A refundable deposit is the amount you pay to hold a cruise booking that the cruise line returns if you cancel within its terms. The line's cancellation schedule sets when it stops being refundable, and penalties rise from there as the sail date approaches.
It is the counterpart of a non-refundable deposit fare, where the deposit is kept if you cancel. Royal Caribbean, for example, labels those fares "Non-refundable deposit" when you book on its website and describes lower pricing as their key benefit. The refundable option usually costs more for the same cabin.
The difference carries over to price drops. Celebrity's Best Price Guarantee lets a booking on a refundable deposit fare take a lower fare of either type, while a non-refundable deposit booking can only reprice to the same fare type. A refundable deposit also leaves open cancelling and rebooking at a lower fare when a line will not reprice, which has risks of its own that the cancel and rebook guide covers.
Whether your deposit is refundable is shown by the fare type on your booking confirmation. If it is unclear, ask your travel agent or the cruise line before you rely on it. See also fare code and final payment.
