ON DEPOSIT Meaning and
Definition
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"On deposit" refers to funds or assets that are placed or held in a bank account or financial institution for safekeeping or investment purposes. It is a term used in the banking and financial sector to indicate that money or assets have been handed over to a bank or financial institution, usually in the form of a deposit, with the expectation that they will be securely held and potentially earn interest.
When funds or assets are "on deposit," they are no longer in the possession of the depositor but are instead under the control and responsibility of the bank or financial institution. The deposited funds are typically held in an account in the name of the depositor, and the depositor retains the right to withdraw the funds or use them according to the terms and conditions of the account.
The term "on deposit" is often used in association with various types of bank accounts, such as savings accounts, checking accounts, or certificates of deposit (CDs), where individuals or businesses place their money for safekeeping or investment purposes. These deposits may be insured by government-backed schemes, offering additional protection against potential loss.
Overall, "on deposit" indicates the status of funds or assets that have been entrusted to a bank or financial institution and highlights their availability for various transactions, potential interest earnings, and protection provided by deposit insurance.
Common Misspellings for ON DEPOSIT
- in deposit
- kn deposit
- ln deposit
- pn deposit
- 0n deposit
- 9n deposit
- ob deposit
- om deposit
- oj deposit
- oh deposit
- on seposit
- on xeposit
- on ceposit
- on feposit
- on reposit
- on eeposit
- on dwposit
- on dsposit
- on ddposit
- on drposit
Etymology of ON DEPOSIT
The etymology of the phrase "on deposit" can be traced back to the Old French word "depositer", which means "to place aside" or "to put in a safekeeping". This Old French term later evolved into the Middle French word "deposer", which carries the same meaning. In English, the word "deposit" was first recorded in the late 16th century, borrowing directly from the Middle French word. The prefix "on" simply indicates that something is placed or held in a specific location or state, so "on deposit" refers to something that has been entrusted or placed in safekeeping.
Idioms with the word ON DEPOSIT
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on deposit
The idiom "on deposit" typically refers to money or funds that are being held or kept in a bank account, investment account, or financial institution for safekeeping or future use. It can also refer to items that are being held in storage or reserved for use at a later time.
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