Study Guide · Chapter 2
Accounts, Deposits & Customers
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15 key terms | One-line exam reference
| Abbreviation | One-line meaning |
|---|---|
| AML | Anti-Money Laundering — controls to prevent laundering of illegal funds. |
| CA | Current Account — transaction account generally used by businesses. |
| CASA | Current Account Savings Account — low-cost deposits comprising current and savings accounts. |
| CFT | Combating the Financing of Terrorism — measures to stop funds reaching terrorist activities. |
| CIF | Customer Information File — unique record containing a customer’s banking relationship details. |
| CKYC | Central KYC — centralized repository of customer KYC records. |
| FATCA | Foreign Account Tax Compliance Act — law requiring reporting of specified foreign accounts. |
| FCNR | Foreign Currency Non-Resident — term deposit maintained in a permitted foreign currency. |
| FD | Fixed Deposit — deposit kept for a fixed tenure at a predetermined interest rate. |
| KYC | Know Your Customer — customer identity and address verification process. |
| NRE | Non-Resident External Account — rupee account for eligible non-resident Indians. |
| NRO | Non-Resident Ordinary Account — rupee account for managing income earned in India. |
| PAN | Permanent Account Number — tax identification number issued by the Income Tax Department. |
| RD | Recurring Deposit — fixed amount deposited regularly for a chosen tenure. |
| SA | Savings Account — deposit account that earns interest and supports routine transactions. |
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