Dictionary of Banking Terms: Small Saver Certificate (SSC)
Small Saver Certificate (SSC)
fixed-rate time deposit with no minimum balance and a maturity of 18 months, authorized in 1980 so banks and savings institutions could compete with money market funds. In October 1983, interest rate ceilings on time deposits with maturities longer than 31 days were removed, eliminating the need for the SSC.
