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Distinguish Between Demand Deposits and Fixed Deposits. - ICSE Class 10 - Economics

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Question

Distinguish between demand deposits and fixed deposits.

Solution

Differences between demand deposits and fixed deposits:

Demand deposits Fixed deposit
The interest rate on demand deposits is very low. Fixed deposits carry a higher interest
rate.
Demand deposits can be withdrawn at any time. Fixed deposits can be withdrawn only after the expiry of a specific period.
Demand deposits are chequable, i.e. they can be withdrawn through cheques. Fixed deposits are not chequable.

 

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APPEARS IN

 2012-2013 (March) (with solutions)
Question 3.5 | 2.00 marks
Solution Distinguish Between Demand Deposits and Fixed Deposits. Concept: Concept of Credit Creation.
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