what are the features of demand deposit
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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.
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Features of demand deposits:
Interest is paid by the bank on these deposits provided they are saving account deposits and not current accounts. Bank allows the owner of demand deposits to make out a cheque for a specific amount. Demand deposit owners may have joint accounts. Either owner may deposit or withdraw funds.
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