Banking
Fixed / Term Deposit Placed by Customer
A customer locks JOD 50,000 in a 12-month fixed deposit at 4% per annum.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash / Customer Current Account | Asset/Liability (-) | - | 50,000.00 |
| Fixed Term Deposits (Liability) | Liability (+) | - | 50,000.00 |
| Cash / Customer Current Account | Asset (+) | 50,000.00 | - |
💡 Accountant's Note
A fixed deposit transfers funds from the customer's current account to a separate fixed deposit liability. The rate is locked and interest accrues monthly. The bank cannot use the label 'fixed' unless the customer cannot withdraw early without penalty.
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