Full Forms of Specific Bank Names Here are a few examples of well-known bank acronyms and their full forms-
SBI: State Bank of India
RBI: Reserve Bank of India
HDFC: Housing Development Finance Corporation
ICICI: Industrial Credit and Investment Corporation of India
BOB: Bank of Baroda
IDBI: Industrial Development Bank of India
PNB: Punjab National Bank
UCO: United Commercial Bank
Basics Key Terms You'll Find on a Passbook-
CIF: Customer Information File Number, a unique identifier for a customer's details.
IFSC: Indian Financial System Code, used to identify bank branches in India.
MICR Code: Magnetic Ink Character Recognition code, used in cheque processing.
CR (or CRED): Represents Credit, indicating a deposit or funds added to your account.
DR: Denotes Debit, indicating a withdrawal or funds taken from your account.
Account Number: Your unique bank account number.
Branch Details: Information about the specific branch where your account is held, often including the IFSC code.
Common Banking Terms and Abbreviations -
ATM: Automated Teller Machine
IFSC: Indian Financial System Code
NEFT: National Electronic Funds Transfer
RTGS: Real-Time Gross Settlement
KYC: Know Your Customer
MICR: Magnetic Ink Character Recognition
UPI: Unified Payments Interface
NPA: Non-Performing Asset
industry-focused loans.
Broad Categories-
Secured Loans: These require the borrower to pledge an asset as collateral, such as a property for a home loan or gold for a gold loan.
Unsecured Loans: These do not require collateral and are granted based on the borrower's creditworthiness, like personal loans.
Loan Types by Purpose-
Home Loans: For purchasing or constructing a home.
Personal Loans: To cover various personal expenses.
Education Loans: To finance higher education.
Vehicle Loans: To purchase a car or other vehicles.
Business Loans: For starting or expanding a business.
Gold Loans: Against the pledge of gold jewelry or ornaments.
Loan Types by Structure-
Term Loans: With a fixed repayment period and interest rate.
Bank Overdrafts: A facility allowing withdrawal up to a certain limit exceeding the account balance.
Other Classifications-
Demand Loans: Can be recalled by the lender at any time.
Subsidized/Concessional Loans: Offered at lower interest rates to specific groups or for promoting certain sectors, like farmers or small businesses.
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