Question

define demand deposits

Answer 1

A deposit of money that can be withdrawn without prior notice is called demand deposits.


Due to following reason the demand deposit are considered as money:-

(i) demand deposits can be withdrawn from the bank whenever it is required.

(ii) they are widely accepted as a means of payment along with the currency thus, they are considered as money.

(iii) they are accepted widely as means of payment by way of cheque instead of cash.



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Answer 2

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➯ A deposit of money that can be withdrawn without prior notice.