Question

Why are the deposits in the banks called demand deposit? what are the benefits of the deposit in the bank?​

Answer 1

Heya❤️

Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits.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.

Thanku ❤️