# Certificate of Deposit

**IRI:** https://folio.openlegalstandard.org/R9HKgi7LSbdz9zvbOykr6pp

## Labels

**Preferred Label:** CD

## Definition

A Certificate of Deposit (CD) is a time-bound deposit made with a bank or financial institution that offers a fixed interest rate over a specified period. Unlike a regular savings account, funds in a CD are usually locked in for the term of the CD and early withdrawal may result in penalties.

## Sub Class Of

- https://folio.openlegalstandard.org/R8Ahr1iRMkczkHNvcrZ3KOG

**Deprecated:** False