GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Short deposits
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Fixed deposits
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Current deposits
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Deposits withdraw-able on demand by the depositor
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Detailed explanation-1: -A demand deposit account (DDA) is a bank account from which deposited funds can be withdrawn at any time, without advance notice.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-2: -Demand deposit account definition A demand deposit account is another term for a checking, savings or money market account. Money in these accounts is highly liquid, and you’ll be able to withdraw funds at any time without paying the bank a penalty.
Detailed explanation-3: -Demand deposits include saving account deposits and current account deposits. These are called demand deposits as it is very liquid and can be used for purchase of goods and services immediately.