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.
- [AE]: negotiable certificate of deposit (NCD).