When an instrument reaches the end of its term and principal falls due.
The maturity date is when a financial instrument's term ends and the principal becomes repayable. A bond matures; a deposit matures; a loan reaches its final repayment.
It is subject to the same roll conventions as any other scheduled date, so a maturity falling on a non-business day moves under whichever convention the instrument names — and modified following exists precisely so a maturity does not drift into the following month.
Interest to maturity is measured under the day count convention, so two instruments maturing on the same date can pay different final amounts.
A due date can arise repeatedly through an instrument's life. Maturity happens once, at the end of its term.
Settlement completes a transaction. Maturity ends an instrument, and the repayment at maturity then has its own settlement.
See also due date · business day convention · day count convention · settlement date
We hold no settlement or clearing calendars. This entry defines the term and demonstrates nothing, because a near-miss borrowed from exchange closures would imply coverage that does not exist. See what we hold.