Jila Sahakari Kendriya Bank Maryadit, Rajnandgaon. This glossary provides simple explanations of common banking terms used across this website, to help customers better understand the products, services, and processes offered by the Bank.

ATM (Automated Teller Machine) : An electronic banking outlet that allows customers to complete basic transactions such as cash withdrawal, balance inquiry, and mini statements without the help of a branch representative.

CBS (Core Banking System) : A centralized technology platform used by banks to enable customers to operate their accounts and access banking services from any branch of the Bank, regardless of where the account was originally opened.

Current Account : A deposit account primarily designed for businesses and professionals, allowing frequent deposits and withdrawals without any restriction on the number of transactions, though it typically does not earn interest.

Debit Card : A payment card linked directly to a customer's bank account, allowing the cardholder to make purchases or withdraw cash, with funds deducted immediately from the account balance.

FD (Fixed Deposit) : A financial instrument in which a customer deposits a lump sum amount with the Bank for a fixed tenure at a predetermined interest rate, offering guaranteed returns upon maturity.

IFSC (Indian Financial System Code) : An 11-character alphanumeric code used to uniquely identify bank branches participating in electronic fund transfer systems such as NEFT, RTGS, and IMPS.

IMPS (Immediate Payment Service) : An instant, 24x7 electronic fund transfer service that enables customers to transfer money between bank accounts in real time using mobile phones, internet banking, or ATMs.

Internet Banking : A digital banking facility that allows customers to perform financial transactions, check account balances, and manage their accounts remotely through the Bank's website using an internet connection.

KYC (Know Your Customer) : A mandatory process undertaken by banks to verify the identity, address, and other relevant details of customers, as required under RBI guidelines, in order to prevent fraud, money laundering, and other illegal financial activities.

MICR (Magnetic Ink Character Recognition) : A technology used to identify and process cheques and other documents through a unique code printed using magnetic ink, enabling faster and more accurate processing.

NEFT (National Electronic Funds Transfer) : A nationwide electronic payment system that facilitates one-to-one fund transfers between bank accounts across India in batches, typically processed within a few hours.

Nominee : A person formally authorized by an account holder to receive the funds, assets, or benefits held in their account or deposit in the event of the account holder's death, as per applicable banking rules.

RD (Recurring Deposit) : A savings scheme that allows customers to deposit a fixed amount of money at regular intervals, usually monthly, for a predetermined period, earning interest similar to a fixed deposit.

RTGS (Real Time Gross Settlement) : An electronic fund transfer system used for high-value transactions, where funds are transferred and settled individually and instantly on a real-time basis, without netting or batching.

Savings Account : A basic deposit account designed for individuals to save money while earning a modest rate of interest, typically allowing a limited number of free withdrawals per month.

UPI (Unified Payments Interface) : A real-time payment system developed by the National Payments Corporation of India (NPCI) that allows instant fund transfers between bank accounts using a mobile application and a virtual payment address.

Locker : A secure storage facility offered by the Bank, typically located within its premises, allowing customers to safely store valuables such as jewelry, important documents, and other precious items for a nominal annual fee.

Interest Rate : The percentage rate at which the Bank pays interest to customers on their deposits, or charges interest on loans and advances, usually expressed on an annual basis.

NPA (Non-Performing Asset) : A loan or advance for which the principal or interest payment has remained overdue for a specified period, typically 90 days, as classified under RBI norms.

EMI (Equated Monthly Instalment) : A fixed payment amount made by a borrower to the Bank on a specified date each month, comprising both principal and interest components, until the loan is fully repaid.

Loan Account : An account maintained by the Bank to record the disbursement, repayment, and outstanding balance of a loan availed by a customer.

Overdraft : A credit facility that allows an account holder to withdraw more money than is available in their account, up to a pre-approved limit, typically subject to interest charges on the utilized amount.

PIN (Personal Identification Number) : A confidential numeric code used by customers to authenticate transactions performed through ATMs, debit cards, or mobile banking applications.

Passbook : A physical or digital record maintained by the Bank that reflects all the transactions carried out in a customer's savings or current account.

Statement of Account : A periodic summary issued by the Bank detailing all transactions carried out in a customer's account over a specified period.

Standing Instruction : A pre-authorized instruction given by an account holder to the Bank to automatically execute a specific recurring transaction, such as a bill payment or EMI deduction, on a fixed date.