Question

What are the deposits in the banks called demand deposit ?What are the benefits of deposits with the banks?

Answer 1

Answer:

People deposit their savings in banks. They can withdraw their money whenever required. Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits.

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Answer 2

Explanation:

Banks accept the deposits and also pay an amount as interest on the deposits. Benefits: People have the provision to withdraw the money as and when they require. Since, the deposits in the bank accounts can be withdrawn on demand.