Explanation:

Time deposits are deposited in bank for a fixed period of time (Usually 1 year to 5 years) whereas there is no fix time period involved in case of demand deposit.

A demand deposit is an account with a bank or other financial institution that allows the depositor to withdraw his or her funds from the account without warning or with less than seven days' notice. Demand deposits are a key component of the M1 money supply calculated by the Federal Reserve.

A savings account is a basic type of bank account that allows you to deposit money and keep it safe, and withdraw funds, all while earning interest.