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What does certificate of deposit mean?

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certificate of deposit
(CD)
Noun

1. A negotiable unsecured bearer money market instrument issued by a bank evidencing a time (term) deposit with that bank, usually at a fixed rate and with a maturity of seven days to several years and generally in book-entry form.
2. An interest-bearing time deposit usually paying a fixed-rate of interest evidenced by a negotiable or nonnegotiable instrument issued in bearer or registered form, stating the amount deposited, the interest to be paid and its maturity.

Synonym(s): 
  • [AE]: negotiable certificate of deposit (NCD)
    .
Comment: 
Outside the United States, the term is generally only used to refer to a negotiable certificate of deposit, as opposed to a nonnegotiable time deposit.
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