# Definition of 'Deposit'
## Statutory Definition — Section 2(31)
> "Deposit" includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India.
## Anatomy of the Definition
| Feature | Explanation |
|---|---|
| Inclusive definition | The word "includes" → it is not exhaustive. The definition can stretch to cover other receipts of money. |
| Modes of receipt covered | (a) Deposit, (b) Loan, (c) Any other form of receipt of money |
| Repayment | Time-bound — must be repaid on agreed maturity |
| Security | Can be secured or unsecured |
| Who can accept | Private co. → only members; Public co. → members; Eligible public co. → members + public |
## Key takeaways
1. The phrase "in any other form" is a residuary catch-all. Companies cannot rebrand a borrowing under another label (e.g., 'advance') to escape the definition — the substance prevails.
2. The exclusions are listed in Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 — covered separately.
## Transitional Issue — Pre-1 April 2014 amounts received by Private Companies from Members/Directors/Relatives
This is clarified by General Circular No. 5/2015 dated 30-03-2015:
- Amounts received by private companies from their members, directors or relatives BEFORE 1st April, 2014 shall not be treated as 'deposits'.
- Condition: The private company must disclose in the notes to its financial statements:
- the figure of such amounts; and
- the accounting head under which such amounts are shown.
- However, any renewal or fresh acceptance on or after 1 April 2014 must comply with the Companies Act, 2013 and the Rules made thereunder.
> Why this concession? The Companies Act, 2013 came into force from 1 April 2014; pre-existing arrangements were grand-fathered to avoid disruption.