I assume the word "deposit" have the same meaning as "save" in this context. Then, are these words also interchangeable in other situations other than bank issues?

Native speaker’s answer
Rebecca
Not quite! Here, "deposit" is a verb that means to put something into a specific place. It's commonly used for putting money into a bank account. Whereas "save" means not to use something for a certain amount of time for the sake of having it later. Or to keep it in a safe place. Ex: I deposited some cash at the bank this morning. Ex: I'm saving up for my master's degree. Ex: I deposited the rest of the water into the container.