Demand Deposit Accounts: Meaning, Importance & How They Work

A demand deposit account is a type of bank account that allows the account holder to withdraw funds at any time without prior notice. These accounts are designed for day-to-day financial transactions, making them highly accessible and versatile.

Key features of demand deposit accounts:

• Liquidity: Funds can be accessed instantly, whether for online payments, ATM withdrawals, or physical bank transactions.
• Ease of use: These accounts are linked to debit cards, digital wallets, and mobile banking apps for seamless transactions.
• Security: Demand deposits are regulated by banks and financial institutions, ensuring the safety of your money.

Types of demand deposit accounts:

• Savings accounts: Designed for individuals to deposit money and earn interest while maintaining easy access.
• Current accounts: Typically used by businesses for frequent transactions without earning interest.
• Money market accounts: These offer higher interest rates than traditional savings accounts while providing liquidity.

Demand deposit accounts play a crucial role in financial planning by offering immediate access to funds, which is essential for emergencies, routine expenses, and maintaining financial stability.

Savings accounts are one of the most common types of demand deposit accounts. They are ideal for individuals who want to save money while earning interest and maintaining liquidity. Bajaj Finserv offers savings accounts tailored to meet diverse financial needs.

Features and benefits of Bajaj Finserv savings accounts:

1. Interest earnings: Savings accounts allow you to grow your money over time with competitive interest rates.
2. Transaction flexibility: You can withdraw funds, transfer money, or make payments anytime using Bajaj Finserv’s mobile app or debit card.
3. Convenient access: Manage your account effortlessly through the Bajaj Finserv app, which offers features like account statements, fund transfers, and bill payments.
4. Secure banking: Bajaj Finserv ensures the safety of your funds with robust security measures and compliance with banking regulations.

By using Bajaj Finserv savings accounts, you can enjoy the benefits of liquidity and interest earnings while managing your finances efficiently.

Opening a demand deposit account with Bajaj Finserv is a simple and hassle-free process. Follow these steps to get started:

Step-by-step guide:

1. Download the Bajaj Finserv app: Visit the Play Store or App Store to download the app on your smartphone.
2. Register or sign in: Use your email ID or phone number to create an account. Verify your identity with the OTP sent to your registered mobile number.
3. Navigate to the account opening section: Access the relevant section in the app to begin the account setup process.
4. Upload KYC documents: Provide essential documents such as your Aadhaar card and PAN card for verification. Bajaj Finserv’s app offers automated guidance to simplify this step.
5. Select your account type: Choose between savings or other demand deposit categories based on your financial needs.
6. Complete the process: Follow the prompts to finalise your account setup. If you need assistance, Bajaj Finserv’s customer support team is available to guide you.

Opening a demand deposit account is the first step towards managing your finances effectively. With Bajaj Finserv’s user-friendly app, you can complete the process quickly and securely.