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Recurring Deposit Account

Against which...

Question

Against which of the following bank deposits can a cheque be issued?

A

Fixed deposit

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B

Demand deposit

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C

Time deposit

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D

Term deposit

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Solution

The correct option is B
Demand deposit

Demand deposits in commercial banks, i.e. those deposits which can be withdrawn at any time, are also counted as money, especially since people can purchase goods and services in the market by drawing cheques on such deposits.

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