Question

the deposits are in bank which are payable on demand are called_______​

Answer 1

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${\boxed{\purple{\small{Your\:\:Answer\:\:is\:\:Demand\:\: Deposits}}}}$

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Answer 2

The deposits are in bank which are payable on demand are called Demand Deposit.

Explanation:

• Demand deposit basically represents a financial account in any bank or other financial institutions from which the account holder can pull out money or funds anytime usually without any official notification to the respective bank or financial institution.
• The funds or money deposited into the demand deposit account is considered as an example of M1 money supply in the economy by the central bank.
• Unlike other regular savings bank account,demand deposit account does not stipulate any minimum limit or restriction on the overall number or frequency of transactions.Hence,the account holder of demand deposit account can conduct any number of financial transactions from the account as per his or her requirements without any official restriction from the respective bank or financial institution.
• A common example of demand deposit account is the current account which is primarily used for business and other commercial purposes and mostly held by business owners and commercial practitioners.