Choose the given statement is True/False

The order to a bank to pay a certain sum from the drawer’s account is called a demand deposit.

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True

False

answer is B.

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Detailed Solution

The given statement is False.
A cheque book is a compact book or folder that contains preprinted paper money that checking account customers use to make purchases of goods and services. Account holders may utilise the consecutively numbered checks in a cheque book as a bill of exchange. The account holder's name, address, and other identifying information are often preprinted on the checks. Each check will also include the bank's routing number, account number, and check number. A demand deposit account (DDA) is a bank account that allows unannounced withdrawals of deposited monies at any time. DDA accounts have the option, but not the obligation, to pay interest on the deposited monies. Savings and checking accounts are typical DDA kinds.
The correct statement is that the order to a bank to pay a certain sum from the drawer's account is called a cheque.

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