Banking

Difference Between EFT and NEFT EFT is a broader term that encompasses any transfer of funds through electronic means, including NEFT, RTGS, and IMPS. On the other hand, NEFT is a specific type of electronic transfer system that allows for the transfer of funds from one bank account to another on a deferred settlement basis. […]

Difference Between Credit Report and FICO A credit report is a detailed summary of your credit history, including your payment behavior, the amount of debt you have, and the length of your credit history. It’s like a comprehensive record of your financial activity. On the other hand, a FICO score is a three-digit number derived

Difference Between ACH and eCheck ACH (Automated Clearing House) is a network that facilitates electronic payments and transfers between banks, used for direct deposits, bill payments, and business-to-business transactions. On the other hand, an eCheck is a specific type of payment that uses the ACH network to electronically transfer funds directly from a customer’s checking

Difference Between Commercial Bank and Private Bank Commercial banks cater to the general public and businesses, offering a wide range of services such as savings accounts, loans, and credit facilities. They are typically larger institutions and focus on serving a broad customer base. On the other hand, private banks are more exclusive, catering to high-net-worth

Difference Between Commercial Bank and Development Bank Commercial banks focus on providing short-term loans, accepting deposits, and offering various financial services like savings accounts and credit cards to individuals and businesses. They are profit-driven and cater to the general public’s day-to-day banking needs. On the other hand, development banks are specialized financial institutions that provide

Difference Between Commercial Bank and Non-Commercial Bank Commercial banks are financial institutions that provide services like accepting deposits, offering loans, and facilitating transactions for individuals and businesses. Their primary goal is to generate profit through interest and fees. On the other hand, non-commercial banks, such as central banks or development banks, focus on public welfare

Difference Between Commercial Bank and Cooperative Bank Commercial banks are profit-driven institutions owned by shareholders, offering a wide range of financial services like savings accounts, loans, and credit cards, with the primary goal of maximizing shareholder wealth. In contrast, cooperative banks are owned and operated by their members, typically focusing on community welfare rather than

What is Electronic Fund Transfer (EFT)? Electronic Fund Transfer (EFT) refers to the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions. This process utilizes computer-based systems and eliminates the need for physical checks or cash. EFT is an umbrella term that encompasses a

What is EFT? Electronic Funds Transfer, commonly referred to as EFT, is the electronic exchange of money between accounts using computer-based systems. It enables individuals and businesses to conduct financial transactions quickly and efficiently without the need for paper documents or physical cash. EFT is widely used in various applications, from everyday consumer transactions to

Bank Rate, Repo Rate, and Reverse Repo Rate are key interest rates that influence the economy. The Bank Rate is the rate at which the central bank lends money to commercial banks, setting the tone for overall interest rates. On the other hand, Repo Rate is the rate at which banks borrow from the central

What is a Merchant Bank? A merchant bank is a financial organization that provides a variety of services, including underwriting, issuing securities, and merger and acquisition advice to big businesses and rich people. A merchant bank concentrates on investment and corporate finance operations, as opposed to a commercial bank, which primarily accepts deposits and disburses

What is Core Banking? Core banking is an abbreviation of centralized online real-time environment banking. It is a back-end system in which banking transactions, financial records, and other updates regarding accounts are processed daily. It includes deposit, loans, and credit processing, including general ledgers and reporting tools interface. In core banking, multiple branches are connected

What is Commercial Bank? Commercial banks are financial institutions that provide a wide range of services to businesses, governments, and individuals. They are the primary source of financial services in the global economy and are essential to the functioning of the modern monetary system. Commercial banks provide various services, including deposits, loans, and investments. They

What is Commercial Bank? A commercial bank is a financial institution that provides banking services to businesses, companies, and individuals. Commercial banks are financial intermediaries, meaning they accept deposits from customers and lend out those deposits in the form of loans and investment products. Commercial banks are for-profit organizations that generate revenue from the interest

What is Bank Guarantee? A bank guarantee is a security from a bank that it will make good on a customer’s debt if it cannot do so. It is a form of financial security that can be used in various situations. Bank guarantees are used to secure a loan, lease, or other contractual obligations. A