Any person, individual or corporate who have an account with the Bank.
A cheque that is deposited into the bank and the account holder is charged, the cheque can no longer be used.
A payment that is deposited into an individual’s account electronically by a bank.
A service provided by the bank to its account holder to access account information and manage the account via personal computer. (This is also known as internet or online banking).
The transfer of funds between different accounts of consumers using electronic systems such as automatic teller machine (ATM) along with bill payment facility.
When funds cannot be withdrawn from an account until a claim is satisfied. Usually a court order or other legal processes need to be cleared to make the account available for withdrawal.
An account which has no withdrawals or deposits posted to the account for a significant period of time.
An account which is owned by two or more people and party can conduct transactions together or separately.
This a method followed by banks to transfer funds from one person or entity’s account to another’s electronically.
When a cheque is written for the amount that exceeds the funds deposited in the account.
Banks regularly provide detailed account information to its customers.
This is an account type that offers a chequebook facility and is more transactional hence the salary is credited to a current account. This account does not accrue interest in principle except for some banks who offer interest as a bonus.
A debit card allows you to make purchases and withdraw cash by using funds from your bank account. These funds are automatically withdrawn from the connected account. They act as an alternative to cash and cheques.
The amount you must pay each month to keep your account in order.
This is the minimum balance required to maintain a relationship with the bank. Usually banks charge you a fee if the required balance is not maintained in a given month.
This is a fee taken by a bank against a set of services provided or it can be a fee paid only based on not meeting the minimum balance required for the account.
This relates to any fees which are not linked to the monthly account fee. So it will relate to ATM fees, Transfer fees, Teller fees or any other fee type.
This is a service provided to a certain customer profile on the basis of having a dedicated person to guide and assist in all banking services be it transactional or investment.
This type of account offers you interest on the amount available in the account and gives you the flexibility to move funds at anytime without being charged for transferring the funds out of the account. However, this account does not offer a chequebook facility.