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Savings Deposits refers to accounts that pay interest, typically at below market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand.

Time Deposits refers to interest-bearing deposit at a savings institution that has a specific maturity. A money deposit at a banking institution that cannot be withdrawn for a preset fixed 'term' or period of time. When the term is over it can be withdrawn or it can be rolled over for another term. Generally speaking, the longer the term the better the yield on the money.