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What are Time Deposits?
A time deposit (also known as a term deposit, particularly in Canada, Australia and New Zealand; a bond in the United Kingdom; fixed deposit in Singapore and in some other countries) is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. A certificate of deposit is a time-deposit product.
One thing to note is, upon the expiry of the time deposit, the yield may not be the same as the previous rate. It depends on the interest rate sentiment at the time of expiry.
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