All > Business > Banking
- A time deposit (also known as a term deposit) is a money deposit at a bank that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn, or it can be held for another term. The longer the term, the better the yield on the money. Generally, there are significant penalties for early withdrawal.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
- Availability policy, Inactive account, Individual retirement account (IRA), Negotiable Order of Withdrawal Account (NOW), Passbook, Uniform Gift to Minors Account