What is the difference between Time Deposit and Demand Deposit SLGS?
Time Deposit SLGS are issued for terms fixed by the investor. They can be Certificates of Indebtedness (C of I’s), with terms from 15 days to one year; Notes, with terms from more than one year to ten years; and Bonds, with terms from more than ten years to forty years. Time Deposit SLGS securities can be interest bearing with interest paying semi-annually on Notes and Bonds. Zero interest Time Deposit SLGS securities are offered also. Time Deposit SLGS securities are issued in whole dollar amounts with a minimum amount of $1,000. [344.4, 344.5 344.6] Demand Deposit SLGS securities are one-day Certificates of Indebtedness that are automatically rolled over with interest each day until redemption is requested. Demand Deposit SLGS are also issued with a minimum of $1,000, but are not required to be whole dollar amounts.
