Simplify the following text for a Grade 13 native English-speaking person.
Original: A time deposit ( also known as a term deposit , particularly in Canada , Australia and New Zealand ; a bond in the United Kingdom ; fixed deposit in India and in some other countries ) is a money deposit at a banking institution that can not be withdrawn for a certain `` term '' or period of time ( unless a penalty is paid ) .
Simplified: A time deposit ( also known as a term deposit , particularly in Canada , Australia and New Zealand ) is a money deposit at a banking institution that can not be withdrawn for a certain `` term '' or period of time .