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Q:

What is SLR rate? 

Answer:
Q:

What is ‘Crossed Cheque’ ?

Answer

A crossed cheque indicates the amount should be deposited into the payees account and cannot be cashed by the bank over the counter. Here in the image, number#2, you can see two cross-lines on the left side corner of the cheque that indicates crossed cheque.


 

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Q:

What is Line of credit?

Answer

Line of credit is an agreement or arrangement between the bank and a borrower, to provide a certain amount of loans on borrower’s demand. The borrower can withdraw the amount at any moment of time and pay the interest only on the amount withdrawn. For example, if you have $5000 line of credit, you can withdraw the full amount or any amount less than $5000 (say $2000) and only pay the interest for the amount withdrawn (in this case $2000).

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Q:

What ACH stands for?

Answer

ACH stands for Automated Clearing House, which is an electronic transfer of funds between banks or financial institutions.


 

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Q:

What is Demat Account ?

Answer

The way in which a bank keeps money in a deposit account in the same way the Depository company converts share certificates into electronic form and keep them in a Demat account.


 

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Q:

What is ‘Bill Purchase’?

Answer

In ‘Bill Purchase’ the loan will be created for the full value of the draft and the interest will be recovered when the actual payment comes. For example, a ‘Sight draft’ is presented for which the loan is created for 100% of the draft value. The money is received after 7 days, and then the interest will be recovered for 7 days along with the principal amount.


 

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