What are the ins and outs of the Time Deposit in banks?

I am planning to invest my money in banks in something they call "Time Deposit." What are the things I need to know to avoid being tricked and to get the best deal arround? What should I be aware of? I'm a newbie in banking. Can any of you pros show me the way?|||A 'time deposit' is when you agree to put a set amount of money in the bank for a PRE-DETERMINED amount of time. They agree to pay a specific amount of interest. The downside is you CAN'T take the money out early without penalties.