What is "Interest on deposit?"?

Question

I was looking at my bank statement and I think I was credited a few bucks and it said IOD INTEREST PAID. What is that? Does that mean my bank gives me money every so often and if so how often do they?

Answer 1

When you have a Savings account, the money you have in the bank generates interest. The amount of interest it generates depends on the bank, the type of account, and interest rates when the account was created.  

Some banks pay out monthly, others pay quarterly (every three months) or semi-annually (every 6 mo).