Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
A deposit means setting/putting down an investment in something. It could also mean putting something somewhere. It also means the money that is deposited into a bank account or paid to any other entity for safekeeping or for acquiring/buying something, like real estate or any other asset. It could also be a collateral/security for product/service deliveries or a fund transfer to any other individual or entity for safekeeping purposes. It is also referred to as earnest money in some cases.
In the real estate sector, buyers may pay deposits to builders, seller, or developers for purchasing properties. This is the down payment or the initial payment made to acquire the property. They may also make the initial deposit before taking a home loan or mortgage for the remaining amount. This is sometimes paid as the booking amount or earnest money for booking a unit in a particular project. This is sometimes paid at the time of signing the real estate contract, with the remainder paid at pre-defined intervals, and at the time of possession, as outlined in the contract/agreement.
