THE TRANSACTION ACCOUNT IN INDIA

Commerce

A Transaction account also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the account owner on demand and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards. cheques (Checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. in accounting terms they are considered as cash. Transation accounts are known by a variety of descriptions, including a current account (British English), Chequing Account or checking account when held by a bank, share draft account when held by acredit union in North America. In the united Kingdom, Hong North America.

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