A certificate of deposit (CD) that is issued by a bank or depository institution to institutional investors and other high-net-worth investors in large denominations, i.e. USD100,000 and more, as opposed to an individual certificate of deposit that starts as low as USD 100. It has a minimum size of USD 100,000, and as a result, a holder is subject to a risk not covered by deposit insurance. That means if deposit insurance covers, for example, USD 50,000, then a holder of USD100,000 CD would be exposed to the risk of not being able to withdraw USD 50,000 at times of bank runs or banking crises. Institutional CDs provide an investment tool for investors willing to take advantage of interest rate fluctuations. However, such an investment requires high-level skills and expertise that many individual investors lack.

It is also known as jumbo CD.