Safe Custody
Documents and articles placed with the Bank for safe keeping under mutually agreed terms and conditions and payment of fee/rent on a regular basis.
Sale deed
It is a legal document, which transfers the ownership of the property or objects for a mentioned price. Every sale deed has to be registered with appropriate authority.
Savings Account
An account maintained by a customer with a bank for the purpose of accumulating funds over a period of time. Only the account owner or a duly authorized agent may withdraw funds deposited in a savings account. It attracts a modest rate of interest, which is fixed by RBI and is considerably lower than the rates applicable on the Fixed Deposits. There is generally a limit on the number of transactions that can be done without attracting a charge.
Secured Card
A credit card that is guaranteed by a cash deposit held in a special savings account or certificate of deposit. The deposit must remain in the account until the credit line is closed or the issuer decides security is no longer necessary. The credit line on the card is usually equal to the amount of the deposit. If the Card member defaults on the card, the issuer will apply the deposit toward the outstanding balance.
Secured Debt
Debt for which repayment is guaranteed through collateral property of equal or greater value than the amount of the loan. If you do not repay the loan, the issuer may take possession of the collateral. Collateral may be an asset such as a car or a home or, in the case of a secured credit card, a cash deposit held by the issuer.
Security Documents
This refers to the list of original documents to be collected from the customer towards the security of the loan amount sanctioned/disbursed
Simple Interest
Simple interest is calculated solely as a percentage of the principal sum from the date of the availment to the date of repayment.
Stamp Duty
It is the duty to be paid to appropriate authority on the different documents used in the loan process. Stamp duty varies from state to state and the stamp duty should be adequate enough so as to make the documents valid and enforceable.
Standing Instruction
Signed instructions given by a customer to his/her Bank to make regular transfer of funds for specified purposes and valid for the period indicated by the customer until the instruction is withdrawn.
Statutory Liquidity Ratio (SLR)
SLR is the portion that banks need to invest in the form of cash, gold or government approved securities. The quantum is specified as some percentage of the total demand and time liabilities of the bank and is set by the Reserve Bank of India (also see Cash Reserve Ratio).
Stop Payment
When you ask a bank not to pay a cheque or payment you have written or authorized. Stop payments are generally placed on lost or stolen cheques or on cheques related to disputed purchases. Banks usually levy charges for registering stop payment instructions.
Stored-Value Card
Stored-value card is a special type of credit card, which has a stored money value. Stored value card can be reloadable, in which case more money can be added to the stored value card and can be reused.
Surcharge
Surcharge is an additional charge imposed for a specific service, product or purpose. It is a fee charged on a card transaction by the acceptor to cover the additional cost of taking a card rather than cash or cheque.
