Time Certificate of Deposit

Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order it here)

As defined by Regulation D of the Board of Governors of the Federal Reserve System, a deposit evidenced by a negotiable or nonnegotiable instrument which provides on its face that the amount of such deposit is payable to bearer or to any specified person or to his order (1) on a certain date, specified in the instrument, not less than 30 days after the date of the deposit; or (2) at the expiration of a certain specified time not less than 30 days after the date of the instrument; or (3) upon notice in writing which is actually required to be given not less than 30 days before the date of repayment; and (4) in all cases, only upon presentation and surrender of the instrument.  A deposit with respect to which the bank merely reserves the right to require notice of not less than 30 days before any withdrawal is made is not a time certificate of deposit within the meaning of the above definition.

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