Definition, Meaning & Synonyms

initial-deposit

Noun

/ɪˈnɪʃ.əl dɪˈpɒzɪt/

Definition

The first amount of money required to open a savings account, investment account, or to start a loan agreement.

Examples

To open a new savings account, you need to make an initial deposit of at least $100.
The bank required a minimum initial deposit when I applied for the loan.
Her initial deposit for the investment account was significant, allowing her to start on a strong financial foundation.

Meaning

An initial deposit is typically a prerequisite in financial transactions that involve opening accounts or securing loans, indicating the commitment of the account holder or borrower.