What is Time deposit?
Personal moneyMoney locked in a bank for a fixed time (often 1 to 12 months) for a higher rate than a savings account. Also called a fixed deposit or CD.
Think of it like: A locked money box you promise not to open for a year, with a bonus for waiting.
Real example: A 12-month deposit of $5,000 at 4% earns about $200 before tax.
Lesson: Savings and deposits