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Deposits can only be raised through members.
(And persons other than members if public company crosses a certain threshold prescribed.)
Further, certain debentures are convertible into equity shares but deposits cannot be converted into equity.
Debenture is a specific format of instrument and whilst it represents a debt, is different from loan.
Also, any company may issue debenture, but unless specific thresholds are met, a company cannot accept deposit.
To summarise, all debentures (unless excluded in terms of Acceptance of Deposit Rules, basis the subscriber (such as company) or nature of instrument (item (ix) and (ixa)) ) are deposit, but not all deposits are debentures.
Also, deposits need to be repayed within 3 years while debentures can remain outstanding for 20 years.