Find incorrect options
1) demand deposit facility is like cheque
2) with demand deposit payment can be made with out cash
3) modern forms of money includes paper notes and currency
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Demand deposit consists of funds in the bank account which can be withdrawn at any time. It cannot be paid without cask.
Explanation:
- Demand deposits are accounts of the customer whose funds are held with the bank and money can be withdrawn or deposited at any point of time.
- It provides the customers money for their daily expenses.
- The account which has the facility of demand deposit can be owned by joint owners.
- Some banks ask for a minimum balance that needs to be upheld by the customer to access the funds at any point of time.
- When minimum balance is not maintained, the bank charges certain penalty.
Know more about demand deposits and cash withdrawal:
Why are demand deposits considered as money
https://brainly.in/question/892165
How to withdraw cash from bank
https://brainly.in/question/1210256
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