Time deposit

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Time deposit is an account that the depositor has committed to leaving in the bank for a certain period of time, in exchange for a higher rate of interest; also called certificate of deposit.

Definitions

According to Principles of Economics by Timothy Taylor (3rd edition),

Time deposits. Accounts that the depositor has committed to leaving in the bank for a certain period of time, in exchange for a higher rate of interest; also called certificates of deposit.