Time deposit

Time deposit means:
A deposit that the depositor does not have a right and is not permitted to make withdrawals from within six days after the date of deposit unless the deposit is subject to an early withdrawal penalty of at least seven days' simple interest on amounts withdrawn within the first six days after deposit. 1 A time deposit from which partial early withdrawals are permitted must impose additional early withdrawal penalties of at least seven days' simple interest on amounts withdrawn within six days after each partial withdrawal. If such additional early withdrawal penalties are not imposed, the account ceases to be a time deposit. The account may become a savings deposit if it meets the requirements for a saving deposit; otherwise it becomes a transaction account. Time deposit includes funds—
1 A time deposit, or a portion thereof, may be paid during the period when an early withdrawal penalty would otherwise be required under this part without imposing an early withdrawal penalty specified by this part:











A savings deposit;




(C) A foreign national government, or an agency or instrumentality thereof, 2 engaged principally in activities which are ordinarily performed in the United States by governmental entities;
2 Other than states, provinces, municipalities, or other regional or local governmental units or agencies or instrumentalities thereof.

(E) Any other foreign, international, or supranational entity specifically designated by the Board. 3
3 The designated entities are specified in 12 CFR 204.125.

Source

12 CFR § 204.2


Scoping language

For purposes of this part, the following definitions apply unless otherwise specified:

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