5 advantages of demand deposit
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The advantages of demand deposits are:
Flexibility of Withdrawals: As the name suggests, you can ‘demand’ money for withdrawal any time you want, so you have liquidity of funds.
No Extra Fees: Withdrawal from a demand deposit account does not have any encashment charges.
Electronic Transfers :
You do not have to carry cash when you have a demand deposit account because you use electronic transfers to move money in and out of the account. This provides convenience and also simplifies your finances because you can set up your paycheck or your bills to come in and out of your account on a specific day each month
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