Time deposit Guides

Time deposit guide

Time Deposit Information



What is a Time Deposit?


A time deposit, also referred to as certificates of deposit, is a fixed deposit at a bank, which you have no access to during the agreed time period in exchange for a higher interest rate comparable to a savings account. Time deposit interest rates usually vary from above 1.00% and as high as 5.00%.


Time Deposit Tenure


It really depends on you, the depositor. Usually time deposit terms vary from 1, 2, 3, 6, 9 or 12 months. But with other banks, they offer to the extent of five to six years.


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