Financial Terms Starting With N

A driver specifically identified on a motor insurance policy. Cover for additional, young or unnamed drivers can be restricted or subject to a higher excess depending on the policy.

Salary received after deductions. Some financial products display eligibility using gross salary while customers may think in terms of net salary, so the lender's definition should always be checked.

Near Field Communication is the short-range technology commonly used for contactless card, phone and wearable payments. The device and terminal must both support the feature.

A motor-insurance discount that may be available based on qualifying claim-free history. The percentage, evidence required and treatment after a claim depend on the insurer and applicable rules.

Also known as

NCD

A letter stating that the issuing party has no objection to a specified action. In banking it can be requested for matters such as liability settlement, salary transfer or release of security, depending on the transaction.

Also known as

NOC

A person nominated for a particular role or benefit under a product or account, subject to the legal effect of the nomination. Nominee and beneficiary can have different meanings, so the product wording should be checked.

A personal loan or financing product that does not require the borrower's salary to be credited to the lending bank. Pricing, eligible employers, income requirements and maximum amounts can differ from salary-transfer products.