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Bank Deposits

Deposit insurance

Demand deposits refer to the funds that are deposited in a bank and can be withdrawn by the depositor at their convenience. These deposits typically include the balances in savings and current accounts, as they can be accessed by the account holder at any given moment.

Think of demand deposits as the money that you have readily available in your bank account, which can be used for immediate expenses or withdrawals. These deposits provide a great deal of flexibility and accessibility for individuals and businesses alike. So, next time you make a withdrawal from your savings or current account, remember that you are utilizing your demand deposits.

Know Your Client guidelines

It is essential for banks and other financial institutions to conduct thorough due diligence on their investors. This involves verifying the identity of the client and ensur...

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Taxable interest

In the realm of finance, it is crucial to understand the taxation of interest earned on fixed deposits. According to the Income Tax Act, any interest earned on a fixed depos...

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Deposits

but is not necessarily payable on demand. A deposit, in essence, is an amount of money that is placed in a bank with the intention of earning interest. It is subject to cert...

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Deposit insurance

Demand deposits refer to the funds that are deposited in a bank and can be withdrawn by the depositor at their convenience. These deposits typically include the balances in ...

More