A deposit that one bank holds for another bank. The correspondent bank is the one for which the deposit is held. Each bank holds a "due to" account under the name of the other. When dealing with a foreign bank, the owing bank account is "nostro" and other is "vostro."
Related information about interbank deposits:
- Interbank Deposits Definition | Investopedia
Any deposit that is held by one bank for another bank. In most cases, the bank for which the deposit is being held is referred to as the correspondent bank.
- Interbank Deposits: Definition from Answers.com
Interbank Deposits Deposit held by one bank for another bank, usually a correspondent. Each bank holds a Due to Account in the name of the other bank.
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