9. CVV (Card Verification Value)

In the signature panel of your credit or debit card, there is a three digit number mentioned which is known as a CVV or Card Verification Value number. It is an anti-fraud security feature which helps you to use your card as well as to make transaction. You need this number whenever you are using you card online or making transactions over phone.

10. ECS (Electronic Clearing Service)

ECS is a service provided by banks by which as per any liability of yours, money will be directly debited from your account. This liability can be your payment towards your investment account like Mutual Fund SIP, paying monthly EMIs or your monthly internet bills. You just have to give a standing instruction to your bank to transfer the amount every month to the specific institution.

11. RTGS (Real Time Gross Settlement)

Real Time Gross Settlement is a fund transfer mechanism which facilitates money to transfer from one bank to another on a real time and gross basis. Real time means the matter is settled instantly without any waiting period and gross means that it is not grouped with any other transaction.

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