Write about demand deposit ⚡☺️
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- Because the deposits in the bank account can be withdrawn on demand, these deposits are called demand deposits.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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Explanation:
A demand deposit account (DDA) consists of funds held in a bank account from which deposited funds can be withdrawn at any time, such as checking accounts. ... A DDA allows funds to be accessed anytime, while a term deposit account restricts access for a predetermined time.
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