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Q.

The deposits with banks that people can withdraw at any time are known as ____.


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Detailed Solution

The deposits with banks that people can withdraw at any time are demand deposits.
In addition to currency, people hold their money as deposits with banks. People do not need all of the money at a point in time. People generally keep some amount with them, like cash, for day-to-day transactions, and deposit the extra money with the bank. This extra cash is of no use when kept idle, but depositing it with the bank generates interest.
 
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