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Types of deposit accounts
What is a demand deposit?
A demand deposit is a bank deposit that can be withdrawn by the depositor at any time without prior notice, such as a current account or savings account.
What is a current account primarily used for?
High-frequency business transactions with no withdrawal limits.
Which type of deposit account is most suitable for businesses with frequent transactions?
Current accounts are most suitable for businesses as they allow unlimited withdrawals and deposits without restrictions on the number of transactions.
What is the minimum balance typically required in a savings bank account?
It varies by bank; RBI has deregulated minimum balance requirements.
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