time certificate of deposit account

Concept Parameters

Concept URI

https://spec.edmcouncil.org/fibo/ontology/FBC/ProductsAndServices/ClientsAndAccounts/TimeCertificateOfDepositAccount

Domain

FBC

Module

ProductsAndServices

Definition

time deposit account that allows deposits evidenced by a negotiable or nonnegotiable instrument, or a deposit in book entry form evidenced by a receipt or similar acknowledgement issued by the bank, that provides, on its face, that the amount of such deposit is payable to the bearer, to any specified person, or to the order of a specified person, as follows: (1) on a certain date not less than seven days after the date of deposit, (2) at the expiration of a specified period not less than seven days after the date of the deposit, or (3) upon written notice to the bank which is to be given not less than seven days before the date of withdrawal.