• Banking Terms – J & K

    Term

    Meaning

    Joint Account When two or more individuals jointly open/hold an account with a bank.
    Joint and Several Liability This is a legal term utilized to point that two or more entities are individually entirely responsible, instead of being collectively responsible.
    Joint Sector When a sector is jointly owned, managed and run by both public and private sector, it is called joint sector. This sector indicates public-private partnership between the two.
    Judicial Lien It pertains to an interest in the holdings, which are gained from judicial or court orders.
    Jumbo Loan Jumbo loans are the loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or securitization by the federal agencies. In the United States, a jumbo mortgage or loan is a mortgage with a loan amount above the industry-standard definition of conventional conforming loan limits.
    Junk Bond  High-risk securities that have received low/junk ratings. This is a recognized term for high-yield sureties with quality standings below investment grade.
    Key Rate Duration Holding all other maturities constant, this measures the sensitivity of a security or the value of a portfolio to a 1% change in yield for a given maturity.
    Kiosk Banking It is self-service solutions, allowing customers to service themselves with computer based touchscreen and making different sort of transactions. They are used for advertising, promotion and information purposes. By equipping them with necessary security conditions. Kiosks can be used for viewing or doing banking transactions.
    Know Your Customer Know Your Customer (KYC) is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them. Know your customer policies have becoming increasingly important globally to prevent identity theft fraud, money laundering and terrorist financing. In a simple form these rules may equate to answering twelve questions, but this is the tip of the iceberg and regulators now expect much more. KYC should not be thought of as a format to be filled – it is a process to be undergone from the start of a customer relationship to the end.

     

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