BANKING AFFAIRS

Detailed explanation-1: -Banks allow people to deposit their money as savings. These savings earn them a small interest when withdrawn. The deposits made can be withdrawn at any time. This is called demand deposit.

Detailed explanation-2: -A deposit in finance is typically when you transfer money to a bank account like a checking account for safekeeping. However, it can have other meanings as well. For example, you may need to place a deposit, or a certain amount of money, with a business to secure goods or services such as for a rental.

Detailed explanation-3: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts. Each type has its advantages.

Detailed explanation-4: -They are inverse transactions: While a deposit adds funds to your account and boosts your balance, a withdrawal whisks money away, subtracting an amount from the funds you have on balance. There are many ways to conduct each of these transactions today, largely due to tech offering new options.