What Are Time Deposits?
A time deposit is a deposit of money in a bank, which needs to remain with the bank for a certain period of time. Time deposit is also known as term deposit, particularly in Australia and New Zealand. The time for which the money needs to remain with the bank is pre-decided along with the amount that the depositor wishes to freeze. When the term or time period is over, the money can either be withdrawn or continued for a fresh new term. Time deposits are one of the best ways of saving that people resort to. Many prefer to have long periods of time set, since it is true that the longer the time deposit, the better the yield or the amount of money you get back.
Related Questions
- If an attorney deposits a check into a trust account is there a set period of time they must wait before issuing checks drawn on those funds?
- Do I receive any interest for time deposits that are pledged for my Foreign Exchange Margin and Option Margin Trading account?
- What is the cut off time for posting of deposits?
