Q.

Bank deposits that can be withdrawn without notice are called -

A. account payee deposits
B. fixed deposits
C. variable deposits
D. demand deposits
Answer» D. demand deposits
Explanation: Demand deposits are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution. Demand deposits can be "demanded" by an account holder at any time. Many checking and savings accounts today are demand deposits and are accessible by the account holder through a variety of banking options, including teller, ATM and online banking. In contrast, a term deposit is a type of account which cannot be accessed for a predetermined period (typically the loan's term).
540
0
Do you find this helpful?
1

View all MCQs in

Economics (GK)

Discussion

No comments yet