definition of 'term deposit

7/30/2019 Definition of 'Term Deposit

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ATM card (also known as a bank card, clientcard, key card, or cash card) is a paymentcard provided by a financial institution to its

customers which enables the customer to usean automated teller machine (ATM) fortransactions such as: deposits, cash withdrawals,obtaining account information, and other types of

banking transactions, often through interbanknetworks.

ATM card


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other types of transactionsthrough telephone or online banking, this maybe performed with an ATM card without in-person authentication. This includes accountbalance inquiries, electronic bill payments, orin some cases, online purchases.

ATM card


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credit card A credit card is a payment card issued to usersas a system of payment. It allows the cardholder topay for goods and services based on the holder's

promise to pay for them.

The issuer of the card creates grants a line ofcredit to the consumer (or the user) from whichthe user can borrow money for payment toa merchant or as a cash advance to the user.


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credit card is different from a charge card: a chargecard requires the balance to be paid in full each

month. In contrast, credit cards allow the consumersa continuing balance of debt, subject to interest beingcharged.


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Term Deposit

A deposit held at a financial institution that has a

fixed term. These are generally short-term withmaturities ranging anywhere from a month to a fewyears. When a term deposit is purchased, the lender(the customer) understands that the money canonly be withdrawn after the term has ended or by

giving a predetermined number of days notice.Also the rate of fixed or term deposits are fairly

high. The longer the period of deposit, the higher isthe rate of interest.


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PAY ORDER

A Pay Order is a written authorization or statementfor payment, made in acheque form issued and payable by the bank, to theperson named

and addressed there in on his giving a properdischarge.

It is issued by and drawn upon and payable by thesame branch of the Bank. It is neither transferablenor negotiable and as such it is payable to the payeenamed there in.


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CALL DEPOSIT RECEIPTS

Its kind of Deposit. This deposit does not offer any income orprofit to the Depositors. Call Deposit does not earn anyincome or profit.

No Zakat is deducted on Call Deposits.

Call Deposit Receipt is issued in the name of Beneficiary.

Receipt is payable/encashable to beneficiary on properdischarge through collection/ clearing/ internal transfer.


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.When payment is made in cash over the counter,

discharge ofthe purchaser on revenue stamp of required valuemust be obtained..CDR is issued in favor of Government, Semi-

Government, Institutions, Corporations, and Semi-Autonomous Bodies etc as a security deposit.It is also issued in favor of Individuals.


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Demand draft

A demand draft, also known as a tele-check,or check by phone, check by fax.

It is basically a cheque that contains an order ofone branch of a bank directing another branch ofthe same bank to pay on demand a certain sumof money to a specified beneficiary ( Payee ).


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Also it is frequently used topurchase items over the phone,

from telemarketers. The checks alsoallow consumers to pay monthly billsby having them debited

automatically out of their accounts,rather than having to write a newcheck each month.

Demand draft

definition of 'term deposit

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