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Question
Explain the following term/concept:
Savings Deposits
Solution
Savings deposits are bank accounts where people deposit their money to earn interest while keeping it safe and accessible. These accounts are mostly used by individuals to save a portion of their income for future needs.
- They offer lower interest rates compared to fixed deposits.
- Banks allow limited withdrawals from savings accounts.
- They help inculcate the habit of saving among people.
- Money in savings deposits is secure and can be withdrawn using cheques, ATMs, or online banking.
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