why are deposits in the bank called demand deposits? What are its benefits?
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there are 2 types of types of deposit demand deposit and time deposit. in demand deposit the deposited funds can be withdrawn on the demand of the accountholder, at any time.
We can withdraw our deposited savings at any time as per our requirements or urgency. Demand Deposits allows the depositor to withdraw funds on demand without any advance notice to the bank.
Demand Deposit allows joint owners of a single account.
The consumer can easily access their money from Demand Deposits.
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