ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Checkable deposits is a technical term for any demand deposit account against which checks or drafts of any kind may be written. (A demand deposit account means the owner can withdraw funds on demand, with no notice.)

Detailed explanation-2: -Checkable deposits are bank accounts against which checks can be drawn. A few examples of checkable deposits include checking, savings, and money market accounts. While they’re highly liquid, checkable deposits are not intended for long-term goals, and usually have fees and limitations.

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 checking account is a type of deposit account that you can open at a brick-and-mortar bank, online bank or credit union. Checking accounts allow you to deposit money that you can then draw against to pay bills or make purchases. They also may be called transactional accounts.

Detailed explanation-5: -the receipts became in effect paper money. When a bank accepts a checkable deposit from a customer, its deposits will increase and its excess reserves will increase by the same amount as deposits.