The savings deposit in a commercial bank is called

Assessment: JAMB UTME - Economics - 2005 Subject: Economics

Question 1 Report

The savings deposit in a commercial bank is called

Answer Details
The savings deposit in a commercial bank is called "Money." When you deposit money into a savings account at a commercial bank, you are essentially lending your money to the bank. In return, the bank pays you interest on your savings. This money can be withdrawn from the account when needed, although some banks may have restrictions on the number of withdrawals you can make within a certain period of time. It's important to note that savings deposits are different from other types of bank deposits, such as time deposits or certificates of deposit (CDs), which typically have longer terms and higher interest rates but also come with penalties for early withdrawal. "Capital" and "Fund" are more general terms that can refer to various types of financial resources, and "Near" and "Call money" are not commonly used to describe savings deposits in commercial banks.

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