The basis type of repo (also a vanilla repo or a classic repo) that has a fixed term to maturity, and hence a fixed repo rate. As a classic repo, this repo has a maturity ranging from overnight to one year. Nevertheless, longer maturities can be transacted by and between the two parties on a need basis.

A term repo could still be terminated before its stated “term” or maturity if either party, or both parties, opted for early termination.

A term repo (opposite of open repo) is also known as a fixed-maturity repo.