Definition for : Time deposit
Time deposits are fixed term deposits on an Interest-bearing bank account that are governed by a letter signed by the account holder. The Interest on deposits with Maturity of at least one month is negotiated between the bank and the client. It can be fixed or indexed to the money Market. No Interest is paid if the client withdraws the funds before the agreed Maturity date.
(See Chapter 47 Bankruptcy and restructuring of the Vernimmen)
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