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The Certificate of Deposit (CD) is a negotiable money market instrument and issued in the form of?

Derivative Usance Promissory Note
Usance Promissory Note
Demand Promissory Note
Both a & b

Correct Answer: Usance Promissory Note

Explanation:

The Certificate of Deposit (CD) is a negotiable money market instrument and issued in dematerialised form or as a Usance Promissory Note against funds deposited at a bank or other eligible financial institution for a specified time period. (Usance Promissory Note has to be paid after certain time period).

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