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What is an example of a time deposit?
A time deposit is an interest-bearing deposit held by a bank or financial institution for a fixed term. Time deposits usually refer to savings accounts, and are held by individuals.
Substantive procedures to audit prepaid deposits?
See the reason for deposit. Then how Deposit was created and check relevant agreement/support that the deposit is long-term or short term... Be Alert for Related Party Transaction.
What is term deposit receipt?
It's called TDR
What is the journal entry when a term deposit is created?
Debit term depositCredit cash / bank
What does debit DDA mean?
DDA stands for Demand Deposit Account. It is your deposit account. A term used widely in payments industry
What term do geologists use to describe a mineral deposit?
Geologists commonly refer to a mineral deposit as an "ore deposit." This term denotes a concentration of minerals that can be economically extracted for profit.
What is an example of a time deposit?
A time deposit is an interest-bearing deposit held by a bank or financial institution for a fixed term. Time deposits usually refer to savings accounts, and are held by individuals.
What is term deposit?
Term Deposits usually refer to the deposits (amount deposited ) made for a fixed period say one or two years In India term deposits are referred to Fixed deposit which normally yields better rate of return than savings deposit. Rgds. uma Hope this helps U!!
Is the fixed deposit and term deposit same?
Yes. Fixed Deposit and Term Deposit both refer to the same thing. A deposit account is one in which you keep a fixed sum of money for a specific duration (Usually atleast a few months) based on an agreement with the bank. The bank does not expect you to withdraw funds regularly from this account and hence gives you a better interest rate.
How can you add money to a term deposit?
To add money to a term deposit, you can make a deposit at the bank or financial institution where the term deposit is held. You can do this by transferring funds from your savings or checking account into the term deposit account.
What does the term "coupon" refer to in the context of certificates of deposit (CDs)?
In the context of certificates of deposit (CDs), a "coupon" refers to the interest payment that the CD holder receives at regular intervals, typically annually or semi-annually.
What is the difference between a time deposit and a certificate of deposit?
A time deposit (also known as a term deposit, particularly in Canada, Australia and New Zealand; a bond in the United Kingdom) is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. A certificate of deposit is a time-deposit product. A Certificate of Deposit (CD) can be traded, while a time deposit cant be traded because it is linked to a bank account.
What is the definition of a term deposit rate?
The definition of term deposit rate is a deposit held in a financial institute at a fixed rate. Such as a cd that banks offer or bonds.
How do banks calculate term deposit rates?
Term deposit rates is the amount of money paid in interest at specific date for a specific amount of money placed in the Term Deposit. Banks calculate term deposit rates for example at 35% interest of a deposit of å£10,000 gives an added value å£35 at the end of the year.
To what does the term coed refer?
to what does the term coed refer
Substantive procedures to audit prepaid deposits?
See the reason for deposit. Then how Deposit was created and check relevant agreement/support that the deposit is long-term or short term... Be Alert for Related Party Transaction.
Do term deposits use compound interest?
It Depends. Some banks compound the interest on term deposits while some do not. The best place to find that out is in the application/opening form for the term deposit that you fill in when you open your term deposit. You can even ask the customer care representative who is helping you open the term deposit about the compounding.
