ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A savings account in a bank allows you to deposit and withdraw money any time you want.

Detailed explanation-2: -A demand deposit account (DDA) is a bank account from which deposited funds can be withdrawn at any time, without advance notice. DDA accounts can pay interest on the deposited funds but aren’t required to. Checking accounts and savings accounts are common types of DDAs.

Detailed explanation-3: -Debit cards differ from credit cards in that the money attached to the debit card comes directly out of a checking account rather than being borrowed and paid later. A key feature of debit cards is that they allow you to make withdrawals easily at ATMs by entering a pre-set PIN¥.

Detailed explanation-4: -If you make a check deposit at an ATM at your bank, you can withdraw or use the full amount on the second business day. Your bank or credit union has a cut-off time for what it considers the end of the business day.

Detailed explanation-5: -Money can be deposited in your checking account at banks and via ATMs, through direct deposit or other electronic transfer. You can withdraw funds via banks and ATMs, by writing checks, or by using electronic debit or credit cards paired with their accounts.