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
Money in a checking account is called demand deposit.
DDA stands for demand deposit account. It is a bank account in which you can deposit and withdraw money. A form of a demand deposit account is a checking account.
Demand Deposit It is type of an account from which deposited funds can be withdrawn immediately at any time without any notice to the depository institution. Time Deposit It is type of deposit which is in contrast to demand deposit and funds are not available immediately .These are also known as term deposits .
DDA=Demand Deposit Account....(ex, checking account, savings account, etc) GL=General Ledger.... Credit=Positive Entry, Entry going -in-, opposite of debit....
Yes. There are no restrictions as to who can deposit cash into a checking account. Anyone can deposit cash into anyone else's account as long as they know the account number of the account into which they want to deposit cash. For ex: I can walk into the bank branch where you hold a checking account and deposit $500 into it if I know the account number. Nobody will ask or question me as to why I am doing so…
Money in a checking account is called demand deposit.
DDA stands for demand deposit account. It is a bank account in which you can deposit and withdraw money. A form of a demand deposit account is a checking account.
Demand Deposit Account
Demand Deposit Account
yes
A check is a demand. It is an order to pay someone form your checking account. A checking account is a demand deposit.
DDA stands for Demand Deposit Account. It is your deposit account. A term used widely in payments industry
A demand deposit is a normal checking or savings account at a bank. Demand deposit accounts can be drawn against by writing a check or withdrawing cash. They can also be drawn against by the use of a debit cards.
Demand Deposit It is type of an account from which deposited funds can be withdrawn immediately at any time without any notice to the depository institution. Time Deposit It is type of deposit which is in contrast to demand deposit and funds are not available immediately .These are also known as term deposits .
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
money in a checking accountMoney in a checking account
Money in a savings account is an example of a time deposit.