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Write any five banking terms with their meanings

Write any five banking terms with their meanings.

Solution

The five banking terms with their meanings are given below:

1) Overdraft: a facility that lets an account holder withdraw more money than the balance in their account, up to an agreed limit.

2) Collateral: an asset pledged by a borrower to a bank as security against a loan.

3) Interest rate: the percentage a bank charges on a loan, or pays on a deposit, over a given period.

4) Cheque: a written, signed order instructing a bank to pay a specific sum of money from the drawer's account.

5) Fixed deposit: a sum of money deposited with a bank for a fixed period at a fixed, usually higher, rate of interest.

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