people like opening a bank account and accepting deposits, lending …
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Overdraft vs Loan The key difference between Overdraft and Loan lies in the fact that an overdraft is a credit given on a current account up to a fixed credit limit, whereas a loan is a fixed amount of capital borrowed from the bank for a definite time. In overdraft, …
Scheduled Banks vs Non-Scheduled Banks The key difference between Scheduled Banks and Non-Scheduled Banks lies in the fact that for the regular purpose, scheduled banks can take money from Reserve Bank of India, while non-scheduled banks cannot take any money from RBI. The cash reserve in a scheduled bank is …
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Public Sector Banks vs Private Sector Banks The key difference between Public Sector and Private Sector Banks lies in the fact that public sector banks are the banks owned by the government, while individuals or business entities own private sector banks’ most of the shares. Public sector bank offers a …
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Unit Banking vs Branch Banking Unit banking refers to a single bank outlet that only serves a local community. On the other hand, branch banking entails the provision of banking services through a firm that is interconnected to many other banks or branches. Unit banking is independent of any other …
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