Question

Find the Incorrect option
A. Demand deposit share the essential features of money
B. With demand deposit payments can be made without cash
C. Demand deposits are safe way of money transformation
D. Demand deposit facility is like cheque

Answer 1

The incorrect option is ‘Demand deposit facility is like cheque’.

Option: D

Explanation:

• The ‘demand deposit facility’ is not like a cheque. It has the facility of a cheque that is issued against the demand deposit makes it possible to facilitate transactions without the ‘use of cash’.  

• The demand deposit is the ‘deposit’ that can be ‘withdrawn on demand’ by the people.  

• They can make payments through cheque instead of cash for the amount that has been deposited by them as a demand deposit.  

• The person makes a for a ‘specific amount’ and instructs the bank to pay the ‘specific amount’ from the person's ‘account to the person’ in whose name the ‘cheque’ has been made.

Learn more about Demand deposit

What are demand deposits and explain three of its features

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Define the term cheque and demand deposit

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Answer 2

Answer:

d is the right answer jfrd