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Business Definition for: Bank Investment Contract (BIC)
Bank Investment Contract (BIC)
bank-guaranteed interest in a portfolio providing a specified yield over a specified period. For insurance company equivalent, see guaranteed investment contract (GIC) .
Bank Investment Contract (BIC)
contract issued by a bank to a corporate investor, usually a company-sponsored profit sharing plan or 401(k) plan, guaranteeing a fixed rate of return on invested capital over the life of the contract. A bank investment contract is similar to a guaranteed investment contract (GIC) sold by insurance companies, has a maturity of one to ten years, and the added protection of federal deposit insurance up to the $100,000 limit per insured account.
Copyright © 2006, 2003, 1998, 1995, 1991, 1987, 1985 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
