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Definition of 'Demand Deposit'
An account from which deposited funds can be withdrawn at any time without any notice to the depository institution.
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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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