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TeachMeFinance.com - explain Special depository historic definition... Special depository -- A bank, trust company or other institution legally designated to receive special and particular deposits of trust funds or public funds. The institution usually is required to provide a bond or other security for .the safekeeping and return of the funds ; usually, also, it is required to pay interest on these funds sometimes at a rate fixed by law. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.