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The account number is a unique identifier of the owner of the service and allows access to it. Account numbers are attached to almost every transaction that anyone makes. In the current electronic age, account numbers are vulnerable to fraud. Multi-factor authentication and other security measures protect both ID numbers and passwords. You can find your account number at the bottom of the paper check, just after the routing number. Unified Payment Interface (UPI)
September 25, 2022 Unified Payments Interface (UPI) is a smartphone banking application in India. 3-6-3 Rule
September 25, 2022 The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions. Account Balance
September 25, 2022 The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account. Account Statement
September 25, 2022 An account statement is a periodic statement that summarizes account activity over a specified period of time. Advanced Internal Rating-Based (AIRB)
September 25, 2022 Advanced Internal Ratings (AIRB) is a way to accurately measure the risk factors of a financial firm. Annual Equivalent Rate (AER)
September 25, 2022 The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest. Annual Percentage Rate (APR)
September 25, 2022 The annual interest rate (APR) is the annual rate charged on a loan or earned by an investment. Automated Teller Machine (ATM)
September 25, 2022 ATMs (ATMs) are electronic banking points that allow people to make transactions without going to their bank branch. Available Balance
September 25, 2022 Available balance is the balance available for immediate use in the client’s account. Back-to-Back Letters of Credit
September 25, 2022 A back-to-back letter of credit includes two letters of credit to provide financing for one transaction. Bancassurance
September 25, 2022 Bancassurance is an agreement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers. Bank
September 25, 2022 A bank is a financial institution licensed to accept deposits and issue loans. Bank Credit
September 25, 2022 A bank loan is the total amount of funds that an individual or legal entity can borrow from a financial institution. Bank Deposits
September 25, 2022 Savings and current accounts accept bank deposits. Bank Draft
September 25, 2022 A bank draft is a negotiable document, the payment of which is guaranteed by the issuing bank. Bank Guarantee
September 25, 2022 A bank guarantee is when a credit institution promises to cover losses if the borrower defaults on the loan. Bank Rating
September 25, 2022 A bank rating is a letter or number rating assigned to banks and other savings institutions. Bank Reconciliation
September 25, 2022 The bank reconciliation report summarizes the banking and commercial activities by reconciling the organization’s bank account with its financial statements. Bank Reserve
September 25, 2022 Bank reserves are the minimum amounts of cash that banks are required to keep on hand in case of unexpected demand. Bank Run
September 25, 2022 A bank run occurs when large groups of depositors withdraw their money from banks at the same time, out of fear that the institution will become insolvent. Bank Statement
September 25, 2022 A bank statement is a list of all bank account transactions for a set period, usually monthly. Book Runners
September 25, 2022 The bookrunner is the principal underwriter or lead coordinator of the issuance of new equity, debt or securities. Bounced Check
September 25, 2022 A check bounce occurs when the issuer of the check does not have enough funds to fulfill the payment amount on the check to the payee. Branch Banking
September 25, 2022 Branch banking refers to the operation of additional branches that offer the same key services as the head office of the institution. Canceled Check
September 25, 2022 A canceled check is a check that has been redeemed by cashing or depositing it, making the check invalid for further transactions and cannot be reused.