5. What are demand deposits? Describe any three salient features of demand deposits.
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Demand deposits are the deposits which we can take the deposit in bank on our demand.
it's salient features are
1. People have the provision to withdraw the money as and when they require.
2. Interest is paid by the bank on these dposits ( If they are saving account deposits and
not current accounts).
3. Bank allows the owner of demand deposits to make out a cheque for a specific amount.
☺️hope it helps☺️
it's salient features are
1. People have the provision to withdraw the money as and when they require.
2. Interest is paid by the bank on these dposits ( If they are saving account deposits and
not current accounts).
3. Bank allows the owner of demand deposits to make out a cheque for a specific amount.
☺️hope it helps☺️
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