Include the following members: Data Members 1 Name of the depositor 2 Account Number 3 Type of account 4 Balance amount in the account Member function 1 To assign initial values 2 To deposit an amount 3 To withdraw an amount after checking the balance 4 To display name and Balance Supply of Money: Total stock of money (currency notes, coins and demand deposit of banks) in circulation are held by the public at a given point of time. and stock of money held by banking system of country as they are not in actual circulation of the country. Question-8 2. Certificates of Deposit – In this type, a bank confirms the receipt of deposit. Cooperatives have many members. The banks keep the money safe and give an interest on it. 4. (ii) Deposits with Banks • Deposits with Banks are also a form of money. As the need for a medium of exchange (currency) became a necessity different materials were used as currency. Commercial bank is a financial institution which performs the functions of accepting deposits from the public and making […] A bank charges interest on the loan which it gives to its creditors. Since deposit in the bank account can be withdrawn on demand, these deposits are called demand deposits. Question-4 Enter OTP. Krishak Cooperative functions in a village not very far away from Sonpur. Deposits in bank accounts withdrawn on demand are called: Using the deposit as collateral, the Cooperative obtains a large loan from the bank. (ii) Deposits with Banks • Deposits with Banks are also a form of money. Class 10 Social Science Money and Credit – Get here the Notes for Class 10 Money and Credit Candidates who are ambitious to qualify the Class 10 with good score can check this article for Notes. Write a short note on ‘cheques’. Question-11 Write a short note on ‘cheques’. Lakhmir Singh Class 10 Biology Banks mediate between those who have surplus funds (the depositors) and those who are in need of these funds (the borrowers). 5. The best app for CBSE students now provides Economics-Money and Credit class 10 Notes latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. It accepts deposits from its members. These funds are used to provide loans to its members. Banks make use of the deposits to meet the loan requirements of the people. Banks and cooperatives give loans on a lesser interest rate than the informal sector. Since the deposits in the bank accounts can be withdrawn on demand, these deposits are called demand deposits. It also has to be an array that records the details of the 10 bank accounts, in addition it also must have functions and procedures to update the bank accounts array. Traditional forms of money which included gold and silver had its own value whereas modern currency is without any used of its own. But bank loans require proper documents and collateral. Once these loans are repaid, another round of lending takes place How Bank Deposits Work . The entire structure of banking is based on credit. In this way people’s money is safe with the banks and it earns an interest. 1) Goods are being bought and sold with the use of money. Money and Credit. Rest of the amount is usually kept as deposit in banks. The recipient of the cheque can deposit it in his own account in his bank. This is possible only when you have the best CBSE Class 10 Social Science study material and a smart preparation plan. The Cooperative provides loans to its members for the purchase of agricultural implements, loans for cultivation and agricultural trade, fishery loans, loans for construction of houses and for a variety of other expenses. 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