Banking Glossaries-T

Tax-sheltered

A tax shelter is a savings/investment plan which offers significant tax savings.

Term

The maximum time allotted for a loan to be repaid.

Term Deposit

An investment product in which you deposit a fixed sum of money for a set period of time and are paid interest.

Term Loan

A loan intended for medium-term or long-term financing to supply cash to purchase fixed assets such as machinery, land or buildings or to renovate business premises.

Transaction

Action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge or interest payment.

Travellers' cheques

These are a safe way to carry large amounts of money if you are going on a trip. They are considered to be the same as cash, but can be replaced if they are lost or stolen. You can buy them at your bank for a small fee. If you have a special service package, you may not have to pay this fee.

Treasury Bills (T-Bills)

Short-term government obligations that are payable to the bearer and sold on a discount basis; the difference between a T-bill's market or discounted price and its face or redemption value is effectively interest if the T-bill is held to maturity.

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