Common banking terminology and their meaning

by Bizopedia · Published September 10, 2021 · Updated December 24, 2021

In this post, we would look into various common terminologies used in a bank statement and their meaning. Most of use banking channels and do have a account with a commercial bank in India. When we download our bank account statement for our accounts, we get confused over what those terms actually mean.

In this article, we would learn meaning of different terms used in a bank statement. These are most common words used within a most prominent bank accounts. Let us have a look-

Terminology Meaning

ICONN	Transaction trough Internet Banking
AUTOSWEEP	Transfer to linked fixed deposit
REV SWEEP	Interest on Linked fixed Deposit
SWEEP TRF	Transfer from Linked Fixed Deposit / Account
VMT	Visa Money Transfer through ATM
CWDR	Cash Withdrawal through ATM
PUR	POS purchase
TIP/ SCG	Surcharge on usage of debit card at pumps/railway ticket purchase or hotel tips
RATE.DIFF	Difference in rates on usage of card internationally
CLG	Cheque Clearing Transaction
VMT ICON	Visa Money Transfer Via Internet Banking
EDC	Credit transaction through EDC Machine
SETU	Seamless electronic fund transfer through AXIS Bank
Int.pd	Interest paid to customer ISSUE isuuance
Int.Coll	Interest collected from the customer
OW RTN	Outward return
BRN	Branch
LDG	Lodge
INB	Internet Banking
RLZ	Realise
DLK	Delink
DHR	Dishonour
REC	Recovery
LN	Loan
HCY	Home Currency Advance
TFR	Transfer
INT	Interest Run
BKNG	Booking
CNCL	Cancellation
ISSUE	Issuance
AMEND	Amendment
PUR	Purchase
DR	Debit
CR	Credit
NEFT	National Electronic Funds Transfer
RTGS	Real Time Gross Settlement
IMPS	Immediate Payment Service
By Clg	Check deposited in account and credited
Consolidated Charges	Charges levied at end of month for account
IMT	Instant money transfer
IFSC	Indian financial systems code
ECS	Electronic clearing service
GST @18% on Charge	GST on services
Closing balance	End of the day/Month balance
CMS	Cash Management solutions
By Transfer NEFT	Credit into bank statement by NEFT mode
To transfer INB	Debit from bank by internet banking
BY CLEARING	Cheque Deposit
REJECT:FUNDS INSUFFICIENT	Outward cheque bounce
INFT	Internal Fund Transfer (Within ICICI Bank)
BPAY	Bill payment
BBPS	Bharat Bill Payment Service
NEFT	National Electronics Funds Transfer System (Other Bank Fund transfer)
RCHG	Recharge
ONL	Online Shopping transaction (Payment done on third party website)
SMO	Smart Money order
DTAX	Direct Tax
IDTX	Indirect Tax
PAVC	Pay any Visa credit card
PAC	Personal Accident cover
LNPY	Linked loan payment
CCWD	Cardless Cash Withdrawal
PAYC	Pay to Contact
IMPS	Immediate Payment Service
VAT / MAT / NFS	Cash withdrawal at other bank ATM
INF	Internet fund transfer in linked accounts
EBA	Transaction on ICICI Direct
BIL	Internet Bill payment or funds transfer to Third party
VPS / IPS	Debit card transaction
TOP	Mobile recharge
BCTT	Banking Cash Transaction Tax
UCCBRN CMS	Upcountry cheque collection
LCCBRN CMS	Local cheque collection
N chg	NEFT Charges
MMT	Mobile Money Transfer (Insta FT
T Chg	Travel Charges
Disb	Loan disbursement
EMI	Equated Monthly installment