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1.
Supple term used to describe activities or chat that is playful, intelligent and original. Banter is something you either posses or lack, there is no middle ground. It is also something inherently English, stemming as it does from traditional hi-jinks and tomfoolery of British yesteryear.
"You, sir, are drunk"

"Maybe so but you are ugly and I will be sober in the morning"

"Good banter sir"
автор: Zach_banter 16 февраля 2006
 
2.
Conversation that is witty and at the same time abusive. Formerly an "in" word, but no longer cool due to it being used excessively by children.
Parent: So what did you do at school today Timmy?

Child: BANTER LOL

Parent: Shut up
автор: DO NOTWANT 19 сентября 2010
 
3.
A word used to describe the teasing and pisstaking which occurs between mates, usually harmless.

However, the past couple of years the word has been hijacked by Justin Bieber lookalike student "LAD" twats who use it to describe anything humorous that occurs. These people are also known as chino wankers, annoying morons and people who need to use a dictionary now and again.
What banter is:

"You alright Mike? You seem miles away, you're not busy thinking of Tanya are you? Don't even lie, you proper fancy her, you div!"

What banter isn't:

"LOL LAST NIGHT DAVE WALKED INTO A LAMPPOST! EPIC BANTER LOL! WHAT A LAD!"
автор: chinosareugly 15 марта 2013
 
4.
replacing the first letter of banter with the first or second letter(s) from the type of banter it is.
Types of b-anter:

fanter = football banter
santer = sexual banter
shanter = shit banter
ranter = racial banter
ganter = gay banter
hanter = holiday banter

the list is endless
автор: balls_deep_10 24 ноября 2010
 
5.
A word used to cover up what would usually be classed as completely inappropriate behaviour, usually ends in on of the parties being irritated beyond comparison.
Boy: Go fuck yourself, I hope you die in a hole.
Girl: Hey!
Boy: Calm down, it's just banter.
автор: Noremac Giarc Nalla 10 июля 2011
 
6.
Verbal sparring that's fundamentally friendly, especially needed to deflate the egos of gloating friends
A banterous initiation to said friend:

"I wonder if your ass gets jealous of all the shit coming out of your mouth"
автор: bobzilla 1 ноября 2012
 
7.
The new word for bullying
"oh its just abit of banter"
автор: MissImmie 17 февраля 2012