Question : The process of converting cash into bank deposits is called:
Option 1: Withdrawal
Option 2: Deposit
Option 3: Credit
Option 4: Debit
Answer (1)
16th Jan, 2024
Correct Answer: Deposit
Solution : The correct answer is (b) Deposit.
The process of converting cash into bank deposits is called a deposit. When individuals or businesses bring cash to a bank and place it into their account, it is referred to as making a deposit. This increases the balance in the account and adds to the available funds that can be utilized through various banking services such as withdrawals, transfers, or payments.
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