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Which of the following deposits are also known as chequable deposits?
Saving Account Deposits
Demand Deposits
Saving Account deposits plus fixed account deposits
Current Account Deposits
- Demand Deposits are bank deposits that can be withdrawn at any time without any advance notice. These are also called chequable deposits because you can write a cheque against them or use them for electronic transfers.
- Saving Account Deposits are a type of demand deposit. They earn interest and offer easy withdrawal, but sometimes limit the number of transactions.
- Current Account Deposits are mainly for businesses, allowing unlimited transactions. They are also chequable deposits and a type of demand deposit.
- Fixed Account Deposits are not chequable. They are locked in for a certain period and can’t be accessed with a cheque.
The correct option is: Option 2 - Demand Deposits.
By: santosh ProfileResourcesReport error
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