A time deposit (also known as a certificate of deposit in the United States, a term deposit, particularly in Canada, Australia and New Zealand; a bond in the United Kingdom; Fixed Deposits in India, Malaysia and in some other countries) is a money deposit at a banking institution that cannot be withdrawn for a certain term or period of time (unless a penalty is paid). When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. In its strict sense, certificate deposit is different from that of time deposit in terms of its negotiability: CDs are negotiable and can be rediscounted when the holder needs some liquidity, while time deposits must be kept until maturity.