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Question
Demand deposits include (choose the correct alternative)
(a) Saving account deposits and fixed deposits
(b) Saving account deposits and current account deposits
(c) Current account deposits and fixed deposits
(d) All types of deposits
Solution
Saving account deposits and current account deposits
Demand deposits include savings and current account deposits because demand deposits are not for any specific period of time. They can be withdrawn as and when required. These deposits are chequable deposits.
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Demand deposits include:
Assertion (A): Demand deposits are not legal tenders.
Reason (R): They are with the bank, so only can be used as a legal tender when cheques are issued for the transfer.
