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Recurring Deposit Account

A deposit whi...

Question

A deposit which can be withdrawn by the depositor at any time by means of a cheque is called

A

Demand deposit

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B

Savings deposit

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C

Fixed deposit

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D

Recurring deposit

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Solution

The correct option is A
Demand deposit

Demand deposits are deposits which can be withdrawn by the depositor at any time by means of a cheque. No interest is paid on such deposits.

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