1. Certificates of deposit are time deposit accounts that operate on a deadline. Each CD has a term, ranging between three months and 60 months. The CD earns interest from the moment it’s funded until the term comes to an end, which is known as the CD’s maturity date.
2. The BANK may close an account any time without prior notice to the Depositor, if the deposit balance becomes zero, due to collection of service charges by the BANK or withdrawal by the Depositor, or for violation of existing rules and regulations of the BANK, the Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, Bankers' Association.

Garanti 3 Month Time Deposit The rate applies for a three month term for the 'TL E-Time Deposit Account' that requires more than 500.000,00 TRY. USD and Euro foreign currency account time deposits are also available from this bank. TRY: 16.26%: Aug, 2019: 1 month: Ziraat Bankasi 1 Month Time Deposit. Time Deposit Account. Overview; Rates; A single-deposit savings account with an interest rate that is fixed at the date of deposit for the term of the account. A rainy day fund, assuming it's raining at least 91 days after date of deposit. Minimum Balance. A time deposit, also referred to as term deposit, is an interest-bearing bank account with a fixed term. It allows depositors to grow their money with higher interest rates compared to a regular.

What Is A Current Account?

A current account is for use by sole proprietors, companies, partnerships, associations, trusts, etc. to make current transactions. All business transactions are conducted through a current account. A current account does not have an end or maturity date.

What Is A Deposit Account/Savings Account?

A savings account is a basic deposit account for an individual to carry out day-to-day transactions and withdrawals. A deposit account can be held individually or jointly by two or more people. A savings account does not have an end or maturity date as well.

Time Deposit Rates

Difference Between Current Account And Deposit Account

Some of the differences between a current account and a deposit account are:

• Interest

Interest applies to the minimum balance available in a deposit account. The interest is applicable on the minimum account balance, every day. Banks offer interest rates of 4% or more on savings accounts. Current accounts, on the other hand, are non-interest accounts. There is no interest for any balance in a current account. Although, this may change in the future.

Time Deposit Account Examples

• Transaction rates

Transaction rates apply for withdrawals made over the limit of free withdrawals (usually 3-5) made in deposit accounts. Thus, a savings account holder will have to pay the transaction rate applicable by the bank (eg: INR 20, 25, 50, 90, etc.). Conversely, there are no transaction rates applicable on current accounts. Businesses transact more than individuals and thus, there is no transaction rates or limits on current accounts.

• Minimum balance

Deposit account-holders must maintain a daily average minimum balance in their account. This amount varies from bank to bank and some banks even offer zero-balance deposit/savings accounts. In this case, current account-holders also must maintain a minimum balance in their bank accounts. The minimum balance required for a current account is much higher than the minimum balance required for deposit accounts.

Deposit Account Regulations

• Overdraft facility

Time Deposit Example

Deposit account-holders can only withdraw what balance is in their saving account. Banks do not offer overdraft facilities on saving accounts unless the customer is a salaried account-holder (approved companies). Whereas, current account-holders can withdraw over and above the balance in an account. Overdraft facilities help businesses to make up cash flows when there is a shortage of funds. Interest is applicable to the overdraft amount taken.