### Question
How is the "nonpersonal time deposits" defined?


### Answer
The term **nonpersonal time deposits** is defined in *12 U.S.C. § 461* as follows -

> a transferable time deposit or account or a time deposit or account representing funds deposited to the credit of, or in which any beneficial interest is held by, a depositor who is not a natural person

#### Citation:
  - *12 U.S.C. § 461*
  - Heading: **CHAPTER 3-FEDERAL RESERVE SYSTEM > SUBCHAPTER XIV-BANK RESERVES**

