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25th December 2015, 12:40 PM
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Join Date: May 2012
Re: Important Banking Terms For SBI PO Exam

As per your demand here I am telling you about the Important Banking Terms for SBI PO Exam.

Here I am telling you about the SBI PO: Important Banking Terms as you want;

ATM Meaning:
Abbreviation of Automated Teller Machine: a machine, usually in a wall outside a bank, from which you can take money out of your bank account using a special card.



Bank balance

Meaning: The amount of money in a bank account.
Example: I'd like to check my bank balance, please.

Credit
1. Money in your bank account.
Example: I was relieved to see from my statement that my account was in credit
2. A method of paying for goods or services at a later time, usually paying interest as well as the original money.
Example: They decided to buy the car on credit.

Credit card
Meaning: a small plastic card which can be used as a method of payment, the money being taken from you at a later time.

Checking account (US) / Current account (UK)

Meaning: a bank account that you can take money from at any time and which usually earns little or no interest.

Debit
Meaning: (a record of) money taken out of a bank account.
The account was in debit at the end of the month (= more money had been spent than was in the account at that time).

Debt
Meaning: money, which is owed to someone else, or the state of owing something:

Example: He managed to pay off his debts in two years.
Example: The firm ran up huge debts.

Deposit (US) / pay in (UK)
Meaning: to put money into a bank account.
Example: If you go to the bank, will you deposit these checks for me?

Direct debit
Meaning: an arrangement for making payments, usually to an organization, in which your bank moves money from your account into the organization's account at regular times:
Example: I pay my electricity bill by direct debit.

Expense
Meaning: when you spend or use money.

Buying a bigger car has proved to be well worth the expense.
We've just had a new garage built at great expense.


Tax
Meaning: (an amount of) money paid to the government, which is based on your income or of the cost of goods or services you have bought:
Example: They're putting up the tax on cigarettes.

Travelers cheque
Meaning: a piece of paper that you buy from a bank or a travel company and that you can use as money or exchange for the local money of the country you visit

Withdraw
Meaning: to take money out of a bank account.

Bank statement
Meaning: A printed record of the money put into and removed from a bank account

Bounce
Meaning: when a check cannot be paid or accepted by a bank because of a lack of money in the account:
Example: I had to pay a penalty fee when my check bounced.


Insurance
Meaning: an agreement in which you pay a company money and they pay your costs if you have an accident, injury, etc:
Example: life/health/car/travel insurance

Interest
1. money which is charged by a bank or other financial organization for borrowing money.
Example: I got a loan with an interest rate of 10%.
2. money that you earn from keeping your money in an account in a bank or other financial organization.
Example: You should put the money in a savings account where it will earn interest.

Loan
Meaning: a sum of money which is borrowed, often from a bank, and has to be paid back, usually together with an additional amount of money that you have to pay as a charge for borrowing.
Example: She's trying to get a $100 000 loan to start her own business.

Payee
Meaning: a person who money is paid to or should be paid to.

Savings account (US) / deposit account (UK)
Meaning: a bank account in which you usually leave money for a long time and which pays you interest.

Standing account (UK)
Meaning:an instruction to a bank to pay a particular amount of money at regular times from a person's bank account to another bank account (compare direct debit)

Cash
Meaning: (noun) money in the form of notes and coins, rather than checks or credit cards:
Example: Do you have any cash on you?

Cash a check/Cheque
Meaning: (verb) to exchange a check for cash:
Example: Would you cash a check for me?

Checkbook (US) / Chequebook (UK)
Meaning: a book of checks / cheques with your name printed on them which is given to you by your bank to make payments with.

Check (US) / Cheque (UK)
Meaning: a printed form, used instead of money, to make payments from your bank account:
Example: I wrote him a check for $100.


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