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Give two differences between a time deposit and demand deposit. |
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Answer» Demand deposits and time deposits: • Demand deposits can be withdrawn at any time, whereas the time deposits can be with-drawn only after the expiry of a specific period. • There is no interest rate on demand deposits, whereas the time deposits carry a higher interest rate. • Demand deposits are chequeable and can be withdrawn through cheques, whereas time deposits are not chequeable. |
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