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Deposites in bank accounts withdrawnon demand are called :
[2011 (T-2)]
  • a)
    Fixed deposit
  • b)
    Recurring deposit
  • c)
    Demand deposit
  • d)
    None of these
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Deposites in bank accounts withdrawnon demand are called :[2011 (T-2)]...
Bank account that allows money to be withdrawn from the available balance, by the account holder at his or her will and by any means, without notice to the bank.
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Most Upvoted Answer
Deposites in bank accounts withdrawnon demand are called :[2011 (T-2)]...
The Answer is: C. Demand deposit
Explanation:
Here is a detailed explanation of the answer:
What are demand deposits?


  • Demand deposits are the deposits made by individuals or entities into their bank accounts that can be withdrawn at any time without any prior notice.

  • These deposits are also known as current accounts or checking accounts.


Characteristics of demand deposits:


  • They provide easy access to funds as the account holder can withdraw money whenever needed.

  • Interest rates on demand deposits are generally low or even zero.

  • No fixed maturity period is associated with demand deposits.


Examples of demand deposits:


  • Regular savings accounts

  • Current accounts

  • Checking accounts


Importance of demand deposits:


  • Demand deposits are an essential part of the banking system as they provide liquidity to individuals and businesses.

  • They offer a safe and secure way to store money and conduct day-to-day financial transactions.

  • They also serve as a basis for the creation of money through the fractional reserve banking system.


To summarize, demand deposits are bank deposits that can be withdrawn on demand without any prior notice. They are a convenient and accessible form of keeping money in a bank account.
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