essay bank definition

Essay on Bank: Origin, Meaning and Functions | Banking

After reading this article you will learn about:- 1. Origin and Development of Bank 2. Meaning and Definition of Bank 3. Classification 4. Functions 5. Advantages or Importance.

Origin and Development of Bank:

There is no unanimity of opinions about the origin of the word ‘Bank’. According to some monetary experts, the word ‘Bank’ is derived from ‘Banco’. ‘Bancus’, ‘Banque’ or ‘Banc’ all of which mean a bench upon which the early money­lenders used to display their coins and transact business across the bench in the market place. Banks in past used to be known as seths, shroffs, goldsmiths, etc.

Banks are indispensable in every walk of life. Banks are the nerve centre of trade, commerce and business of an economy. Banking plays a very important role in the economic development of all the nations of the world. In fact, banking is the life-blood of commerce.

Meaning and Definition of Bank:

A bank as understood in the present day world in simple language is an institution which deals in money. Broadly speaking, banks draw surplus money from the persons who are not using it at the time and lend to those who are in a position to use it for productive purposes.

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The important definitions of ‘Bank’ are given below:

1. According to Prof. Sayers – “Bank is an institution whose debts (bank deposits) are widely accepted in settlement of other people’s debts to each other.”

2. According to Dr. H.L. Hart, “A bank is one cho, in the ordinary course of his business, honours cheques drawn upon him by persons from and for whom he receives money.”

3. According to Findlay Shiras, “Bank is as a person, firm or company having a place of business where credits are opened by the deposit or collection of money or currency subject to be paid or remitted upon drafts, cheques or orders or where money is advanced or loaned or stocks, bonds, bullion and bills of exchange and promissory notes are received for discount and sale.”

4. According to Crowther, “A banker is a dealer in debts, his own and of others.”

5. According to Kinley, “Bank is an establishment which makes to individuals such advances of money or other means of payment as may be required and safely made and to which individuals entrust money or means of payment when not required by them for use.”

6. According to Banking Regulation Act, 1949, “The word banking as “the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and with draw able by cheque, draft, order or otherwise.”

From the above definitions of bank we come to the conclusion that bank is an institution which deals in cash and credit.

Classification of Banks:

Commercial banks are the most important type of these institutions. Besides the commercial banks there are central bank, industrial banks, co-operative banks, etc. These different institutions conduct their operations in a different manner.

The banking institutions can be classified into following types on the basis of their functions:

1. Commercial Banks:

These are the most common and important type of banking institution. A commercial bank is a monetary institution which serves the interest of its depositors by providing with security vaults for the surplus resources and, on the other hand, makes profits by investing its resources in the productive measures by extending loans.

Commercial banks may be owned by the government or they may be run in the private sector. For instance, 20 major commercial banks are nationalised in India. The other private sector banks are organised on the lines of a Joint Stock Company. Commercial banks are therefore dealers in loanable funds of the community.

2. Industrial Banks:

These banks have come up for the promotion of new industrial concerns. Industrial banks or investment banks provide medium and long-term loans and also supply fixed capital to the industrial concerns by subscribing to the shares and debentures of the industrial enterprises. Indian Finance Corporation and Investment Corporation of India are the examples of industrial banks in India.

3. Exchange Banks:

Exchange banks are those banks which deal in foreign exchange, that is, to convert the rupee into foreign currencies and vice versa. Dealings in foreign exchange are also handled by the commercial banks. In our country, dealings in foreign exchange are conducted by the foreign exchange banks as well as Indian commercial banks.

4. Co-Operative Banks:

Co-operative banks have been set up to meet the requirements of very poor farmers and small scale industrial concerns.

These banks are classified in two groups, such as:

(i) Central Co-Operative Banks:

Members of these banks can be individual or the societies. These banks can get capital resources from their shares, from public deposits and also get loans from the State Co-operative Banks.

(ii) State Co-Operative Banks:

These banks are also called ‘apex banks’. Their area of operation extends over a state. These banks get short and medium- term loans from the Reserve Bank of India. The co-operative banks play a very useful role in agriculture credit.

5. Land Mortgage Banks:

These banks provide long-term credit to farmers and agriculturists against the security of their land. The loan is extended for the purchase of tools, implements, equipments and for financing permanent improvements with a view to increase yield from land. These banks raise their resources in the form of shares and by issuing of long-term debentures.

6. Central Bank:

At present there in no country in the world, which has not set up a Central Bank of its own. A Central Bank is so-called because it occupies a central position in the monetary and banking system of a country and is the highest financial authority. It is the apex bank and the statutory institution in the money market of a country.

In India, it is named Reserve Bank of India. The main function of this bank is to regulate and supervise the whole banking system. It is banker’s bank and controller of credit in the country. Now a day’s Central Bank in every country has been given the sole right of note-issue. It is a lender of last resort and custodian of foreign balances of the country.

According to Prof. Dudly Johnson, “A Central Bank is an institution charged with the responsibility of regulating the supply and cost of money in the interests of the general public.”

7. Saving Banks:

These institutions have been set up to promote the savings of the middle income group of the society. In our country, postal saving banks arc a good example of such banks. These banks collect the small savings of the public and operate savings accounts. Savings accounts are also operated by the Indian commercial banks.

8. Indigenous Banks:

These banks have been called by different nams in different parts of the country, such as, seths, shroffs, mahajans, sahukars, chettis, etc. The indigenous bankers generally lend money and finance the internal trade of our country. The rate of interest is comparatively higher.

9. Regional Rural Banks:

Rural banks, meant for the development of rural economies, have been established by the Central Government at the request of commercial banks who have sponsored such proposal and are called the Sponsor Banks. Each rural bank will have an authorised capital of Rs. 1 crore and issued and paid-up capital of Rs. 25 lakhs. These banks grant loan to small farmers, small entrepreneurs and agricultural labourers.

Functions of a Bank:

The functions/services of a bank may be categorised in the following heads:

1. To Receive Deposits:

To receive money from the public is an important function of a bank. There are many people who have surplus funds but cannot use their funds profitably or ideally. They deposit these surplus funds with the bank.

Deposits are received by the banks in the following three forms:

(i) Fixed Deposits:

Fixed deposits are known as Time Deposits. Under fixed deposits money is deposited for a fixed period and cannot be withdrawn before the expiry of the time as decided by the customer. These deposits fetch comparatively higher rate of interest.

(ii) Current Deposits:

These are mainly concerned with businessmen who have to visit the bank every now and then for the purposes of money transactions. Current deposits can be withdrawn any time by any amount. Generally no interest is paid on such deposits.

(iii) Saving Bank Deposits:

The main objective of saving deposits is to encourage saving among the persons. The rate of interest on such deposits is 5 percent. Some banks have placed restrictions on the number of withdrawals but others permit free withdrawal policy.

2. To Lend Money:

This is one of the important functions of a bank. It is also the chief source of profit to most of the banks. Banks accept deposits from those who have surplus money and grant loans and advances to those who need them. Banks charge comparatively higher rate of interest on the amount advanced as a loan.

Loans are advanced by the bank in the following forms:

(i) Cash-Credits:

Banks may advance cash-credits. This system of granting cash-credits is very popular in Scotland. According to H.D. Macleod, “Cash-credit is to Scotland what the river Nile is to Egypt, a fertilizer.” Cash-credits in India are not given against the personal security of the borrower. On the other hand, cash- credits are based on the promissory notes of the borrowers backed by the collaterals like shares, stocks, bonds or goods.

(ii) Overdrafts:

It is a temporary help being extended by the banks. ‘Overdraft’ means giving money in excess of the deposits of the depositor. Secured overdrafts are granted against several types of securities. The interest is charged on daily overdrawn balances.

(iii) Loans and Advances:

Banks also advance loans to businessmen, consumers, farmers-, etc. In case of a loan, a specified amount is sanctioned by the bank to the customer. The borrower is required to pay interest on the entire amount of loan from the date of sanction.

(iv) Discounting of Bills and Hundies:

The bank may also lend by discounting bill of exchange. Discounting a bill of exchange amount to the advancing of a loan against a promise to pay in future. This is the most popular method of lending by the commercial banks as the loans are self-liquidating.

3. Agency Functions:

Apart from lending and investing activities, the banks perform a number of useful services for their customers. In doing so, banks act as agents to their customers.

These services include the following:

(i) The banks remit funds on behalf of their clients, by mail transfer or drafts.

(ii) The banks also collect and pay the cheques, bills, promissory notes, dividend warrants, subscriptions, rents, insurance premium and other periodical receipts and payments of their clients.

(iii) Banks also sell and purchase shares, stock, debentures and bonds etc. on behalf of their customers.

(iv) Commercial banks also act as executors, trustees and attorneys for their customers.

(v) Banks also help their customers to get refund of income-tax, if any.

4. Other Functions:

In addition to the above functions being performed by commercial banks, a large number of other functions called ‘miscellaneous services’ are also being rendered by these banks.

(i) Issuing of letters of credit to their customers to help and enable them to go abroad.

(ii) Receiving the valuables, ornaments, jewels and documents of their customers.

(iii) Issuing of bank drafts and traveller’s cheques in order to facilitate the transfer of funds from one part of the country to the other.

(iv) The commercial banks also do the underwriting business.

(v) The banks also collect statistical information pertaining to trade, commerce and industry.

(vi) Furnishing guarantees on behalf of customers.

Advantages or Importance of a Bank:

Banks are the nerve centre of trade, commerce and business in a country. Banking is the life-blood of modern commerce. Banking plays a very important role in the economic development of all the nations of the world. There are a large number of banks which are working in all types of economic systems in the world. Banks are beneficial for all.

The main advantages of banks are as follows:

1. To Cultivate Habit of Saving:

Banks cultivate the habit of savings in the public. Savings in the bank on the one hand are safe and on the other hand earn interest for its depositors are prompted to save and deposit in their bank accounts. This is the main advantage of a bank.

There is always a risk in keeping cash with one’s own self. The money with the bank remains in safe custody. Every businessman likes to keep money with the bank to avoid the risk.

3. Facility in Making Payments:

It is also an important function of a bank. Payments are greatly facilitated through cheques which is always convenient and safe and avoids disputes. There is no need of counting money, when payment is made by means of cheques.

4. Collection of Cheques, etc.:

Banks also collect the amount of cheques, drafts, bills of exchange, etc. on behalf of their customers.

5. Securing Loans and Overdrafts:

Banks grant loans and credit facilities to the people. In this way, banks help merchants and traders. Banks also allow overdraft facilities to their customers. Under overdraft facilities the bank allows its customers to over-draw his current account upto an agreed limit.

6. To Provide Credit Information and Letter of Credit:

Banks provide information relating to the creditworthiness of their customers. Whenever anybody wants to know the financial position of a business, he is referred to its banker, who supplies him the detailed information. Banks also issue letters of credit to their customers to help and enable them to go abroad.

7. Safety of Valuable Articles:

Valuables, jewels, ornaments, documents, deeds, etc. can be put in the bank for safe custody. Banks provide lockers to their customers to store these valuable articles.

8. Representation and Correspondence:

Many a time banks procure passports, tickets for their customers and act as their representatives. Banks also make correspondence on behalf of their customers.

9. Sale and Purchase of Securities:

Banks also sell and purchase shares, stocks, debentures and bonds etc. on behalf of their customers.

10. Other Services:

In addition to the above mentioned services banks also provide various other services to their customers, such as-collection and payment of dividends, bills etc., remittance of funds, payment of insurance premium, travellers’ cheques, etc.

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Definition of essay

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Definition of essay  (Entry 2 of 2)

transitive verb

• composition

attempt , try , endeavor , essay , strive mean to make an effort to accomplish an end.

attempt stresses the initiation or beginning of an effort.

try is often close to attempt but may stress effort or experiment made in the hope of testing or proving something.

endeavor heightens the implications of exertion and difficulty.

essay implies difficulty but also suggests tentative trying or experimenting.

strive implies great exertion against great difficulty and specifically suggests persistent effort.

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Word History

Middle French essai , ultimately from Late Latin exagium act of weighing, from Latin ex- + agere to drive — more at agent

14th century, in the meaning defined at sense 4

14th century, in the meaning defined at sense 2

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“Essay.” Merriam-Webster.com Dictionary , Merriam-Webster, https://www.merriam-webster.com/dictionary/essay. Accessed 29 Apr. 2024.

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• Essay On Bank

Essay on Bank

500+ words essay on bank.

Banks are an integral part of the modern economy. They play a major role in the economic growth and development of a country. The idea of banking evolved with the idea of money. In India, public sector banks (PSBs) have been working to provide banking services in urban and rural areas since 1970. These public sector banks account for nearly 70% of banking activity in India. With the help of this essay on banks, students will get to know the functions performed by banks and their importance for individuals and the country. To help students in improving their essay-writing skills, we have also compiled a list of CBSE Essays on different topics. By practising these essays, they can boost their writing skills and also score good marks on the English exam.

Meaning of Bank

Banks are mainly linked to depositing and lending money. In Indian society, moneylenders used to give money to people in ancient times. They charged a high rate of interest to people as there were no banks or banking systems available at that time. But, with the change in time, the banking system was introduced in India. Now, we have public sector banks and private banks.

A bank is a financial institution that deals with deposits, withdrawals and other related banking services. Bank receives money from those who want to save in the form of deposits, and it lends money to those who need it. A bank is a financial institution that works as an intermediary to accept deposits and channels those deposits into various lending activities. It does so through loans or capital markets. A bank establishes the connection between the customers who have capital surpluses and those with capital deficits. In India, all banks operate under the guidelines of the Reserve Bank of India, which is known as the banker’s bank.

Functions of Bank

Banking is the lifeline of the modern economy. It has played a very important role in the economic development of all the nations of the world. We can not think of modern commerce without banking. Banking is a business which seeks profits like any other business. The banking business mainly constitutes borrowing and lending as their basic functions. Now, banks are providing many other services to people, such as net banking, online shopping, mobile banking, granting loans and advances, short-term credit, pension payments, acting as a dealer in foreign currency etc. A common person can safely deposit their money in the banks.

How Important are Banks for Development?

Banks are the most important financial pillars. They play a vital role in the economic development of a country. The financing requirements of industries, trades, agriculture and other business are met with the help of banks. Therefore, if the banking system of a country becomes strong, then the development of the country will also be at a faster rate. In today’s economy, banks are not only dealing with money, but they are also contributing to the development of the nation. They play a crucial role in the disbursement of credit and the mobilisation of deposits to various sectors of the economy. Banks also represent the economic health of the country. The strength of a nation’s economy depends on the strength of the financial system, which depends on the banking system.

In India, banks play a crucial role in the social and economic growth of the country after independence. The banking sector in India accounts for more than half the assets of the financial sector. The Indian banks have shown much growth after the implementation of financial sector reforms.

Banks are the backbone of any country’s economy. They are responsible for running the economy and controlling the price of the markets. They perform various important functions. However, there are default NPAs, cases of corruption and security threat-related issues, but these can be resolved by implementing strict laws and rules by the government.

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Essay on Bank

All of us have seen a bank and most probably have also visited them. But very few of us know about their types and all of their functions. I have brought these essays containing all the details about a bank and will also help you in wiring your essays.

Short and Long Essays on Bank in English

Essay on Bank for students of class 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 and class 12 in English in 100, 150, 200, 250, 300, 500 words. Also find short Bank essay 10 lines.

Bank Essay 10 Lines (100 – 150 Words)

1) Banks are the place where people keep their money.

2) Works related to money like loans, transactions, etc are done in banks.

3) In 16 th to 19 th centuries, modern banks came into existence.

4) Banks keep our money, ornaments, important papers, etc safe.

5) The loan facility of banks provides great help to the people.

6) There are many government and private banks in India.

7) In India all the banks are controlled and managed by the Reserve Bank of India (RBI).

8) Banking sector employs a huge population.

9) The first bank of India was the Bank of Calcutta which was later named as State Bank of India.

10) Today internet and technology have made banking easier.

Essay 1 (250 Words) – Bank

Introduction

Banks are the places where we keep our money or do all our money-related work. Either it is getting a loan or something else. This type of place has been addressed as a bank. Although the word has various meanings, all of them mean the same. It is a place where you feel relaxed. When we are in pressure or have to solve some money-related problems we visit a bank.

How Banks Came into Existence

The existence of a bank was seen for the first time in Mesopotamia in 8000 BC. The evidence of bank and temples were seen in this civilization. These banks were not made for lending money because the money came afterword. These banks were made for lending seeds and agricultural stuff. They also used to keep records of trading.

Modern banking came into existence between the 17th to 19th centuries. It is said that Goldsmiths were the first bankers and they use to lend money to people and people use to keep their valuable things near goldsmiths.

The first-ever bank which offered bank noted was the Bank of England. It further developed and today we have well-established banks. We also have ATMs and Credit cards, etc. All these things have made banking easy.

Everything established in this world slowly. Either it was a man or a bank. Things develop and progress as per time. Today things seem so simple to us but they were not so simple and easy years before. A bank is one of the best examples which show development and change in society.

Essay 2 (400 Words) – Bank and Its Importance

Banks are denoted as one of the most important pillars of our economy. People keep their savings in these banks and this helps our nation to progress. Banks help people in various ways; they lend money for different work. Like if you have to buy a house, a car, even a laptop, banks give us money on certain interests and we can easily pay it in different instalments. Apart from this, there are many more uses of a bank.

Importance of Banks

Banks are important and useful in many ways and I have mentioned some of the most important uses below;

• Provides Safety

We feel safe when we keep our money in a bank. Not only money people also keep other valuable things in banks like ornaments, important papers, etc. They provide overall security and many of our parents really feel thankful that they can safely keep their money somewhere. It will be not wrong if I say that we sleep peacefully because we have banks to protect us.

• Saves our Money

It is a human tendency that if we have money in our pocket, we will definitely spend it. Whereas if they are in a bank, we feel a bit lazy to use and also banks provide interesting profits and sometimes they also double your money in some schemes. This saves our money and we develop a good bank balance.

• Develops Employment

There are more than thousands of employees working in a particular bank and there are 34 banks and all of them have more than 3 branches in a particular city. They are also available in villages, really one of the hottest sectors which provide employment. Many of us just love to be a part of a bank because it is a reputed job.

• Provides Loan Facilities

It was a time when people use to help each other and families use to do everything for their near and dear ones. But time has changed how people live in nuclear families and they do not have many contacts. People in cities hail from different places as a result they won’t trust. Then who will help you financially, who will trust you and give you some money when you need it. It is a bank which provides loan and helps you financially.

Banks are important parts of our life and have become very necessary for us. We can’t imagine a society without a bank. We can’t trust others, but we can trust a bank and they are our true friends who never ditch us and also protect our money.

Essay 3 (500 – 600 Words) – Types of Banks

We go to school for education, we visit a temple for prayer similarly there is a place where we visit to solve our money-related problems. We save our money, valuable things and also get a loan. A one-stop solution for all types of money related problems. There are many banks in India and some of them are government whereas some of them are private. All of them do the same job and help people in different ways.

The First Bank

Banca Monte dei Paschi di Siena or Berenberg Bank holds the credit of the world’s oldest bank and it was established in the year 1624.

Whereas Bank of Calcutta was the first bank of India established in the year 1806. The name was further changed as Bank of Bengal and also today known as SBI.

Types of Banks:

Banks are of different types some help people in their agricultural problems whereas some help us in our day-to-day problems. I have defined them below;

Central Banks

Banks that are controlled by legislative bodies are central banks. It can be a central bank or reserve bank. We can also state them as the main bank which decides the interest rates as per inflation in the country. They are not only a bank but they also keep an eye on other banks and controls the overall money supply. They also take care of any kind of foreign exchange as well as government bonds. We can call them as the head of all banks.

Commercial Banks

A bank, that is, specially designed for the development of business. They provide loans and some business benefiting offers. They especially support middle to big size business.

Retail Banks

Another name of Retail bank is consumer bank; these banks provide all kinds of facilities to costumers. They won’t lend money to companies or other institutions. People save their money in these banks and they have their easy access to their accounts. They can take or deposit money whenever they want. They provide credit cards, debit cards, ATM facilities, etc to the customer.

Private Banks

Private Banks are also banks having people with personal profits. They provide all facilities like other retail banks just they are not authorized by government agencies. Although the government has an eye on every bank they have very few shares owned by government sectors.

Online Banks

Online banking or internet banking is one of the most convenient forms of banking. They are easily available where ever you want on your fingertips. It is also termed as virtual banking and is a branch of banking. Digital transactions are specially used in this mode of banking and it is most popular these days.

Savings Bank

That bank where we simply deposit our money and they provide us with some interest in our money is saving bank.

Regional Rural Bank

These banks are specially designed for people living in rural areas. They are commercial banks but they are operated at the regional level. They provide all kinds of financial facilities to people living in that area and work for their betterment.

Banks are the basic structures of our economy; they are very helpful in developing a nation. They secure our money and also invest that money in other sectors and generate new income. Really banks are very important and they also help normal people in developing a new business or even buying a house. They have multiple uses and they are available everywhere. We can easily find ATMs and have our money whenever needed.

FAQs: Frequently Asked Questions

Ans . There are 12 public sector banks in India after the merge of smaller banks into larger ones.

Ans . The State Bank of India is the largest public sector bank in India.

Ans . IndusInd Bank, originated in 1994, is the India’s first private bank.

Ans . The ICICI bank is now partnered with PhonePe for UPI transactions.

Ans . The first governor of Reserve Bank of India was Osborne Smith.

Ans . The ICICI bank has recently started the Whatsapp banking services.

Ans . The best bank in India is HDFC bank.

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Academic Phrasebank

• GENERAL LANGUAGE FUNCTIONS
• Being cautious
• Being critical
• Classifying and listing
• Compare and contrast
• Defining terms
• Describing trends
• Describing quantities
• Explaining causality
• Giving examples
• Signalling transition
• Writing about the past

The Academic Phrasebank is a general resource for academic writers. It aims to provide you with examples of some of the phraseological ‘nuts and bolts’ of writing organised according to the main sections of a research paper or dissertation (see the top menu ). Other phrases are listed under the more general communicative functions of academic writing (see the menu on the left). The resource should be particularly useful for writers who need to report their research work. The phrases, and the headings under which they are listed, can be used simply to assist you in thinking about the content and organisation of your own writing, or the phrases can be incorporated into your writing where this is appropriate. In most cases, a certain amount of creativity and adaptation will be necessary when a phrase is used. The items in the Academic Phrasebank are mostly content neutral and generic in nature; in using them, therefore, you are not stealing other people’s ideas and this does not constitute plagiarism. For some of the entries, specific content words have been included for illustrative purposes, and these should be substituted when the phrases are used. The resource was designed primarily for academic and scientific writers who are non-native speakers of English. However, native speaker writers may still find much of the material helpful. In fact, recent data suggest that the majority of users are native speakers of English. More about  Academic Phrasebank .

This site was created by  John Morley .  

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What does it Mean to be Educated: the Definition and Implications

This essay about the essence and significance of education explores how it transcends mere factual learning to encompass critical thinking, creativity, empathy, and adaptability. It emphasizes education’s role in fostering individual growth and societal change, advocating for informed citizenship and social mobility. The text also highlights the challenges of educational disparities and the necessity for equitable access, urging collective action to make educational benefits universally available.

How it works

Embarking on the journey of education, one finds themselves immersed in a realm where the very essence of enlightenment unfolds beyond the conventional confines of classrooms and textbooks. What does it truly signify to be educated in the intricate tapestry of contemporary society? Let us venture into the depths of this inquiry, unraveling the multifaceted facets of education and the profound implications it bestows upon individuals and communities alike.

Education, at its core, transcends the mere accumulation of facts—it embodies a transformative odyssey of intellectual enlightenment and personal growth.

It entails the cultivation of critical thinking, the nurturing of creativity, the fostering of empathy, and the fortification of adaptability. To be authentically educated is to wield a comprehensive array of skills and virtues, empowering individuals to navigate the complexities of existence with discernment and purpose.

Critical thinking serves as the cornerstone of genuine education—an indispensable tool for navigating the ocean of information flooding the digital landscape. In an era characterized by the proliferation of misinformation and disinformation, the ability to discern truth from falsehood and to analyze information with precision becomes paramount. Through critical thinking, individuals emerge as architects of their own cognition, endowed with the capacity to question, evaluate, and synthesize knowledge.

Creativity emerges as a guiding beacon in the realm of education, transcending the boundaries of convention and nurturing innovation. Beyond the rigidity of syllabi and standardized tests lies a realm brimming with boundless possibilities—a realm where imagination takes flight. Genuine education ignites the spark of creativity, inspiring individuals to break free from the shackles of orthodoxy, challenge the status quo, and envision novel solutions to enduring challenges.

Empathy serves as a foundational pillar of education, fostering connection and understanding in an era marked by division and discord. Beyond the mere transmission of information lies the cultivation of compassion—the capacity to empathize with the lived experiences of others, to embrace diversity, and to forge authentic connections. Through empathy, individuals emerge as catalysts for social change, advocating for justice, equity, and inclusivity in a world yearning for unity.

Adaptability emerges as an essential attribute in the arsenal of the educated—an aptitude for navigating the ebbs and flows of change with resilience and grace. In a world characterized by constant flux, the ability to embrace uncertainty and pivot in response to evolving circumstances becomes indispensable. Genuine education instills a mindset of lifelong learning, empowering individuals to view change as an opportunity for growth rather than a source of fear.

However, as we traverse the labyrinth of education, we cannot ignore the profound impact it has on society at large. Educated citizens are the lifeblood of democracy, equipped with the knowledge and critical thinking skills necessary for active civic engagement and responsible governance. Furthermore, education serves as a powerful engine of social mobility, offering individuals from diverse backgrounds the opportunity to transcend barriers and pursue their aspirations.

Nevertheless, the promise of education remains tantalizingly out of reach for many individuals worldwide. Disparities in access to quality education persist, perpetuating cycles of poverty and marginalization. Bridging this divide and ensuring equitable access to education for all emerges as an urgent imperative—one that demands concerted action and unwavering commitment.

In conclusion, to be authentically educated is to embark on a journey of self-discovery and intellectual enlightenment—a journey that transcends temporal and spatial boundaries, shaping not only individuals but also the very fabric of society itself. As we navigate the labyrinth of education, let us embrace the transformative potential it embodies and work tirelessly to ensure that its benefits are accessible to all, regardless of race, gender, or socioeconomic status. For in the pursuit of knowledge lies the key to unlocking a future filled with equity, opportunity, and collective prosperity.

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Definition Essay

Definition Essay - Writing Guide, Examples and Tips

14 min read

Published on: Oct 9, 2020

Last updated on: Jan 31, 2024

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Many students struggle with writing definition essays due to a lack of clarity and precision in their explanations.

This obstructs them from effectively conveying the essence of the terms or concepts they are tasked with defining. Consequently, the essays may lack coherence, leaving readers confused and preventing them from grasping the intended meaning.

But don’t worry!

In this guide, we will delve into effective techniques and step-by-step approaches to help students craft an engaging definition essay.

Continue reading to learn the correct formation of a definition essay. 

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What is a Definition Essay?

Just as the name suggests, a definition essay defines and explains a term or a concept. Unlike a narrative essay, the purpose of writing this essay is only to inform the readers.

Writing this essay type can be deceivingly tricky. Some terms, concepts, and objects have concrete definitions when explained. In contrast others are solely based on the writer’s understanding and point of view.

A definition essay requires a writer to use different approaches when discussing a term. These approaches are the following:

• Denotation - It is when you provide a literal or academic definition of the term.
• Connotation - It is when the writer provides an implied meaning or definition of the term.
• Enumeration - For this approach, a list is employed to define a term or a concept.
• Analogy - It is a technique in which something is defined by implementing a comparison.
• Negation - It is when you define a term by stating what it is not.

A single or combination of approaches can be used in the essay. 

Definition Essay Types

There are several types of definition essays that you may be asked to write, depending on the purpose and scope of the assignment. 

In this section, we will discuss some of the most common types of definition essays.

Descriptive Definition Essay 

This type of essay provides a detailed description of a term or concept, emphasizing its key features and characteristics. 

The goal of a descriptive definition essay is to help readers understand the term or concept in a more profound way.

Stipulative Definition Essay 

In a stipulative definition essay, the writer provides a unique definition of a term or concept. This type of essay is often used in academic settings to define a term in a particular field of study. 

The goal of a stipulative definition essay is to provide a precise and clear definition that is specific to the context of the essay.

Analytical Definition Essay 

This compare and contrast essay type involves analyzing a term or concept in-depth. Breaking it down into its component parts, and examining how they relate to each other. 

The goal of an analytical definition essay is to provide a more nuanced and detailed understanding of the term or concept being discussed.

Persuasive Definition Essay 

A persuasive definition essay is an argumentative essay that aims to persuade readers to accept a particular definition of a term or concept.

The writer presents their argument for the definition and uses evidence and examples to support their position.

Explanatory Definition Essay 

An explanatory definition essay is a type of expository essay . It aims to explain a complex term or concept in a way that is easy to understand for the reader. 

The writer breaks down the term or concept into simpler parts and provides examples and analogies to help readers understand it better.

Extended Definition Essay 

An extended definition essay goes beyond the definition of a word or concept and provides a more in-depth analysis and explanation. 

The goal of an extended definition essay is to provide a comprehensive understanding of a term, concept, or idea. This includes its history, origins, and cultural significance. 

How to Write a Definition Essay?

Writing a definition essay is simple if you know the correct procedure. This essay, like all the other formal pieces of documents, requires substantial planning and effective execution.

The following are the steps involved in writing a definition essay effectively:

Instead of choosing a term that has a concrete definition available, choose a word that is complicated . Complex expressions have abstract concepts that require a writer to explore deeper. Moreover, make sure that different people perceive the term selected differently. 

Once you have a word to draft your definition essay for, read the dictionary. These academic definitions are important as you can use them to compare your understanding with the official concept.

Drafting a definition essay is about stating the dictionary meaning and your explanation of the concept. So the writer needs to have some information about the term.

In addition to this, when exploring the term, make sure to check the term’s origin. The history of the word can make you discuss it in a better way.

Coming up with an exciting title for your essay is important. The essay topic will be the first thing that your readers will witness, so it should be catchy.

Creatively draft an essay topic that reflects meaning. In addition to this, the usage of the term in the title should be correctly done. The readers should get an idea of what the essay is about and what to expect from the document.

Now that you have a topic in hand, it is time to gather some relevant information. A definition essay is more than a mere explanation of the term. It represents the writer’s perception of the chosen term and the topic.

So having only personal opinions will not be enough to defend your point. Deeply research and gather information by consulting credible sources.

The gathered information needs to be organized to be understandable. The raw data needs to be arranged to give a structure to the content.

Here's a generic outline for a definition essay:

Are you searching for an in-depth guide on crafting a well-structured definition essay?Check out this definition essay outline blog!

6. Write the First Draft

Drafting each section correctly is a daunting task. Understanding what or what not to include in these sections requires a writer to choose wisely.

The start of your essay matters a lot. If it is on point and attractive, the readers will want to read the text. As the first part of the essay is the introduction , it is considered the first impression of your essay.

To write your definition essay introduction effectively, include the following information:

• Start your essay with a catchy hook statement that is related to the topic and the term chosen.
• State the generally known definition of the term. If the word chosen has multiple interpretations, select the most common one.
• Provide background information precisely. Determine the origin of the term and other relevant information.
• Shed light on the other unconventional concepts and definitions related to the term.
• Decide on the side or stance you want to pick in your essay and develop a thesis statement .

After briefly introducing the topic, fully explain the concept in the body section . Provide all the details and evidence that will support the thesis statement. To draft this section professionally, add the following information:

• A detailed explanation of the history of the term.
• Analysis of the dictionary meaning and usage of the term.
• A comparison and reflection of personal understanding and the researched data on the concept.

Once all the details are shared, give closure to your discussion. The last paragraph of the definition essay is the conclusion . The writer provides insight into the topic as a conclusion.

The concluding paragraphs include the following material:

• Summary of the important points.
• Restated thesis statement.
• A final verdict on the topic.

7. Proofread and Edit

Although the writing process ends with the concluding paragraph, there is an additional step. It is important to proofread the essay once you are done writing. Proofread and revise your document a couple of times to make sure everything is perfect.

Before submitting your assignment, make edits, and fix all mistakes and errors.

If you want to learn more about how to write a definition essay, here is a video guide for you!

Definition Essay Structure 

The structure of a definition essay is similar to that of any other academic essay. It should consist of an introduction, body paragraphs, and a conclusion. 

However, the focus of a definition essay is on defining and explaining a particular term or concept. 

In this section, we will discuss the structure of a definition essay in detail.

Introduction 

Get the idea of writing an introduction for a definition essay with this example:

Body Paragraphs

Here is an example of how to craft your definition essay body paragraph:

Types of the Term/Concept 

If applicable, the writer may want to include a section that discusses the different types or categories of the term or concept being defined. 

This section should explain the similarities and differences between the types, using examples and anecdotes to illustrate the points.

Examples of the Term/Concept in Action 

The writer should also include real-life examples of the term or concept being defined in action. 

This will help the reader better understand the term or concept in context and how it is used in everyday life.

Conclusion 

This example will help you writing a conclusion fo you essay:

Definition Essay Examples

It is important to go through some examples and samples before writing an essay. This is to understand the writing process and structure of the assigned task well.

Following are some examples of definition essays to give our students a better idea of the concept. 

Understanding the Definition Essay

Definition Essay Example

Definition Essay About Friendship

Definition Essay About Love

Family Definition Essay

Success Definition Essay

Beauty Definition Essay

Definition Essay Topics

Selecting the right topic is challenging for other essay types. However, picking a suitable theme for a definition essay is equally tricky yet important. Pick an interesting subject to ensure maximum readership.

If you are facing writer’s block, here is a list of some great definition essay topics for your help. Choose from the list below and draft a compelling essay.

• Authenticity
• Sustainability
• Mindfulness

Here are some more extended definition essay topics:

• Social media addiction
• Ethical implications of gene editing
• Personalized learning in the digital age
• Ecosystem services
• Cultural assimilation versus cultural preservation
• Sustainable fashion
• Gender equality in the workplace
• Financial literacy and its impact on personal finance
• Ethical considerations in artificial intelligence
• Welfare state and social safety nets

Need more topics? Check out this definition essay topics blog!

Definition Essay Writing Tips

Knowing the correct writing procedure is not enough if you are not aware of the essay’s small technicalities. To help students write a definition essay effortlessly, expert writers of CollegeEssay.org have gathered some simple tips.

These easy tips will make your assignment writing phase easy.

• Choose an exciting yet informative topic for your essay.
• When selecting the word, concept, or term for your essay, make sure you have the knowledge.
• When consulting a dictionary for the definition, provide proper referencing as there are many choices available.
• To make the essay informative and credible, always provide the origin and history of the term.
• Highlight different meanings and interpretations of the term.
• Discuss the transitions and evolution in the meaning of the term in any.
• Provide your perspective and point of view on the chosen term.

Following these tips will guarantee you better grades in your academics.

By following the step-by-step approach explained in this guide, you will acquire the skills to craft an outstanding essay. 

Struggling with the thought, " write my college essay for m e"? Look no further.

Our dedicated definition essay writing service is here to craft the perfect essay that meets your academic needs.

For an extra edge, explore our AI essay writer , a tool designed to refine your essays to perfection. 

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Barbara is a highly educated and qualified author with a Ph.D. in public health from an Ivy League university. She has spent a significant amount of time working in the medical field, conducting a thorough study on a variety of health issues. Her work has been published in several major publications.

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What Is Online Banking?

How online banking works.

• Online Banks

Pros and Cons of Online Banking

What do you need for online banking, how can you safely use online banking, the bottom line.

• Personal Finance

What Is Online Banking? Definition and How It Works

Investopedia / Daniel Fishel

Online banking allows you to conduct financial transactions through the Internet. Online banking offers customers almost every service traditionally available through a local branch including deposits, transfers, and online bill payments.

Virtually every banking institution has some form of online banking you can access through a computer or app. Online banking is also known as internet banking or web banking.

Key Takeaways

• Online banking allows you to conduct financial transactions through a computer or smart phone using the internet.
• With online banking, you don’t need to visit a branch to complete many transactions.
• To take advantage of online banking, you’ll need an electronic device, an internet connection, and perhaps your debit card or account numbers.

Online banking is a popular way of doing business with a bank. With online banking, you aren't required to visit a bank branch to complete most of your basic banking transactions. You can do all of this at your own convenience, wherever you want—at home, at work, or on the go. Online banking can be done using a browser or app. Mobile banking is online banking that is done on a phone or tablet.

Here are some of common ways you can use online banking.

Bank anytime

With online banking, you don’t need to visit a physical bank branch but you can do it wherever you want—at home, work, or on the go. In addition, you can typically do online banking 24/7. However, customer support might not be available at all hours.

Access accounts with browsers and apps

You can do online banking through a financial institution’s web portal using a web browser (such as Chrome or Safari) through a mobile app. This allows you to access services from many locations.

Deposit Checks

You can usually deposit a check through a mobile app using a process known as remote deposit capture . Enter the check amount, then use the app to take a photo of the front and back of the check to complete the deposit.

Manage Finances

Many banks and credit unions offer tools to help you review and balance your budget built into apps or the website. You may also be able to track spending trends, or track savings toward a goal. 

Perform Other Financial Services

Online banking transactions vary from one financial institution to another. Most banks generally provide essential services such as electronic transfers and bill payments. Some banks even let you set up new checking or CD accounts or apply for credit cards through web portals. Other online functions include ordering checks, stopping payments on checks, or reporting a change of address.

Online banking may provide fewer services than traditional banking does. For instance, you can’t exchange foreign currency.

You may be unable to complete a credit application online, such as a mortgage application. Instead, some banking business must be carried out at a bank or credit union branch.

Online Banks 

Online banks operate exclusively online, meaning they don’t operate branches where you can conduct business in person. The best online banks offer low-cost or free banking, plus above-average interest rates on savings accounts , certificates of deposit (CDs) , and money market accounts .

These banks handle customer service by phone, email, or online chat rather than in person. Prominent online banks in the U.S. include Ally Bank , Discover Bank , and Synchrony Bank .

Online-only banks might not provide direct automatic teller machine (ATM) access but usually enable customers to use ATMs at other banks and retail stores. They might even reimburse some or all of the ATM fees other financial institutions charge. The savings gained by not maintaining physical branches typically allows online banks to deliver significant savings on banking fees.

While you can deposit or take out a certain amount of cash at an ATM or store, most online banks impose a dollar limit.

As of October 2023, just 6% of U.S. adults with bank accounts reported their primary bank was an online bank.

Fast and efficient

Easy to monitor accounts

Customer service challenges

Tech and connectivity required

Hacking risk

Pros explained: 

• Convenience : Basic banking transactions can be done at any time of day or night, seven days a week. If your bank offers a payment network such as Zelle , you can use your online bank account to send money to a person or business. You can also open and close various accounts online, such as checking and savings accounts.
• Fast and efficient : Funds can be transferred between accounts almost instantly, especially if the two accounts are held at the same institution. Plus, mobile check deposits can be made in just a few minutes.
• Ease of monitoring accounts : You can closely monitor your accounts to spot suspicious activity. Around-the-clock access to banking information provides early fraud detection, serving as a guardrail against financial losses.

Cons of Online Banking 

• Customer service challenges : Sometimes, you might need to visit a branch to handle certain transactions, such as buying a cashier’s check. In other cases, you might not even have access to a branch. Furthermore, you may prefer depositing checks, withdrawing money or discussing your financial needs face-to-face.
• Tech and connectivity required : Some customers may need to be more comfortable with the tech-heavy aspects of online banking. For example, they may need help with some online tasks, such as setting up automatic payments . In addition, online banking depends on a reliable internet connection. Connectivity issues make it difficult to process transactions when you want to.
• Hacking risk : Although security continually improves, online accounts remain vulnerable. Customers should use their wireless plans rather than public WiFi networks when logging into an online bank account. This can help prevent unauthorized account access.

To take advantage of online banking you’ll need an internet connection and an electronic device like a computer or mobile phone. After setting up your account, you’ll keep handy a debit or other bank card, and access to your account numbers.

Setting up your online banking account can also be reasonably straightforward. But you’ll need a few things to set up an online checking account or savings account, just like a brick-and-mortar bank account. The bank will spell out exactly what you need on its website, but it typically requires: 

• Your name, date of birth, address, and other information
• Social Security number
• Government-issued ID with a photo, such as a driver’s license or passport
• A way to fund your account

To shield your money and your personal information from cyber crooks, you should take these safety precautions:

• Set a strong, unique password, and change it regularly. The federal Cybersecurity & Infrastructure Security Agency recommends a password with at least 16 characters. The password should contain a random string of uppercase letters, lowercase letters, numbers, and symbols.
• Rely on a password manager to help discreetly set and remember passwords.
• Enable two-factor authentication or multi-factor authentication if it’s available. This involves using at least two forms of identification, such as a password and a fingerprint, to access an online account.
• Never provide your online banking details to other people.
• Avoid online banking when using public WiFi, such as at a coffee shop or restaurant.
• Check your accounts regularly for suspicious activity and report suspected fraud immediately.

Can You Use Online Banking to Pay Bills?

You can use online banking to pay bills by logging into your online banking account to arrange bill payments electronically or by check. Online bill pay is a simple way to take care of your bills and help ensure you're always on time with payment by setting up automatic payments. It works especially well for bills with regular, set amounts, such as a mortgage payment, insurance premium, or car payment. 

What Is the Best Online Bank?

The best online bank for you will depend on your banking service needs and priorities. Investopedia's choice for best online bank overall is Ally bank. Our top choice for savings is Synchrony Bank and our top choice for checking is Discover.

Online banking is a fast, inexpensive, and convenient way to handle many of your everyday financial needs. You can probably access online banking if you already do business with a bank or credit union. All you need to do is sign up for online banking services. And while you can use online banking features from a traditional bank, picking an online-only bank for your banking needs might boost the interest you earn on savings and help reduce fees.

Consumer Financial Protection Bureau. " Online and Mobile Banking Tips for Beginners. "

Civic Science. " Online-Only Banks Are Gaining Ground With Gen Z ."

Cybersecurity & Infrastructure Security Agency. " Use Strong Passwords ."

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• Definition Essay 1

Definition Essay

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The waiting room was filled with empty chairs, a fish tank with brightly colored fish, and enough magazines for a bus full of people. The windows looked as if they were just cleaned. The carpets were freshly vacuumed and the temperature was cool. At first sight, I was impressed. I was interviewing for a secretarial position, but as the manager described to me the Medical Assistant (MA) position, I became more interested in what that position might entail... displayed 300 characters

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I scheduled a day to shadow the MA the following week. I arrived on time that next week, 7:45am, and was greeted by a friendly younger woman at the door. As I followed her that day, I was able to see exactly what an MA is responsible for. As the manager described it, it was a clinical position. Bust, as the day progressed I realized that it was much more than that... displayed 300 characters

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What the New Overtime Rule Means for Workers

One of the basic principles of the American workplace is that a hard day’s work deserves a fair day’s pay. Simply put, every worker’s time has value. A cornerstone of that promise is the  Fair Labor Standards Act ’s (FLSA) requirement that when most workers work more than 40 hours in a week, they get paid more. The  Department of Labor ’s new overtime regulation is restoring and extending this promise for millions more lower-paid salaried workers in the U.S.

Overtime protections have been a critical part of the FLSA since 1938 and were established to protect workers from exploitation and to benefit workers, their families and our communities. Strong overtime protections help build America’s middle class and ensure that workers are not overworked and underpaid.

Some workers are specifically exempt from the FLSA’s minimum wage and overtime protections, including bona fide executive, administrative or professional employees. This exemption, typically referred to as the “EAP” exemption, applies when: 

1. An employee is paid a salary,  

2. The salary is not less than a minimum salary threshold amount, and 

3. The employee primarily performs executive, administrative or professional duties.

While the department increased the minimum salary required for the EAP exemption from overtime pay every 5 to 9 years between 1938 and 1975, long periods between increases to the salary requirement after 1975 have caused an erosion of the real value of the salary threshold, lessening its effectiveness in helping to identify exempt EAP employees.

The department’s new overtime rule was developed based on almost 30 listening sessions across the country and the final rule was issued after reviewing over 33,000 written comments. We heard from a wide variety of members of the public who shared valuable insights to help us develop this Administration’s overtime rule, including from workers who told us: “I would love the opportunity to...be compensated for time worked beyond 40 hours, or alternately be given a raise,” and “I make around $40,000 a year and most week[s] work well over 40 hours (likely in the 45-50 range). This rule change would benefit me greatly and ensure that my time is paid for!” and “Please, I would love to be paid for the extra hours I work!”

The department’s final rule, which will go into effect on July 1, 2024, will increase the standard salary level that helps define and delimit which salaried workers are entitled to overtime pay protections under the FLSA. 

Starting July 1, most salaried workers who earn less than $844 per week will become eligible for overtime pay under the final rule. And on Jan. 1, 2025, most salaried workers who make less than $1,128 per week will become eligible for overtime pay. As these changes occur, job duties will continue to determine overtime exemption status for most salaried employees.

The rule will also increase the total annual compensation requirement for highly compensated employees (who are not entitled to overtime pay under the FLSA if certain requirements are met) from $107,432 per year to $132,964 per year on July 1, 2024, and then set it equal to $151,164 per year on Jan. 1, 2025.

Starting July 1, 2027, these earnings thresholds will be updated every three years so they keep pace with changes in worker salaries, ensuring that employers can adapt more easily because they’ll know when salary updates will happen and how they’ll be calculated.

The final rule will restore and extend the right to overtime pay to many salaried workers, including workers who historically were entitled to overtime pay under the FLSA because of their lower pay or the type of work they performed. 

We urge workers and employers to visit  our website to learn more about the final rule.

Jessica Looman is the administrator for the U.S. Department of Labor’s Wage and Hour Division. Follow the Wage and Hour Division on Twitter at  @WHD_DOL  and  LinkedIn .  Editor's note: This blog was edited to correct a typo (changing "administrator" to "administrative.")

• Wage and Hour Division (WHD)
• Fair Labor Standards Act
• overtime rule

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