Which of the following statement is not true with respect to Demand Deposits?
Which of the following statement is not true with respect to Demand Deposits?
(a) They can be encashed by issuing cheques by the account holders
(b) These are the deposits of general public with Commercial Banks
(c) The amount is deposited with the bank for a fixed period of time
(d) All of these
Anurag Pathak Changed status to publish January 3, 2024
Ans – (c)
Explanation:-
Demand Deposits are the deposits of the general public with the commercial bank.
The commercial bank issues the cheques against the demand deposits to the account holders.
The account holders can withdraw cash by issuing cheques.
Such deposits are not for a fixed period of time.
These are the demand deposits and cash can be withdrawn anytime on demand.
Examples of demand deposits are Savings accounts and current accounts.
Anurag Pathak Changed status to publish January 3, 2024
