statutory deposit
Word Rarity
Rare
Frequency: Zipf frequency 3.64 in modern English
22
Scrabble Score
16
Letters
4
Syllables
11
Unique Chars
Meaning
noun
An amount of money that a bank or insurance company is legally required to keep on hand rather than investing.
Example Sentences
- "Statutory deposit can function as a policyholders' protection fund."
- "Of the $1.5 million, $900,000 is mandated to be a statutory deposit with this state."
- "Both bank associations govern the respective statutory deposit funds and the voluntary deposit funds, but statutory and voluntary funds are kept legally separate."
Inflected Forms
statutory deposits (plural)