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Related to Deposits: Bank deposits, Security Deposits



the monetary resources of enterprises, organizations, and the population which are deposited in credit institutions.

In capitalist countries deposits constitute one of the sources of loan capital. Deposits are made by industrial, commercial, and financial capitalists and are kept mainly in the major banks, which facilitates the centralization and concentration of capital and reinforces the domination of large capital. Savings and temporarily free capital owned by various sectors of the population, especially the petite and middle bourgeoisie, are also deposited in banks, particularly savings banks. The capital thus accumulated is used to a considerable extent by the state for investing in government securities, financing military expenditures and covering budget deficits, and crediting monopolies. The movement of deposits is subject to the spontaneous laws of capitalism, which are manifested especially sharply during periods of economic crisis, when large-scale withdrawals of deposits are accompanied by the financial collapse of banking institutions and the ruin of holders of small deposits.

In the USSR and other socialist countries, deposits in savings banks and Gosbank (State Bank) are a form of storing and protecting the money saved by the working masses. The growth of deposits, which are by their very nature labor savings, depends on the continuous development of the socialist economy, the rising material welfare of the people, and the growth of real income among the population. The attraction of the population’s deposits helps to strengthen money circulation and serves the needs of expanded socialist reproduction. The sum total of deposits and the growth of the population’s material welfare are increasing steadily in the USSR. Thus, the amount of deposits in savings banks almost tripled between 1960 and 1968. By early 1970 the total amount of deposits had risen to more than 38.4 billion rubles, and the amount of a single account averaged 526 rubles.

Soviet law specifies the right of citizens to keep their capital in credit institutions, dispose of the deposits freely, receive income on the deposits in the form of interest or lottery chances, and make noncash transfers. Deposits may be of the demand, time, lottery, or conditional type. Demand deposits are accepted and drawn (completely or partially) at any time upon request of the depositor. They may be payable to a named person or to the bearer. These deposits earn income at the rate of 2 percent annually. Time deposits, which are accepted for not less than six months, earn income at the higher rate of 3 percent annually. Lottery deposits earn income in the form of lottery winnings; drawings take place twice a year. Conditional deposits are payable to depositors upon observance of specific conditions, for example, when the depositor graduates from a university or reaches full legal age. Deposits are drawn on the basis of documents verifying the fulfillment of the conditions established for the account.

Deposits are accepted in unrestricted amounts and for un-restricted periods of time. The deposits and the income earned on them are free from taxation and duties. The state guarantees the secrecy and protection of deposits, as well as payment upon the first request of the depositor. The accounts of citizens are inviolable. Citizens may make deposits in the form of both cash and checks, or as noncash transfers. Non-cash transfers to accounts in savings banks have been developed to handle the wages of industrial and office workers, the monetary income of kolkhoz personnel, and pensions. In addition to deposits from the population, savings banks also accept deposits from several organizations, such as village soviets, kolkhozes, local trade union committees, and mutual insurance funds. The capital attracted by savings banks as deposits, with the exception of the necessary cash reserve, is used by the Gosbank of the USSR for crediting the national economy.


References in periodicals archive ?
Market share data are based on Summary of Deposits reports filed as of June 30, 2003, adjusted for transactions through April 14, 2004, and are based on calculations in which the deposits of thrift institutions are included at 50 percent.
In IPL, customers with suspect credit paid deposits to a utility company to secure future payment of electric bills.
There are 3,000 cases and if there are not a substantial number of deposits, we will have for our lawsuit the fact that the Housing Court is incapable of applying impartial justice," said Freund.
Well, consumers of Australian reds have been noting such deposits increasingly.
In some cases, deposits can be required eight times each month and the deposit schedule can change frequently.
Hawke said SAIF-insured deposits would continue to shrink because under the Federal Deposit Insurance Corporation's proposed premium schedule, SAIF premiums for the healthiest institutions would be "nearly six times as high as the competing Bank Insurance Fund's (BIF) premiums.
The bill, which has five co-sponsors, would do away with the FDIC's insurance functions, replacing them instead with "cross-guarantee" contracts by which other banks, insurance companies, pension funds, and anyone else who could satisfy certain tests of financial strength would back bank deposits.
6 /PRNewswire/ -- The Independent Bankers Association of America (IBAA) urged President-elect Clinton to consider the assessment of deposit insurance premiums on foreign deposits and non-deposit liabilities -- a measure that meets the test of fairness and deficit reduction that has been emphasized during the campaign and transition.
Earlier this month, we wrote Damon Holmes about the assertion of a deposit penalty in a case where a corporate group was one-day late in making one of its approximately 500 deposits during 1991.
But what is a "trading unit" as it relates to deposits, especially to demand deposits, and to core repurchase agreements?
However, it is impossible, over an extended period of time, to have a refractory surface exposed to a liquid metal environment without that surface wearing or collecting deposits.
The 221-claim Springpole property, located between Birch and Springpole lakes, was also the subject of a winter drilling program which located gold deposits with an average grade of .