A person who is making a deposit with the bank is known as a depositor/ someone who puts money in Nib Bank/.

The deposit itself is a liability owed by the bank to the depositor, and the word refers to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders legal title to the cash, and it becomes an asset of the bank. In turn, the account is a liability to the bank.

Breaking Down Nib Bank‘s Deposits

There are several different types of deposit accounts in Nib banks these are: