Why are the deposits in the bank called the demand deposits? Explain the advantages of deposits 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Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits. Benefits of deposits with banks are as listed below: Apart from money being safely kept in the banks, people are also paid interest on the amount of money deposited in their bank account.
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Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits.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. Cheques against a deposit settle payments without the use of direct cash.
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