overnight deposits

What is overnight deposits?

overnight deposits definition and meaning on Finance terms:
Deposits with next-day maturity. This instrument category comprises mainly those sight/demand deposits that are fully transferable (by cheque or similar instrument). It also includes non-transferable deposits that are convertible on demand or by close of business the following day. Overnight deposits are included in M1 (and hence in M2 and M3). <


reference: https://www.ecb.europa.eu/home/glossary/html/index.en.html