how are demand deposit accepted as …
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Posted by Srijan Satyam 5 years, 4 months ago
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Gaurav Seth 5 years, 4 months ago
Demand deposits offer another interesting facility. It helps in making the payment in cheque.
. A cheque is a paper instructing the bank to pay a specific amount from the person’s account to the other person or to the account holder.
. Thus, we see that demand deposits share the essential features of money.
. The facility of cheques against demand deposits makes settlement of payments possible without using cash.
. Since demand deposits are accepted widely as a means of payment, along with currency, they
constitute money in the modern economy.
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