Which of the following statements is NOT true?

• Demand deposits are not legal tenders.
• Term deposits are legal tenders.
• Issued currency notes are not legal tenders.
• Wheat is not a legal tender.

2 and 3

By definition, legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation. All the issued currency notes are legal tenders that means no one can refuse to accept them as a mode of payment. Whereas, term deposits are not legal tenders.