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Definition of 'Nonpersonal Time Deposit'
Time deposit accounts held by corporate bank customers that pay a fixed amount of interest for a specified time period. Money may not be withdrawn without advance notice at the risk of incurring an early withdrawal penalty.
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Investopedia explains 'Nonpersonal Time Deposit'
Examples of nonpersonal time deposits include money market deposit accounts, certificates of deposit and investment accounts. Nonpersonal time deposits are not subject to reserve requirements under the Federal Reserve's Regulation D. Federally insured banks are required to report their nonpersonal time deposit account balances to their regional Federal Reserve bank on a regular basis.
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