Banking Terms Archive
Small account becomes the only bank account that can be opened without Aadhaar
Small account is the only bank account that can be opened without producing Aadhaar and PAN Card / Form 60. Even though, Aadhaar and Permanent Account Number (PAN) / Form 60 have been made mandatory for all
Common banking terms associated with Aadhaar
Bank account holders have come across much news about linking Aadhaar with bank accounts in the recent past. All bank account holders were earlier directed to link their accounts with Aadhaar by RBI and central government. Many
Simple Mortgage, Equitable Mortgage and Bank Loans
In the article Different Types of Mortgages and Bank Loans, we read that Section 58 of the Transfer of Property Act mentions six kinds of mortgages. Of these mortgages, banks generally prefer mortgage by deposit of title
Different Types of Mortgages and Bank loans
What is meant by mortgage? Mortgage is specified in Section 58 of the Transfer of Property Act. Mortgage is defined as the transfer of an interest in specific immovable property for the purpose of securing i) the
LIC policies, Assignment and Bank Loans
Banks accept LIC policies assigned in their favour as security for loans to be sanctioned. A charge in favour of the bank over the LIC policy is created by assignment of LIC Policy. Which are the types
What is a security in banking terms?
Security in banking terms is anything that makes the money advanced by bank safer. Presence of security gives more confidence to bankers while processing loan applications as it improves recoverability in case the account turns bad. What
Limited Liability Partnership (LLP)
What is a Limited Liability Partnership (LLP)? Limited Liability Partnership (LLP), is a form of business entity that came into existence with effect from 9.1.2009 on enactment of Limited Liability Partnership Act, 2008. This form of entity
Stamp Duty and Stamping of Documents
What is stamp duty? Stamp duty is a tax levied by governments for legal recognition of documents. Stamp duty is a source of revenue for the government. Section 3 of the Indian Stamp Act, 1899 stipulates payment
Why banks insist for execution of documents for loans?
Those who have taken loans from banks are familiar with execution of documents. Often borrowers are required to sign a set of agreements and other papers. What is documentation? What is execution of documents? Section 3 of
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