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Home > QFINANCE Dictionary > Definition of time deposit

Definition of

time deposit

Banking

US savings arrangement for specified period a US savings account or a certificate of deposit, issued by a financial institution. While the savings account is for a fixed term, deposits are accepted with the understanding that withdrawals may be made subject to a period of notice. Banks are authorized to require at least 30 days' notice. While a certificate of deposit is equivalent to a term account, passbook accounts are generally regarded as funds readily available to the account holder.

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time deposit - Related Articles
  • Fixed-Deposit Compound Interest

    Calculations

    The compound interest paid on fixed deposits, which is usually paid more frequently (monthly or quarterly) than a traditional annual interest rate. As the frequency of compounding increases, so does the effective rate of interest.

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    Best Practice

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Definitions of ’time deposit’ and meaning of ’time deposit’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’time deposit’ and other financial terms with our online QFINANCE Financial Dictionary.

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