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Why deposit in banks considered as money

Posted by A B 5 years, 1 month ago

CBSE > Class 10 > Social Science

1 answers

Gaurav Seth 5 years, 1 month ago

Due to following reasons the demand deposits are considered as money
(i) Demand deposits can be withdrawn from the bank whenever it is required.
(ii) They are widely accepted as a means of payment, along with the currency, thus they aqre considered as money.
(iii) They are accepted widely as means of payment by way of a cheque instead of cash.

3Thank You

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CBSE > Class 10 > Social Science