Manage deposit products

A deposit product is an interest-bearing account where you can define interest plans, fees, taxes, and so on. There are two types of deposit products on the Pismo platform:

• Time deposit: Also known as term deposit or certificate of deposit (CD), this is a deposit account that sets aside an amount of money for a fixed period of time. Such accounts typically offer higher interest rates compared to a savings account, but the money cannot be withdrawn until the end of the term without incurring a penalty.
• Savings account: A type of deposit account that provides a safe place to store money while earning interest. The interest rates, schedules, fees, and tax implications are determined according to the interest plan associated with the account. These accounts typically pay low interest rates and have lenient withdrawal restrictions.