Glossary 
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I
Inactive - an account that has had no deposit or withdrawal activity for some time
Index - regularly published statistical measure of widely accepted rates that changes periodically
Individual Accounts - only the member is permitted to make transactions on the account
Individual Retirement Account (IRA) - A retirement savings account for individuals. Deposits may be tax-deductible. These contributions cannot exceed specific amounts without penalties.
Interest - The amount paid for the use of money. Thus, financial institutions pay savings depositors interest for the use of the funds on deposit, and borrowers pay financial institutions interest for the use of the money advanced to them.