The difference between a savings deposit and a time deposit is

Question

Quizplus · Accepted Answer

Time deposits have specified maturities, meaning the money cannot be withdrawn until the specified time period has passed without penalty. Savings deposits, on the other hand, have no specified maturities and can be withdrawn at any time without penalty. Option A and B are both incorrect as time deposits and savings deposits both pay interest. Option D is also incorrect as savings deposits do not have specified maturities.

The Difference Between a Savings Deposit and a Time Deposit