Which of the following is issued by commercial banks at a discount on face value?  

Key Points

• Certificates of deposits are issued by commercial banks at a discount on face value.
• They are a type of time deposit with a fixed maturity date and specified interest rate.
• Certificates of deposits are negotiable instruments, meaning they can be transferred from one party to another.
• They are often used by banks to raise funds from the market.
• The interest rate on certificates of deposits is generally higher than that on regular savings accounts, making them an attractive investment option for large investors.

Additional Information

• Promissory notes are written promises to pay a certain amount of money at a future date but are not issued at a discount.
• Commercial papers are unsecured short-term debt instruments issued by corporations, not commercial banks.
• Treasury bills are short-term government securities issued at a discount but by the government, not commercial banks.