Banking Transaction
A banking transaction denotes the process of transfer of money by a Bank. The entries are posted in a journal and then in a ledger. Now, with the growth of technology, now a banking transaction can be carried out in various ways:
- In the Branch of the Bank where you maintain your account
- In Any Branch of the Bank(where you maintain your account)
- In Machines(ATM, CDM)
- Through Internet
- Through your Mobile
- Through Apps
- Through SMS
- Through Telebanking
Various types of Banking Transaction
- Deposits (When you deposit cash to your account or someone else’s)
- Withdrawals (When you withdraw cash from your account or from someone else’s who have authorised you)
- Transfer (When you transfer money from your account to other’s account)
- Bank fee (The situation when you pay the Bank for availing any service)
- Interest (The transaction when bank pay you for your deposits or when bank charges you for the money that bank has lend you)
Requirements
Every transaction done by the bank has to fulfill certain requirements which varies from instrument to instrument. The primary is that the signature of the person who is initiating the instruction has to match as that maintained by the bank. Moreover, the date of transaction cannot be prior to the date mentioned. Also, there is a time range, after which the instruction lapses.
Recommended Read :
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- Scheduled Banks India
- Co Operative Society
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- Kerala Banks
- What are Non Scheduled Banks?
- What is a Foreign Bank Foreign Banks in India?
- What is a Co Operative Bank?
- What is Core Banking?
- What is Transaction Fee What is Its Significance?
- What Does Know Your Customer Kyc Mean?
- What is a Bank Statement?
Banking transactions are any business done by bank for the client. It starts from opening of the account, processing the information, depositing, withdrawing, interest rates , charging and miscellaneous. Banking transactions are changing with time as technology is improving. But the primary requirement for these remains the same.
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