Meaning & Definition of word "Deposit"
Deposit
/dɪˈpɒzɪt/
noun:
- 1. A sum of money placed or kept in a bank account, usually to gain interest.
- Example: She made a deposit of $500 into her savings account.
- 2. A payment given as a guarantee for the performance of a contract or agreement.
- Example: He paid a deposit to secure the rental of the apartment.
- 3. A substance that has been laid down or accumulated.
- Example: There was a deposit of minerals in the cave.
verb:
- 1. To place or store (money) in a bank or other financial institution.
- Example: I will deposit my paycheck into my checking account.
- 2. To lay down or place something in a specific position.
- Example: The construction workers will deposit the concrete in the foundation.
Etymology
●From Latin 'depositum', meaning 'something entrusted to another'.
Common Phrases and Expressions
security deposit:
A sum of money held by a landlord as protection against damage.
first deposit:
The initial payment made towards an account or investment.
deposit slip:
A form used to deposit money into a bank account.
Related Words
depositor:
A person who deposits money in a bank.
depositary:
A person or institution that holds a deposit.
Slang Meanings of deposit
Meaning: To put money down.
● Example Sentence: I'm gonna deposit some cash on that new bike.
Meaning: To leave something temporarily.
● Example Sentence: I need to deposit my bags at the hotel.