ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -To withdraw money from your account, you need to fill in a “Withdrawal slip”. Like a Deposit slip, a Withdrawal slip also asks for similar information – your name, account number, amount that you wish to withdraw, date, etc.

Detailed explanation-3: -Depositing money into a checking account qualifies as a transaction deposit, which means that the funds are immediately available and liquid, and you can withdraw them without delays. 1. The other definition of deposit is when a portion of funds is used as a security or collateral for the delivery of a good.

Detailed explanation-4: -Using a credit card and debit card is one of the quickest and most convenient ways of depositing money in your account. Since many people already have these bank cards, there is no need for you to create an extra account anymore. Funds are also immediately added to your account balance.