Deposits (2024)

FAQs

What is the meaning of on deposit? ›

Money that is on deposit is saved in a bank or something similar: I have $5,000 on deposit in the bank. SMART Vocabulary: related words and phrases. Saving money.

Bank deposits are a savings product that customers can use to hold an amount of money at a bank for a specified length of time. In return, the financial institution will pay the customer the relevant amount of interest, based on how much they choose to deposit and for how long.

Deposit is a term used to denote the money kept or held in any bank account, especially to accumulate interest. The fund used as a security to get the goods delivered can also be called a deposit. Any transaction processed to transfer money to an entity for safeguarding can be referred to as a deposit.

Types of Deposits

On the basis of purpose they serve, bank deposit accounts may be classified as follows: Savings Bank Account. Current Deposit Account. Fixed Deposit Account.

A deposit is a sum of money that is held in an account. It may be secured in a bank for safekeeping or to secure goods for renting or purchase. Many different kinds of business transactions involve the use of a deposit. During daily operations, your business may pay regular deposits and receive deposits from customers.

: to place for safekeeping. especially : to put money in a bank. 2. : to give as a pledge that a purchase will be made or a service used. deposit $10 on a new bicycle.

You should report the error to your bank as soon as you notice it. That way, the mistake can be corrected as quickly as possible. If you notice a bank error in your favor, you should report it to your bank as soon as possible. You cannot keep money that was mistakenly deposited into your account; it must be returned.

A deposit is the upfront payment made before the sale is completed. A down payment is an amount typically paid at the time of sale, which represents an initial amount while the rest is funded by a loan or, in the case of property, a mortgage.

The Bank accepts deposits from financial institutions to their current accounts they hold at the Bank. These deposits are referred to as current account deposits at the Bank or BOJ account deposits.

A deposit in finance is typically when you transfer money to a bank account like a checking account for safekeeping. However, it can have other meanings as well. For example, you may need to place a deposit, or a certain amount of money, with a business to secure goods or services such as for a rental. SoFi.

How do you explain deposit? ›

A deposit is the amount of money you give to a financial institution, such as a bank, to hold for you in an account. Individuals and businesses make deposits every day by transferring their funds into banking accounts. Depending on the account type, depositors can earn interest on their money.

The correct option is B Savings. Banks allow people to deposit their money as savings. These savings earn them a small interest when withdrawn. The deposits made can be withdrawn at any time. This is called demand deposit.

Millionaires can insure their money by depositing funds in FDIC-insured accounts, NCUA-insured accounts, through IntraFi Network Deposits, or through cash management accounts. They may also allocate some of their cash to low-risk investments, such as Treasury securities or government bonds.

As per the Companies Act, 2013, a deposit is any money that is received, either by means of a deposit or a loan or any other form as may be prescribed, but does not include certain classes of transactions.

Demand deposits: Any deposit you make that you can withdraw without notice is a demand deposit. In many cases, these are the type of deposits you will deal with the most; however, they often come with little to no interest.

Money that is on deposit is saved in a bank or something similar: I've got £5,000 on deposit in the bank. Saving money. bank. bank balance.

The decision to place a check hold is based on several factors such as your account activity, history of frequent overdrafts, or any external information the bank may receive about the check, like if the check has been returned previously or the account it's drawn on has insufficient funds.

Amount on deposit means the sum of a member's employee and employer contributions and, if applicable, any earnings or losses on those contributions.

Funds on deposit means all funds accrued or accruing by virtue of the death of the insured or the original maturity of a policy contract where the party or parties entitled to receive such funds might withdraw same at their option upon stipulated notice.