What is a time deposit?

Time deposit is also called "time deposit certificate". A deposit in which the bank and the depositor agree on the term and interest rate in advance at the time of deposit and withdraw the principal and interest after maturity. Some certificates of deposit can be sold in the market when depositors need funds before maturity; Some certificates of deposit cannot be transferred. If depositors choose to withdraw funds from the bank before maturity, they need to pay a certain fee to the bank.

Cash and current savings deposits can be directly applied for time savings deposits. The initial deposit for a fixed account is 50 yuan, and there is no deposit limit.

The storage period is three months, six months, one year, two years, three years and five years. Partial withdrawal can be made in advance. When the deposit expires, the principal and interest can be withdrawn by the certificate of deposit, or it can be automatically transferred in installments according to the original deposit period.

Interest shall be calculated and paid at the deposit interest rate on the day when the deposit certificate is issued, at the current deposit interest rate on the day of withdrawal for early withdrawal and at the deposit interest rate on the day of withdrawal for overdue withdrawal. I can apply for a small pledge loan with my time deposit certificate.

Extended data:

The deposit methods of fixed deposit include lump-sum deposit and withdrawal, lump-sum deposit and withdrawal, principal deposit and withdrawal and lump-sum deposit and withdrawal.

When the RMB unit time deposit is withdrawn at maturity, the interest shall be calculated according to the corresponding grade time deposit rate published by the People's Bank of China on the deposit date, and the interest shall be settled with the principal. In case of interest rate adjustment during the deposit period, interest will not be calculated in installments. If the deposit is not withdrawn at maturity, the interest on the demand deposit will be automatically converted into the principal, and will be automatically transferred according to the listing interest rate of the same grade published by the People's Bank of China on the transfer date and the original agreed deposit period.

When the small foreign currency time deposit is withdrawn at maturity, the interest will be calculated according to the interest rate of the corresponding time deposit published by China Banking Association on the deposit date. Large foreign currency time deposits can enjoy preferential interest rates, but they cannot be automatically transferred.

References:

Baidu encyclopedia-time deposit