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A deposit account is a bank account maintained by a ... be linked to a transactional account. 4 Time deposit ... deposit" and "withdraw" mean a customer paying money ...
A time deposit or term deposit (also known as a certificate of deposit in the United States, and as a guaranteed investment certificate in Canada) is a deposit in a financial institution with a specific maturity date or a period to maturity, commonly referred to as its "term".
A fixed deposit (FD) is a tenured deposit account provided by banks or non-bank financial institutions which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. The term fixed deposit is most commonly used in India and the ...
A checking account is a demand deposit, as is a conventional savings account. When the customer demands the money, the bank must provide it without penalty. When the customer demands the money ...
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A CD is a deposit account that provides a guaranteed fixed annual percentage yield — or APY — in exchange for locking up your money for a set amount of time, anywhere from three months to five ...
The deposit account is a liability of the bank and an asset of the depositor (the account holder). On the other hand, a bank can lend some or all of the money it has on deposit to third parties. Such accounts, generally called loan or credit accounts, are subject to similar but reverse principles of a deposit account.
In exchange for locking away your money, time deposit accounts often pay higher yields than demand deposit accounts. A certificate of deposit (CD) is an example of a time deposit account. CDs come ...