A Call Deposit Receipt (CDR) in banking represents an amount of money a customer keeps readily available for withdrawal at any time. Essentially, the customer retains the right to "call" on the deposit whenever needed.
Here's a breakdown:
- Call Deposit Receipt (CDR): According to the provided context, it is the amount of money kept by the customer on call i.e. the customer may come to the bank anytime asking for the withdrawal of the money.
- Accessibility: The key characteristic of a CDR is its immediate accessibility. The customer isn't bound by fixed terms or withdrawal restrictions commonly associated with other deposit accounts like term deposits.
- Flexibility: CDRs offer maximum flexibility, allowing customers to manage their funds with ease.
