Why are the deposits in the bank called demand deposits? What are the benefits of deposist with the banks?
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Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits. ... Apart from money being safely kept in the banks, people are also paid interest on the amount of money deposited in their bank account. Deposits also act as direct money in case of cheque payments.
Here are some of the major benefits of Fixed Deposits in India:
Get Guaranteed Returns. ...
Determine Your Tenure. ...
Make More Profit. ...
Choose the Mode of Interest Payment. ...
Better Interest Rates for Senior Citizens. ...
Avail a Loan Against Fixed Deposit. ...
Deal with Urgent Cash Crunch Situations
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