50 Most Common Banking Terms For Interview – Glossary of Banking Terms PDF

Top 50 Essential Banking Terms You Need to Know For Interview

Association – An organization that protects the interest of its members but does not trade.

Awkward – difficult, inconvenient.

Account Sales – agent’s statement of sales made.

Bill of Exchange – an order in writing from one person to a bank or to another person, to pay on -demand or at a given date, a certain sum to the person named in the bill.

Banker’s transfer – Transfer of money from the bank account of a debtor to the bank account of his creditor by order of the debtor.

Bulk – the goods delivered in a sale by sample.

Banker’s of draft – A draft or cheque drawn by one bank on another.

Current account – The account into which a client pays his trading receipts and on which he draws his cheques.

Cheque – an order in writing from a person to his bank to pay on demand a certain sum to a named person.

Check up – see if everything is all right.

Cope with – manage, but always with some difficulty.

Drop – decrease; fall.

Discretion – judgment.

Draft agreement – written copy of proposed contract.

Dispose of – get rid of; sell.

Deposit account – Surplus funds from the current account are held in this, and receive interest.

Draft – This really means a document used to “draw” money from source, but sometimes it is used to refer to money itself. A bill of Exchange is often referred to in a letter as “the draft”.

Die-stamping – this is used for addresses on private note paper; it is not printed but Embossed and usually coloured.

Executor – Person appointed to carry out the wishes of another person deceased.

Executive – Applied to any director, manager or other head, or person in authority in business firm.

Finish – the completed surface of the article or material.

Holding – the shares are said to be “held” by the owner, who is a shareholder, or stockholder.

Interest – the charges or profit due for lending money.

Item – used only to refer to something in a list, in a catalogue.

Initial – first.

Loan – Money lent.

Letter of credit – (L/C) An arrangement with a bank by means of which a buyer guarantees payment to a seller on fulfilment by the seller of certain agreed conditions. This instruction must be in writing and if marked “irrevocable”, it cannot be cancelled.

Line – the kind of business one deals in.

Manufacturing license – To grant a permit, or license, to a firm in other country, to make the products, using the “Trade Mark” of the first manufacturer but not his name.

Missing – what is not there but should be.

Market potential – sales possibility

Market fluctuations – changes in price, demand etc.

Odd – various; not set design.

Overdraft – A debit balance on a bank customer’s current account.

Proceeds – the results of the sale represented in money.

Pilferage – petty theft.

Price cut – price reduction.

Representative – Anyone representing the firm.

Replacement – in the case of breakage or wrong delivery another consignment of the goods ordered is sent to take the place of the broken, damaged or wrongly delivered goods.

Stipulated – stated as a firm condition.

Seconds – imperfect.

Staff – the employees.

Substantial – big, large.

Sales drive – sales campaign; special effort.

Society – Cultural, Charitable or such organizations.

Security – A document of value given as cover for loan.

Trustee – Person appointed to protect the interests and property of a person unable to do so for himself

To take over – an offer to take over the business of the company concerned; it may be amalgamation or absorption.

Take for granted – presume.

Texture – structure of material, thickness, weave of fabric.

Trade papers – magazine, periodicals devoted to a certain trade.

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