Taxable Income
Any money you earn or receive - such as salary, bonuses or interest from investments - that can be taxed by the government. Taxable income is the Total Income net of permissible deductions.
Tenure of the Loan
The repayment period assigned for the account.
Total Tenure - The period for which the loan has been granted
Balance Tenure - The balance period for which the EMIs need to be paid. Personal loans, car loans, education loans have shorter tenures as compared to home loans. Some banks and financial institutions extend the loan tenure for an extra fee or a slight increase in interest rates.
Tenure of Fixed Deposit
It is the period for which a customer deposits a sum of amount with a Bank. This tenure is generally fixed and the customer cannot withdraw his deposit before the tenure expires. The amount can be withdrawn before the fixed tenure by paying pre-payment penalty.
Time deposit
An account for a fixed term with the understanding that the funds will remain on deposit until the end of the term. Penalties for early withdrawals may apply.
Transaction Account Linked Home Loans
A special home loan that allows the customer to link a transaction account to his/her loan account. The interest is then calculated periodically on the loan outstanding less balance maintained in the transaction account. These loans help the customer reduce their interest payment by parking their extra liquidity in the linked account. Majority of the Home Loan players today offer this product under different names.
Transaction Date
The date a purchase is made or cash is withdrawn. Some companies assess interest from the transaction date, others from the posting date.
Transaction Fee
An extra charge for various credit activities such as using an ATM or receiving a cash advance.
Transfer of Funds
A movement of funds from one account to another.
Travelers Cheque
Travellers' cheque - are issued through banks acting as sales agents, or sold directly to the public. The purchaser pays for the cheque in advance, and signs them twice - once when ordering the cheque and once when cashing them. The cheques are payable by the issuing company, sold in numerous foreign currencies, and are insured against loss or theft
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