Demand Deposit Account (DDA)

A Demand Deposit Account (DDA) refers to a type of bank account from which funds can be withdrawn at any time without any need to notify the bank. Commonly known as a checking account, a DDA allows for liquidity and ease of access to funds, making it a fundamental component for daily banking transactions both for individuals and businesses, including merchants.

Key Characteristics of a Demand Deposit Account:

In summary, a Demand Deposit Account is essential for businesses and individuals who need immediate access to their funds for regular transactions. For merchants, it serves as a vital operational tool for managing daily financial activities effectively.