Term deposit - A fixed-term investment where money is deposited into an account for a certain period of time and interest is earned on the deposit. The duration of time can range from one month to a few years with mandatory minimum deposits.
Deposit product - A set of contract terms defined by a financial institution that it offers its customers for depositing money.
Deposit application - A customer’s application to deposit money as a term deposit with a financial institution.
Deposit offer - A financial institution's offer of deposit terms to the customer deposit application.
Deposit contract - A contract between the customer and financial institution to deposit money on the terms of the deposit offer accepted by the customer.