Home » Glossary Terms » What is Transaction?

What is Transaction?

Any credit or debit of money which happens in the bank account of the customer is termed as a transaction. There are basically two types of transactions which happen in the bank account and they are mentioned below.

Debit: If the money is debited from the bank account is termed as a Debit transaction.

Credit: If the money is deposited to the bank account then that transaction is termed as a credit transaction.