Definition, Meaning & Synonyms
deposit-requirement
noun
dih-poz-it ree-kwai-ment
Definition
A deposit-requirement is a condition set by financial institutions or businesses that requires a customer to pay a certain amount of money in advance before a service is rendered or a product is purchased.
Examples
- The landlord stated a deposit-requirement of two months’ rent before signing the lease.
- Many banks have a deposit-requirement for opening a new savings account.
Meaning
It indicates the minimum amount of money that must be deposited as a form of security or commitment towards a transaction.
Synonyms
- advance payment
- security deposit
- cash deposit
