23 - Banking - Time Deposit Accounts

Banking - Time Deposit Accounts

A time deposit (also known as a term deposit, particularly in Canada, Australia and New Zealand; a bond in the United Kingdom; fixed deposit in India and in some other countries). It is money deposited at a banking that cannot be withdrawn for a certain "term" or period of time (unless a penalty is paid). When the term is over it can be withdrawn or it can be held for another term.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.
The rate of return is higher than savings accounts because of requirements to be held to term.

http://en.wikipedia.org/wiki/Time_deposit

Category:

Education

Tags:

• time
• term
• deposit
• bond
• fixed
• period
• of
• penalty
• withdrawn
• money