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.