GK
BANKING AWARENESS AND SEBI
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
demand
|
|
|
a fixed future date
|
|
|
happening of certain event
|
|
|
24 hours after presentation
|
Detailed explanation-1: -A cheque is drawn on a particular bank and is always payable on demand. The amount is always a certain sum of money that is present in one’s account and cannot exceed the same. This cash amount is to be paid to the person mentioned therein, or order, or the bearer.
Detailed explanation-2: -False. Was this answer helpful?
Detailed explanation-3: -As the words imply, the term means a debt must be paid when the payee asks for it. The term “payable on demand” does not necessarily have to be written on the document. Any note without a specified time of payment is considered payable on demand.
Detailed explanation-4: -Describing a debt that must be repaid upon the request of the lender. For example, if Joe lends Bob $100 payable on demand, there is no set payment date, but Bob must pay whenever Joe asks. Some loans become payable on demand if the borrower violates the terms of the lending agreement.