A current deposit account is, usually, opened by businessmen. The account holder can deposit and withdraw money at any time as the deposit is repayable on demand. It is also known as a demand deposit. No interest is paid on current accounts, rather charges are taken by the bank for services rendered by it.
A current deposit account, also known as a checking account or current account, is a type of bank account that allows customers to deposit and withdraw money on demand. It is primarily used for everyday financial transactions such as paying bills, making purchases, and receiving
Answers & Comments
Answer:
A current deposit account is, usually, opened by businessmen. The account holder can deposit and withdraw money at any time as the deposit is repayable on demand. It is also known as a demand deposit. No interest is paid on current accounts, rather charges are taken by the bank for services rendered by it.
Verified answer
Answer:
A current deposit account, also known as a checking account or current account, is a type of bank account that allows customers to deposit and withdraw money on demand. It is primarily used for everyday financial transactions such as paying bills, making purchases, and receiving