what is the meaning of demand deposit.? Write 6 advantages.
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a deposit of money that can be withdrawn without prior notice, e.g. in a current account.
The key requirements of DDA accounts are no limitations on withdrawals or transfers, no set maturity or lockup period, accessible on-demand, and no eligibility requirements.
Banks could not previously pay interest on demand deposit accounts. The Federal Reserve Board Regulation Q, enacted in 1933, prevented banks from paying interest on checking account deposits. That regulation was repealed in 2011.
Many banks now offer checking accounts with interest. For example, as of Oct. 2019, Capital One offered a checking account with no minimum and a 0.20% annual interest rate.
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