A deposit with a bank that can be withdrawn whenever the depositor likes to do so, is termed as:

(A) a demand deposit

(B) a time deposit

(C) a fixed deposit

(D) a legitimate deposit

 

Answer:

So the correct answer is (A) - a demand deposit.

Explanation

  • The deposits in the bank accounts that can be withdrawn on demand are called demand deposits . So this is correct .
  • A time deposit is a deposit with the bank with a specific maturity date . So this is not correct .
  • A fixed deposit is a deposit with the bank with a fixed tenure or fixed date of maturity. So this is not correct .
  • A legitimate deposit is a deposit with the bank that is legitimate . So this is not correct .

 

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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.