a deposit that can be withdrawn by the depositor only after giving advance notice or after an agreed period of time has elapsed.
Origin of time deposit
An Americanism dating back to 1850–55
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
British Dictionary definitions for time deposit
a bank deposit from which withdrawals may be made only after advance notice or at a specified future dateCompare demand deposit
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012