Funds that are held in a savings account for a predetermined period of time at a set interest rate. Banks can refuse to allow withdrawals from these accounts until the period has expired or assess a penalty for early withdrawals.

"Time Deposit" In Context

"According to Oliva, the city would benefit from her move to put P165 million in a five-year time deposit because the principal amount will earn more than P700,000 every month or P35 million for the whole duration. The treasurer explained that because the ..."