What is a demand deposit?

What is a demand deposit?

Answers

Is an account held at a bank/other financial institution, the funds deposited in which are payable on demand. The primary purpose of demand deposit is to facilitate cashless payments by means to cheques/ Electronic Fund transfer (EFT).

---

Kavungya answered the question on March 26, 2019 at 05:22

Next: An iron rod XY is placed inside a coil of wire. What type of magnetic pole is induced at the end x when the current...
Previous: An un-insulated copper wire XY lies over the fixed wire A and B connected to a battery when the key in the circuit is closed,...

View More Monetary Theory and Policy Questions and Answers | Return to Questions Index

Exams With Marking Schemes

• Grade 1
• Grade 2
• Grade 3
• Grade 4
• Grade 5
• Grade 6
• Grade 7
• Grade 8
• Grade 9
• PP1
• PP2
• Playgroup
• Form 1
• Form 2
• Form 3
• Form 4

Related Questions

• Explain the following terms. 1)Saving 2)Wealth(Solved)
  

  Explain the following terms.
  1)Saving
  2)Wealth

  Date posted: March 26, 2019.  Answers (1)