BANKING AFFAIRS

Detailed explanation-1: -Demand deposits include saving account deposits and current account deposits. These are called demand deposits as it is very liquid and can be used for purchase of goods and services immediately.

Detailed explanation-2: -Current bank account is opened by businessmen who have a higher number of regular transactions with the bank. It includes deposits, withdrawals, and contra transactions. It is also known as Demand Deposit Account.

Detailed explanation-3: -A demand deposit account is just a different term for a checking account. The difference between a demand deposit account (or checking account) and a negotiable order of withdrawal account is the amount of notice you need to give to the bank or credit union before making a withdrawal.

Detailed explanation-4: -Demand deposit account definition A demand deposit account is another term for a checking, savings or money market account. Money in these accounts is highly liquid, and you’ll be able to withdraw funds at any time without paying the bank a penalty.

Detailed explanation-5: -A current deposit account is, usually, opened by businessmen. The account holder can deposit and withdraw money at any time as the deposit is repayable on demand. It is also known as a demand deposit. No interest is paid on current accounts, rather charges are taken by the bank for services rendered by it.