They are sums that are held and booked for an agreed period of time, such as months or a year, and profits are given twice a year, i.e. if the deposit ends, you must wait until the date of distribution of the profits if they are achieved.
Is a bank account that is opened based on the customer’s request for a specified period of time, which is reserved for a predetermined period of months or years, and the bank pays interest on these deposits. And the customer has a privilege to withdraw the amount before the end of its determined period, but the customer loses the right to obtain profits.
It includes the principal of the deposit and profit, where the bank does not guarantee the original and is not conditional at a specified rate, but the bank’s role as an agent of the depositor vis-a-vis the users has money and it includes two types of agency:
- An agency that has an authorization from the depositor to invest deposits in any project.
- An agency in which the applicant is restricted by investing