Common banking terminology and their meaning
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 |
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