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Q.

A demand deposit account (DDA) is a bank account that :


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a

Allows unannounced withdrawals of deposited money at any time.

b

Allows unannounced withdrawals of deposited money at fixed time.

c

Both 1 and 2

d

None of these 

answer is A.

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Detailed Solution

A demand deposit account (DDA) is a bank account that allows unannounced withdrawals of deposited money at any time. DDA accounts have the option, but not the obligation, to pay interest on the deposited money. It would be very difficult to collect cash or conduct routine business if depositors had to inform their banks in advance of any withdrawals. The account's assets can be accessed whenever you want, without giving the institution a heads-up.
 
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