Bank Investment Contract - BIC

A security with an interest rate guaranteed by a bank. It provides a specific yield on a portfolio over a specified period.

Investopedia Says:
A BIC is a relatively safe investment, but it provides a low rate of return.

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Contract issued by a bank to a corporate investor, usually a company-sponsored profit sharing plan or 401(k) plan, guaranteeing a fixed rate of return on invested capital over the life of the contract. A bank investment contract is similar to a guaranteed investment contract (GIC) sold by insurance companies, has a maturity of one to ten years, and the added protection of federal deposit insurance up to the $100,000 limit per insured account.