Do you know when it is more expensive to go to the bank and deposit money?

Yes, the longer the time deposit period, the higher the interest rate.

The interest rate of time deposits is that depositors deposit their deposits in the bank in the form of time deposits. As a reward, the bank pays the depositor a rate of return on the amount of time deposits.

Time deposits are deposits in which the bank and the depositor agree on the term and interest rate in advance when depositing, and the principal and interest are withdrawn after maturity. It has the characteristics of a minimum deposit period of 3 months and a maximum of 5 years, a wide range of choices, and relatively stable interest income.

Extended information:

There are many types of deposits. They can be divided into original deposits and derivative deposits according to the way they are generated. They can be divided into demand deposits and time deposits according to the deposit period. According to the depositor’s The differences can be divided into corporate deposits and personal deposits (taking China as an example). Personal deposits refer to the deposits of individual residents in banks.

Corporate deposits. These are temporarily idle monetary funds generated by state-owned enterprises, supply and marketing cooperatives and collective industrial enterprises due to the difference between sales revenue and various expenditure times. The most important of these is the fixed asset depreciation fund, which also includes profit retention.

Changes in the amount of corporate deposits depend on the company's production and sales scale and operating conditions. When production or commodity circulation expands, corporate deposits increase, and vice versa. If business management is improved and capital turnover is accelerated, corporate deposits will decrease and increase on the contrary. The vast majority of corporate deposits are demand deposits, and only a small part are time deposits.

Financial deposits. The bank is like the treasury, and all fiscal revenue and expenditure must be processed through the bank (see treasury system). Revenues and expenditures are often inconsistent. In the case of collection first and use later, the temporarily used funds will form fiscal deposits.

The capital construction deposit is a deposit formed by unused capital construction funds

Saving government agencies, organizations and troops. It refers to deposits formed from unused funds recovered from the financial center of the above-mentioned units.

Rural deposits. Among the deposits of agricultural collectives, township enterprises and rural credit cooperatives in banks, deposits of rural credit cooperatives account for more than 90%.