Time Deposits

Save a fixed amount and earn 10% annual interest (5% every 6 months). Ideal for long-term savers seeking stable returns.

A time deposit is an interest-bearing account that has a pre-set date of maturity. A certificate of deposit (CD) is the best-known example. The money must remain in the account for the fixed term in order to earn the stated interest rate.
Time deposits generally pay a slightly higher rate of interest than a regular savings account. The longer the time to maturity, the higher the interest payment will be. Another name for this type of investment is term deposit.

Penalties on Early Withdrawals
The owner of a time deposit can withdraw the money out if necessary but will lose some or all of the promised interest and may pay penalty fees. The terms are in the fine print that the saver receives when opening the account.
A customer can earn a slightly higher interest rate with a time deposit account than would be available in a standard savings account or an interest-bearing checking account. The better return is offered because the funds remain locked until the maturity date of the account.