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Lesson 14 (Common business terminology)
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Discussion on banking business terminology

Chandan Poddar
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  1. Deposit Slip A deposit slip is a bill of itemized nature and depicts the amount of paper money, coins and the check numbers that are being deposited into a bank account Depositor The person who deposits money into a bank account is called a depositor.

  2. Debt Settlement Debt settlement is a procedure wherein a person in debt negotiates the price with the lender of a loan, in order to reduce the installments and the rate of repayment, and ensure a fast and guaranteed repayment. Debt Repayment Debt repayment is the total process repayment of a debt along with the interest. Sometimes, the consolidation that is provided is also included in debt repayment.

  3. Debt Recovery Debt recovery is the process that is initiated by the banks and lending institutions, by various procedures like debt settlement or selling of collaterals. E-Cashh Also known as electronic cash and digital cash, e-cash is a technology where the banking organizations resort to the use of electronic, computer, internet and other networks to execute transactions and transfer funds.

  4. Early Withdrawal Penalty An early withdrawal penalty is basically a penalty that is levied by a bank because of an early withdrawal of a fixed investment by any investor. There can be several types of early withdrawal penalties, like forfeiting the promised interest. Earnest Money Deposit An earnest money deposit is made by the buyer to the potential seller of a real estate, in the initial stages of negotiation of purchase.

  5. Expiration Date This term indicates the invalidity of a financial document or instrument, after a specified period of time. Education Loan An education loan, also known as student's loan, is specifically meant to provide forth borrower's expenditure towards education. In the majority of countries, educational loans tend to have a low rate of interest. The period of repayment also starts after the completion period of the loan.