Time Deposit – also known as a “term deposit”, it is a money deposited for a certain period of time. When the term is over, it can be withdrawn or it can be held for another term.
These are accounts maintained by teens and pre-teens aged 1 to 17 years old. TIPID is an acronym for Thrift Incentive for Progress through Industry and Discipline, which suggests the training of school children in the habit of thrift and mobilization of their small savings through the medium of cooperatives.
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