Term Deposit Account
The term deposit journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of term or fixed deposits.
In each case the term deposit journal entries show the debit and credit account together with a brief narrative. For a fuller explanation of journal entries, view our examples section.
Typical Term Deposit Journal Entries
| Account | Debit | Credit |
|---|---|---|
| Term deposit account | XXX | |
| Cash | XXX |
A Fixed Term Deposit is available in a choice of 19 currencies for a fixed period of time that you choose, to suit your individual requirements. Check eligibility and how to apply Open an Expat Bank Account. SuperSaver Term Deposit up to 0.25% AER. Our SuperSaver Term Deposit is a savings option which pays you a fixed rate of interest for a fixed term. Save with a fixed interest rate for a term of 6 months, 1 year, 2 years, 3 years or 5 years; Deposit GBP, US Dollars; Access to your account through the branch. Term Deposit Account The best option in managing your surplus cash is to open term deposit account with PRASAC. You will not only receive safety on your cash, but also earn high interest rate. You can monitor your term deposit accounts at anytime via Prasac Mobile Banking or Prasac Internet Banking. A term deposit account offers interest on the principal amount deposited by the account holder for a fixed term. The deposited amount in the term deposit account cannot be liquidated before the end of the term without a notice or loss of potential interest.
| Account | Debit | Credit |
|---|---|---|
| Accrued income | XXX | |
| Interest income | XXX |
| Account | Debit | Credit |
|---|---|---|
| Term deposit | XXX | |
| Accrued income | XXX |
| Account | Debit | Credit |
|---|---|---|
| Cash | XXX | |
| Term deposit account | XXX |
Term Deposit Account In Malaysia
About the Author
Term Deposit Account Meaning
Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.