What Does DEBITED Mean in a Bank ?
Every time when you go to withdraw money via ATM or check , you receive a message on your registered mobile number that X amount of money is debited from your bank account .
So in this situation , DEBITED means withdrawal of money from your total bank balance in your account .
But, let a scenario in which a loan EMI of X amount is deducted from your bank account, again you get a message that X amount is Debited from your bank account in that case you have not withdrawn money .
So in simple terms ,
DEBITED ….
means whenever money is taken out of your bank Account in any form .
A bank account is debited only after a transaction is complete . It can be done via Debit card, cheque, draft, UPI and internet banking etc.
Your account can be debited in various instances like,
- Money debited by you via any debit service provided by the bank like, debit card , cheque, draft, UPI (unified payments interface ) .
- Money debited by the bank in the form of service charges, payment of loan EMI , AMC ( Annual maintenance charges ) of debit card , Penalty charges in case of non maintenance of AMB ( average minimum balance ) etc.
- Debit of money in case of any online fraud.
What is CREDITED meaning in bank ?
OPPOSITE of Debited is Credited,
It simply means the addition or deposit of money in your bank account.
When money is added into bank account it is known as credited
- Money can be deposited or credited by a person or another person via bank deposits or various money transfer methods from bank to bank.
- It can be credited in the form of any cashback money or reward money.
Thanks for reading this article. Hope you found it very insightful and eye opener.
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