Question

What is the meaning of 'payments by cheques against deposits'?

Answer 1

it means that if you make a payment by cheque whose money goes from your deposit wich is actually against deposits as deposits are made to save money instead of spending it. if you spend any thing from your deposit it is against your deposit.

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Answer 2

Answer:

The facility of cheques against demand deposits makes it possible to directly settle payment without the use of cash.