Meaning of “term deposit” in the English Dictionary

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"term deposit" in Business English

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term depositnoun [ C or U ]

uk us also time deposit

BANKING, FINANCE an arrangement with a bank in which you have an account that pays interest, usually with money left in it for a fixed period of time:

They hold term deposits which cannot be paid until the date the deposit would have matured.

(Definition of “term deposit” from the Cambridge Business English Dictionary © Cambridge University Press)