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Home Dictionary N Negotiable Order of Withdrawal (NOW) The NOW account was a popular interest-bearing demand deposit account prior to the passage of the Dodd-Frank Act. NOW accounts served as a percentage option for liquid funds. The Dodd-Frank Act repealed Regulation Q, which prohibited interest on demand deposits. 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. Joint
September 25, 2022 A joint transaction refers to transactions involving two or more parties. Linked Savings Account
September 25, 2022 Linked savings accounts are linked to another account, such as a checking or checking account for withdrawals, making it easy to transfer money between accounts. Savings Account
September 25, 2022 Because savings accounts pay interest while still keeping your funds available, they are a good option for emergency or short-term cash. 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 Number
September 25, 2022 The account number is a unique identifier of the owner of the service and allows access to it. 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 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.