Debit: Withdrawal from Account
A debit is a type of financial transaction that involves the withdrawal of funds from an account. It is a payment method that deducts the transaction amount directly from the …
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Bank Statement: Records of Transactions
A bank statement is a document provided by a bank to its customers, detailing all transactions conducted on their account over a specific period. It serves as a record of …
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Balance: Current Account Status
A balance represents the current state of an account, showcasing available funds, outstanding debts, or pending transactions. Types of Balances 1. Account balance: Current account status. 2. Available balance: Funds …
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ATM (Automated Teller Machine)
An Automated Teller Machine (ATM) is a self-service kiosk that allows users to perform financial transactions, such as withdrawals, deposits, and balance inquiries, using a card and PIN. Types of …
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Credit: Borrowed Funds
Credit refers to borrowed funds provided by a lender to a borrower, typically with interest and repayment terms. Credits enable individuals and businesses to access funds for various purposes, such …
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Deposit: Adding Funds to an Account
A deposit is a financial transaction that involves adding funds to an account. It is a crucial aspect of banking and finance, enabling individuals and businesses to manage their money …
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Interest: Earned or Paid on Accounts
Interest is a fee charged or earned on borrowed or invested funds. It is a crucial aspect of personal and business finance, influencing financial decisions and outcomes. Types of Interest …
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Investment: Growing Wealth Over Time
An investment is a financial asset or instrument purchased with the expectation of generating income or profits. Investing involves risk but can provide long-term financial growth and security. Types of …
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Loan: Borrowed Funds for Various Purposes
A loan is a financial agreement where a lender provides borrowed funds to a borrower with the expectation of repayment, typically with interest. Loans cater to various needs, such as …
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Savings Account: Secure and Earn Interest
A savings account is a type of bank account designed to help individuals save money while earning interest. Benefits 1. Earn interest: Grow savings over time. 2. Security: insured and …
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