Deposits


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Related to Deposits: Bank deposits, Security Deposits

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.

M. L. KOGAN

References in classic literature ?
On the other hand, during subsidence, the inhabited area and number of inhabitants will decrease (excepting the productions on the shores of a continent when first broken up into an archipelago), and consequently during subsidence, though there will be much extinction, fewer new varieties or species will be formed; and it is during these very periods of subsidence, that our great deposits rich in fossils have been accumulated.
In examining the latest deposits of various quarters of the world, it has everywhere been noted, that some few still existing species are common in the deposit, but have become extinct in the immediately surrounding sea; or, conversely, that some are now abundant in the neighbouring sea, but are rare or absent in this particular deposit.
In fact, this nearly exact balancing between the supply of sediment and the amount of subsidence is probably a rare contingency; for it has been observed by more than one palaeontologist, that very thick deposits are usually barren of organic remains, except near their upper or lower limits.
Long before the public had ceased to talk about the removal of the deposits, Mr.
The fellow had a pretty fancy in names: the "Orb" Deposit Bank, the "Sceptre" Mutual Aid Society, the "Thrift and Independence" Association.
Chief Retail Banking Officer at Kuwait Finance House (KFH) Mohammed Al-Fouzan stated that KFH has best array of deposits among local banks, since those deposits vary in rates, period of time, and investment rate.
It believed the facts supported the executrix's assertion that she intended the payments to be deposits.
6 million, is the 24th largest insured depository institution in Arkansas, controlling deposits of approximately $301.
In the first stage, starting in say January 2006 and ending in December 2007, the Netherlands central bank would stand ready to convert the euro deposits which Dutch banks hold with itself into a new currency, the florin, on a 1:1 basis (and conversely).
In addition to expanding the programs to include these non-carbonated beverage containers, some proposals call for the inclusion of wine and liquor bottles, an increase in the deposit amount or the allocation of unredeemed deposits to the state.
By disabling a dementia-linked protein, a synthetic drug is showing a tantalizing capacity to interfere with the formation of waxy amyloid deposits like those that accumulate in the brains of people with Alzheimer's disease.
Coinciding with the requirement to collect these deposits, and as part of the Housing Court Program announced last week [see story on court reform below], a dedicated Rent Deposit Part is being established in each courthouse and will be up and running on October 20th, as the full force of that provision kicks in.