# Add a time deposit product

You can add time deposit products from Pismo Control Center. A time deposit account is an interest-bearing account that has a preset date of maturity. Your customer must leave their money in the account for an agreed-upon length of time, or term. If they want to access their money, they must wait until the end of the term or risk having a penalty for early withdrawal. Time deposit accounts, such as certificates of deposit (CDs) generally pay a higher interest rate than regular savings accounts, however your customer can’t access their money until the end of the term.

For a time deposit product, you must provide a maturity date. This date must respect the maximum and minimum term, if the deposit product has set them.

> 📘
>
> You must contact your Pismo representative for assistance with setting up interest-bearing accounts.

The interest plan that you want to use must already exist on the platform. For more information, refer to [Interest plans](https://developers.pismo.io/pismo-docs/docs/interest-plans-in-control-center).

To add a time deposit product:

1. From the main menu, select **Configurations** > **Deposit products**.
2. On the **Deposit products** screen, select **Create**.
3. On the **Select your deposit product type** screen, choose **Time deposit** and select **Next**.
4. On the **Create your time deposit product** screen, enter a descriptive name for the product in the **Name** field.
5. In the **Interest plan** menu, select the interest plan that you want to use.
6. Select a term type:
   * **Flexible**
   * **Fixed**
7. Select the maturity instructions:
   * For the principal amount: **Pay** or **Rollover**.
   * For the earned interest amount: **Pay** or **Rollover**.
8. (Optional) In the **Fee model** field, enter the name of the Fee model that you want to use to define the method used to calculate fees, such as a fixed value or a percentage. For more information, refer to [Fee models](https://developers.pismo.io/pismo-docs/docs/fee-models-in-control-center).
9. (Optional) For a flexible term, enter the minimum and maximum number of days that deposited funds will remain in the account.
10. (Optional) In the **Cool off period** field, enter the number of days after the initial investment amount can be withdrawn without penalty. The value must be greater than or equal to the funding duration (which you set in the next step).
11. (Optional) In the **Funding duration** field, enter the number of days during which funds can be credited to the account before the account is blocked. If no value is set, credit operations are always allowed.
12. Select **Next**.
13. On the **Attach processing codes** screen, enter the processing codes (by name or by ID) to be used in the following cases:
    * **Interest processing code**—used for calculating interest accrual
    * **Maturity processing code**—applied when the product has reached its maturity date (for redemption).
    * **Detach processing code**—applied when a detach happens without reaching the maturity date (for early redemption).
    * (Optional) **Withholding tax processing code**—defines how the Pismo platform treats withholding tax for this product.
14. Select **Next**.
15. On the **Review** screen, verify that the information you provided is correct, then select **Finish**.

> 📘 Activate the deposit product
>
> A deposit product is created with the initial status **Created**, but can't be used until it is activated. To activate a deposit product:
>
> 1. On the **Deposit products** screen, select the deposit product.
> 2. On the details screen, select the **Created** button and choose **Active**. (This button could also be labeled **Inactive**.)
> 3. In the **Update status** dialog, enter a reason for the change and then select **Yes**.