BANKING AFFAIRS

Detailed explanation-1: -A term deposit is a type of deposit account held at a financial institution where money is locked up for some set period of time. Term deposits are usually short-term deposits with maturities ranging from one month to a few years.

Detailed explanation-2: -A time deposit is an interest-bearing bank account that has a date of maturity, such as a certificate of deposit (CD). The money in a time deposit must be held for the fixed term to receive the interest in full.

Detailed explanation-3: -What is a term deposit? With a term deposit, you lock away an amount of money for an agreed length of time (the ‘term’) – that means you can’t access the money until the term is up. In return, you’ll get a guaranteed rate of interest for the term you select, so you’ll know exactly what the return on your money will be.

Detailed explanation-4: -Term deposits, also known as time deposits, are investment deposits made for a predetermined period, ranging from a few months to several years.

Detailed explanation-5: -A Certificate of Deposit (also known as a CD, COD, or Time Account) is a financial product that usually pays a fixed interest rate for a set period of time, ranging from a few months to several years.