Unified Payments Interface (UPI) is a smartphone banking application in India.
The interface is regulated by the Reserve Bank of India (RBI), India’s central bank, and funds are transferred between accounts.
This app eliminates the need to enter bank details or other sensitive information every time a customer initiates a transaction, making it a safe way for a bank.
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.
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.
Overdraft protection is a guarantee that a check, ATM, bank transfer or debit card transaction will be canceled if the account balance falls below zero.
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.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.