A deposit in a bank account that cannot be withdrawn before a set date or for which notice of withdrawal is required.
- Even a time deposit at the local bank carries penalties: you generally lose all the interest if you withdraw your money before the contracted maturity date.
- For instance, there are funds which deal only in instant-access cash, yet pay wholesale rates of interest which only the largest investors would be able to get from a bank or building society time deposit.
- Dual currency time deposit is another type of account available.
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