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Q.

[[1]] are useful for the banks as well as for the people.


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Detailed Solution

Demand deposits are useful for the banks as well as for the people.
They are useful for banks and people, as they interest people in their savings. Their surplus cash is also safe with the banks, as they are the safest option. Banks also have an opportunity to provide loans to people who are in need. People can easily open a bank account in their names, which is the nearest money for them, as they can withdraw their demand deposits anytime from anywhere. Since the deposits in the bank accounts can be withdrawn on demand, these deposits are called demand deposits.
 
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