ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -When your bank account is debited, money is taken out of the account. The opposite of a debit is a credit, in which case money is added to your account. Your account is debited in many instances.

Detailed explanation-2: -Key Takeaways In financial terms, “deposit” means placing money into the care of a bank or other financial institution. Financial institutions and banks offer numerous types of deposit accounts with varying benefits.

Detailed explanation-3: -Generally, a bank may take money from your deposit account to make a payment on a separate debt that you owe to the bank, such as a car loan, if you are not paying that loan on time and the terms of your contract(s) with the bank allow it.

Detailed explanation-4: -Unfortunately, the money isn’t yours unless you made the deposit or if someone else made the deposit on your behalf. The only time you can keep money that is deposited into your account is when the deposit was intended to be made into your account. So, if the deposit was a mistake, you can’t keep the money.