Demand Deposit

What Does Demand Deposit Mean?
An account from which deposited funds can be withdrawn at any time without any notice to the depository institution.

Investopedia explains Demand Deposit
This account allows you to "demand" your money at any time, unlike a term deposit, which cannot be accessed for a predetermined period (the loan's term).

Most checking and savings accounts are demand deposits, accessible by the account holder at any time.

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