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Q.

Money that people place into their bank accounts is known as ____.


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Detailed Solution

Money that people place into their bank accounts is known as bank deposits.
People place money into bank accounts such as savings accounts, fixed deposits, and money market accounts. People are also interested in the deposits people put into their bank accounts. Bank deposits are an asset for people because their money is safe with the bank, and they can earn money from it through interest. Deposits are a liability for the banks since they have to pay interest on them. However, banks do not keep the total amount of bank deposits. Instead, they use it to extend loans. Bank deposits are also a significant part of India's formal sector's credit.
 
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