Question

what are the features of demand deposit​

Answer 1

Answer:

Demand deposits have the following characteristics:

● Funds are payable on demand.

● Funds can be interest bearing.

● No eligibility requirements.

● No limit on the number of withdrawals or transfers.

● No maturity period.

Answer 2

Some of the features are given below:

• Funds can be withdrawn from the financial institution on demand.  

• Interest can be paid to owners of demand deposit account based on funds available in the account.  

• There is no eligibility criteria for a user to create a demand deposit account.  

• There is no limit on a number of withdrawal and transfers for a consumer.  

• There is no maturity period applied in the demand deposit account.

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