Question

Why are the deposits in the bank account
called deposits?​

Answer 1

Answer:

deposit means to place something .

In a bank, we deposit money in our account , the bank keeps the money safe for us. the money that we place in the bank in our account is called deposit, since we are placing it .

for example, a worker may receive his/her salary at the end of the month. he/she cannot keep it for long in his/her hand and cannot use the whole money for paying expenses, hence, the person will open a bank account and deposit his/her money there. the bank keeps the money safe there.

Answer 2

Explanation:

Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits. Benefits of deposits with banks are as listed below: Deposits also act as direct money in case of cheque payments.

People deposit their savings in banks. They can withdraw their money whenever required. Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits. Benefits of deposits with banks are as listed below:

i. Apart from money being safely kept in the banks, people are also paid           interest on the amount of money deposited in their bank account.

ii. Deposits also act as direct money in case of cheque payments. Cheques against a deposit settle payments without the use of direct cash.

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