Basic features

A time deposit is a banking product allowing you to deposit your money with the bank for a fixed period of time, after which it is paid back with interest at the rate stated in the agreement.

Time deposits have a set maturity date before which you will not normally be able to withdraw your money unless the terms of the agreement allow for early cancellation. However, if you do withdraw your money early, a penalty may be charged, depending on the terms and conditions.

A time deposit usually offers a better return than a current account, as the money is unavailable until the deposit matures.

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