Krympress reports:
It may seem that “contribution” and “deposit” are the same. But if you decide Open a deposit In a bank, it is important to understand that this term is often used as a synonym for a contribution, but there are nuances that should be known. In the article we will analyze what is the difference between these banking products.
Deposit and contribution: basic concepts
In everyday life, the words “deposit” and “contribution” are often used as interchangeable. When you come to the bank, an employee can offer you “open a deposit” or “place a deposit” — in fact, we are talking about the same action.
The contribution is the money that you give the bank for storage for a certain period at interest. For example, you put 100,000 rubles per year at 20% per annum and in a year you get your money plus 20,000 rubles of profit.
The deposit is a broader concept. In the banking sector, a deposit can be called not only funds, but also securities, precious metals and other assets that the client passes to the bank.
Legal differences
From the point of view of the law, there are small differences.
The contribution is the term that is used in Russian legislation to indicate precisely the funds of individuals placed in the bank. They are protected by the insurance system. This means that if the bank bankrupt, the state will return you up to 1.4 million rubles (and in some cases up to 10 million).
Deposit — in the legal sense, can relate to the deposits of individuals and to funds placed by legal entities. Important: deposits of legal entities are not protected by the deposit insurance system.
Example: Ivan Petrovich put 500,000 rubles in the bank for a year — this is a deposit. The company «Romashka» placed 2 million rubles on the bank account — this is a deposit of a legal entity.
Practical differences
For most people, the difference has no practical significance, but there are several points that are useful to know.
Terminology in banks
Russian banks often use the word “contribution” for individuals of individuals. The term «deposit» is more often used for business services or when they talk about placing not only money, but also other values.
Types of products
Brindings are usually understood as classic cumulative products with a fixed rate. The deposit line may include more complex tools: with a floating rate, binding to currency courses, etc.
International practice
Abroad, the term “deposit” (deposit) is more often used. If you use the services of foreign banks, then most likely, you will find exactly this word in the description of the services for placing funds. In international practice, the term “deposit” is used as a universal designation for any funds placed in the bank.
In everyday life, these terms are used as synonyms, especially when it comes to savings in individuals. But there are differences between them. Each contribution can be called a deposit, but not every deposit is a contribution.
The main thing is to carefully read the contract before signing and choose a banking product that best corresponds to financial purposes and needs.
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