Cash Reserve The cash reserve is the total amount of cash that is present in the bank account and can also be withdrawn immediately. Certificate of Deposit The certificate of deposit is a certificate of savings deposit that promises the depositor the sum back along with appropriate interest.
Cheque A cheque is a negotiable instrument that instructs the bank to pay a particular amount of money from the writer's bank, to the receiver of the cheque. Clearing Clearing of a cheque is basically a function that is executed at the clearing house, when all amount of the cheque is subtracted from the payer's account and then added to the payee's account
Clearing House The clearing house is a place where the representatives of the different banks meet for confirming and clearing all the checks and balances with each other. The clearing house, in most countries across the world, is managed by the central bank.
Compound Interest Compound interest is the interest that is compounded' on a sum of money that is deposited The compound interest, unlike simple interest, is calculated by taking into consideration, the principal amount and the accumulated interest
Debit Card A debit card is an instrument that was developed with digital cash technology, and is used when a consumer makes that payment first to the credit card company and then swipes the card The debit card operates in the exact opposite manner of the credit card