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प्रश्न
Distinguish between:
Demand deposit and Time deposit
उत्तर
| Basic for comparison | Demand deposit | Time deposit |
| Meaning | Deposits that are withdrawable on demand are known as demand deposits. | Deposits that are repayable after a certain period of time are known as time deposits. |
| Time Period | There is no fixed time period involved in the case of a demand deposit. | Time deposits are deposited in the bank for a fixed period of time (usually 1 year to 5 years). |
| Example | Saving accounts and current accounts are examples of demand deposits. | Fixed or term deposits are an example of time deposits. |
| Rate of Interest | In the case of saving and current accounts, it is lower (which is around 4 to 6 percent). | The rate of interest offered by the banks on time deposits is higher around 7 to 9 percent. |
| Facilities | In case of demand deposits, one needs all facilities like ATM, credit card, the online banking as these accounts are meant for the withdrawal of funds as and when required by the account holder. | In the case of time deposits, one does not need facilities like ATMs, credit cards, the online banking as funds are tied for a specific period. |
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संबंधित प्रश्न
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Distinguish between:
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