English, asked by prachi9920, 1 year ago

Write a short note on demand deposit.

Answers

Answered by syedmdsaif827
1
A demand deposit consists of funds held in an account from whichdeposited funds can be withdrawn at any time from the depository institution, such as a checking or savings account, accessible by a teller, ATM or online banking.

A demand deposit is an account with a bank or other financial institution that allows the depositor to withdraw his or her funds from the account without warning or with less than seven days' notice. Demand deposits are a key component of the M1 money supply calculated by the Federal Reserve.

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