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Q.

A deposit with a bank that can be withdrawn whenever the depositor likes to do so, is termed as


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a

A Demand deposit

b

A Time deposit

c

A Fixed deposit

d

A Legitimate deposit  

answer is A.

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Detailed Solution

A deposit with a bank that can be withdrawn whenever the depositor wants to do so is known as a Demand Deposit.
These types of deposits are generally maintained by the people who do the transactions daily. They can withdraw the amount with the help of cheques without any instructions. Banks also pay interest amounts on these deposits. Demand deposits are considered money because they are highly liquid. Moreover, it is easy to conduct transitions using demand deposits.
 
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