When will Deon incur a penalty for withdrawing funds from his savings account?

Deon will incur a penalty for withdrawing funds from his savings account before the maturity date for a time deposit. Time deposits, such as certificates of deposit (CDs), are financial instruments that require funds to remain invested for a predetermined period. Withdrawing funds prior to the maturity date typically results in penalties because the financial institution loses the expected interest income from those funds over the agreed term. This penalty is intended to deter early withdrawals and encourage account holders to keep their money deposited for the full term of the investment.

In this context, the other options do not accurately reflect the conditions under which penalties are incurred. For instance, withdrawing at any time does not apply to all account types, and penalties specifically relate to the rules surrounding time deposits. The maturity date is critical because once that date is reached, Deon can withdraw funds without penalty. Furthermore, penalties for withdrawals are not dependent on the day of the week, such as weekends. Thus, option C correctly identifies the situation where a penalty would be applied.