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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.
Wiki User
∙ 13y ago
Wiki User
∙ 15y agoA Checking account is also called a demand deposit , because the money can be withdrawn at any time - that is ," on demand. This is right out the book this is right.
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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.
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 a sum of money from which a person may withdraw called?
It is called Deposit
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 Money put into an bank account called?
to deposit moneyA Deposit is the act of putting money into an 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.
Is the amount of money in your checking account called your allowance?
No, the proper banking term is balance for an amount in a checking account.
Does First Command Bank offer free checking accounts?
First Command Bank in Fort Worth, Texas does offer free checking accounts. They have an account for 14 to 22 year olds with no monthly fees. The minimum deposit is $25 to open the account, but there is no minimum deposit afterwards. This account is called "First Account" and includes a debit card and unlimited check writing. For adults, their "Command" checking account also requires a $25 minimum opening balance. You'll receive interest on the account anytime your balance is over $1,000. Check writing is unlimited and you'll receive a free debit card with the Command account. Free online statements and bill paying is another benefit for either of these checking accounts.
