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No. A Demand Deposit or Term Deposit or a Fixed Deposit (FD) Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit
Checking Accounts are also called as Current Accounts. A checking account is one in which customers keep some money and use it for their day to day transactions. The money in this account does not earn any interest and is available for usage to the customer at all times.
What else can I help you with?
What is money in a checking account called?
Money in a checking account is called demand deposit.
What is the term for money kept in a checking account?
A checking account is called a "demand deposit" because it is available for transfer to another individual or company by writing a check or draft.
When you put money into account it is called what?
When you put money into an account, it is called a "deposit." This can occur in various types of accounts, such as savings or checking accounts, and it increases the balance of the account. Deposits can be made in cash, checks, or electronic transfers.
Will you have to pay tax on money placed in your checking account belonging to someone else?
You will if you get whats called a deposit audit from the IRS. I have had this problem in my past. Document where from and who to.
What is a checking account frequently referred to as?
A checking account is also called a transactional account or chequing account.
What is Money put into an bank account called?
to deposit moneyA Deposit is the act of putting money into an account.
What bank account pays you the most interest monthly?
They are called CD's (Certificate of Deposit) or FD's (Fixed Deposits) You deposit a certain sum of money for a fixed duration of time. in return the bank pays you a higher rate of interest when compared to your checking or savings account
What is it called when you put money in your account?
When when you put money in your account it is called "making a deposit."
What is it called to put money in your account?
deposit
What is it called to take money out of your bank account?
It can be called a withdrawal or a deposit.
What is it called when a deposit that can be withdrawn by the customer at any time is?
A deposit that can be withdrawn by the customer at any time is called a "demand deposit." Demand deposits are typically held in checking accounts, allowing account holders to access their funds easily and without notice. These accounts usually do not pay significant interest compared to savings accounts.
What is the name of an account where money can be spent with either a debit card or a check?
The account you're referring to is typically called a checking account. It allows account holders to deposit money and access it through various means, including writing checks and using a debit card for purchases and withdrawals. Checking accounts are commonly used for everyday transactions and bill payments.
