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Definition: Deposit redeemable at notice

ECB terminology

Non-transferable deposit, without any agreed maturity, that cannot be converted into currency without a period of prior notice before the term of which conversion into cash is not possible or only possible subject to a penalty. This includes deposits, although perhaps legally withdrawable on demand, that would be subject to penalties and restrictions according to national practices (classified in the maturity band "up to and including three months") and investment accounts without a period of notice or agreed maturity, but which contain restrictive drawing provisions (classified in the maturity band "over three months").
European Central Bank, Guideline of the European Central Bank of 1 August 2007 on monetary, financial institutions and markets statistics (recast), Official Journal of the European Union No L 341, 27.12.2007, p. 1 - 232