Certificate of Deposit

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Certificate of Deposit

A written recognition by a bank of a deposit, coupled with a pledge to pay the deposited amount plus interest, if any, to the depositor or to his or her order, or to another individual or to his or her order.

A form of Commercial Paper that serves as documentary evidence that a savings account exists.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

certificate of deposit (CD)

n. a document issued by a bank in return for a deposit of money which pays a fixed interest rate for a specified period (from a month to several years). Interest rates on CD's are usually higher than savings accounts because banking institutions require a commitment to leave money in the CD for a fixed period of time. Often there is a financial penalty (fee) for cashing in a CD before the pledged time runs out.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
The balance of certificates of deposit climbed 3.6 percent to 22.7 trillion yen.
The debtor had secured its obligation to its lender by pledging certificates of deposit issued by various banks.
The balance of M2 plus certificates of deposit held principally by corporations, individuals and local governments is considered to be the key money supply gauge, showing the closest correlation to changes in economic activity.
The move resulted in reducing the value of CBUAE's certificates of deposit to Dh118.3 billion from Dh134.3 billion in March.
The respective resolution allows banks to pledge Ukrainian government loans and NBU certificates of deposit to have their loans rolled over or refinanced.
Muscat, July 13 (ONA) Certificates of deposit tender was held at the Central Bank of Oman (CBO) this week.
Muscat: Certificates of deposit (CDs) tender was held at the Central Bank of Oman (CBO) this week.
| MUSCAT, Aug 3 (KUNA) -- Oman has offered certificates of deposit at a value of 478 million Omani riyals, according to the Central Bank of Oman (CBO).
The Singapore-based bank said that it might issue certificates of deposit from time to time under the programme.
The balance of certificates of deposit dropped 10.7 percent to 21.2 trillion yen.

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