Abstract: In this article the author studies historical and legal aspects of the bank deposit contracts and its transformation from the simple storage contract which was known to the lawyers of the ancient Rome to an independent institution of the civil law, as it is now applied.  The author reveals the legal nature of the bank deposit contract at various historical stages of its formation, studying the historical legal models of contract, types and forms of deposit existing in Russia from the times of Tsar Peter the Great to the current time. In his studies the author used general and specific scientific cognition methods. The main method of studies was historical method. In the final part of his article the author offers measures aimed at the improvement of functioning of the credit organizations and guaranteeing protection and preservation of rights and lawful interests of depositors.  In addition, the measures proposed by the author should strengthen credit and financial sector.  The author discusses the need to restructure the credit sphere and to broaden the sector of retail for banking services.