ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A checking account is a deposit account held at a financial institution that allows withdrawals and deposits.

Detailed explanation-2: -A savings account in a bank allows you to deposit and withdraw money any time you want.

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: -A non-interest bearing peso account, also known as Checking or Demand Deposit Account wherein deposits are made over-the-counter, while withdrawals are made through the issuance of a check.

Detailed explanation-5: -A demand deposit account (DDA) is a bank account from which deposited funds can be withdrawn at any time, without advance notice.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.