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time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit

Q: What is a bank certificates of deposit called a time deposit?
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time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit

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Money in a savings account is an example of a time deposit.

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A time deposit has to be left in the bank for a certain period of time. If it stays for the entire time in the bank, the depositor will receive a little more when the time deposit is withdrawn. A time deposit taken out before the date of maturity will be subject to penalties and the total amount might be less than the original deposit.

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time deposit

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Demand Deposit It is type of an account from which deposited funds can be withdrawn immediately at any time without any notice to the depository institution. Time Deposit It is type of deposit which is in contrast to demand deposit and funds are not available immediately .These are also known as term deposits .

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