SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

                Annual Report pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

For the fiscal year ended:   December 31, 1998
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Commission file numbers:     33-5992, 33-84844, 33-99462, 333-22131
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         Providian National Bank on behalf of the Providian Master Trust
                    (formerly the First Deposit Master Trust)
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               (Exact name of registrant as specified in charter)

 United States of America                                  02-0118519
--------------------------------                           ------------------
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                             Identification No.)

          295 Main Street
       Tilton, New Hampshire                               03276
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(Address of principal executive offices)                   (Zip Code)

Registrant's telephone number, including area code:        (603) 286-4348
                                                           --------------

                  Not Applicable
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(Former name or former address, if changed since last report)


Securities Registered pursuant to Section 12(b) of the Act:  None

                                       
Securities Registered pursuant to Section 12(g) of the Act:

     The   following   Providian   Master   Trust   Asset-Backed    Certificates
(collectively, the "Certificates"):

     Floating  Rate Asset-Backed Certificates, Series 1995-1
     Floating Rate Asset-Backed Certificates, Series 1996-1
     Floating Rate Class A Asset-Backed Certificates, Series 1997-1
     Floating Rate Class B Asset-Backed Certificates, Series 1997-1
     Floating Rate Class A Asset-Backed Certificates, Series 1997-2
     Floating Rate Class B Asset-Backed Certificates, Series 1997-2
     Floating Rate Class A Asset-Backed Certificates, Series 1997-3
     Floating Rate Class B Asset-Backed Certificates, Series 1997-3
     6.25% Asset-Backed Certificates, Series 1997-4
     6.45% Asset-Backed Certificates, Series 1997-4

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Act during the  preceding  12
months (or for such shorter  period that the  registration  was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days.

         Yes        X*                      No       ____
 

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     * On December 23, 1993, the  registrant was issued a no-action  letter (the
"No-Action  Letter") by the Securities and Exchange  Commission  with respect to
certain of the  registrant's  reporting  requirements  pursuant to Section 13 or
15(d) of the Act.

     Indicate by check mark if disclosure of delinquent fillers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. /__/

     State the aggregate market value of the voting and non-voting common equity
held by  non-affiliates  of the registrant.  The aggregate market value shall be
computed by reference to the price at which the common  equity was sold,  or the
average bid and asked  prices of such  common  equity,  as of a  specified  date
within 60 days prior to the date of filing. (See definition of affiliate in Rule
405.)

         Not Applicable.

                                       
                                     PART I

Item 1. Business 

     Omitted pursuant to the No-Action Letter.

Item 2. Properties

     Attached   hereto  as   Exhibits   99.1   through   99.8  are  the   annual
certificateholders'  statements  prepared by Providian National Bank ("PNB"), as
Servicer (the "Servicer"),  of the Providian Master Trust (formerly known as the
First  Deposit  Master  Trust) (the  "Trust")  and  delivered  to Bankers  Trust
Company,  as Trustee (the "Trustee"),  pursuant to Section 5.02(d) of the Series
1995-1,  1996-1,  1997-1, 1997-2, 1997-3 and 1997-4 Supplements to the Providian
Master  Trust  Pooling  and  Servicing  Agreement  dated as of June 1, 1993,  as
amended (the "Pooling Agreement"),  between PNB, as Seller and Servicer, and the
Trustee.  The annual  certificateholders'  statements  contain  the  information
required to be contained in the monthly statements  prepared by the Servicer and
delivered  to the  Trustee  pursuant  to Section  5.02(a)  of such  Supplements,
aggregated for the months of January 1998 through December 1998, relating to the
receivables (the  "Receivables")  transferred to the Trust and the accounts from
which the Receivables arise.

Item 3. Legal Proceedings

     The registrant knows of no material pending legal  proceedings with respect
to the Trust involving either the Trust, the Trustee or PNB.

Item 4. Submission of Matters to a Vote of Security Holders

     None.

                                     PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters

     (a) To the best knowledge of the registrant, there is no established public
trading market for the Certificates.

     (b) Each class of Certificates  is represented by one or more  certificates
registered  in the  name of Cede & Co.,  the  nominee  of The  Depository  Trust
Company ("DTC").

     (c) Omitted pursuant to the No-Action Letter.

Item 6. Selected Financial Data
                                       
     Omitted pursuant to the No-Action Letter.

Item 7. Management's  Discussion and Analysis of Financial Condition and Results
        of Operation

     Omitted pursuant to the No-Action Letter.

Item 8. Financial Statements and Supplementary Data

     Omitted pursuant to the No-Action Letter.

Item 9. Changes in and Disagreements with Accountants on Accounting and
        Financial Disclosure

     None.
 
                                    PART III

Item 10. Directors and Executive Officers of the Registrant

     Omitted pursuant to the No-Action Letter.

Item 11. Executive Compensation

     Omitted pursuant to the No-Action Letter.

Item 12. Security Ownership of Certain Beneficial Owners and Management

     (a) Each class of Certificates  is represented by one or more  certificates
registered  in the  name of Cede & Co.,  the  nominee  of DTC,  and an  investor
holding  an  interest  in the Trust is not  entitled  to  receive a  certificate
representing such interest except in limited circumstances.  Accordingly, Cede &
Co. is the sole  holder of  record of  Certificates,  which it held on behalf of
brokers,  dealers,  banks and other  direct  participants  in the DTC  system at
December 31, 1997. Such direct  participants may hold Certificates for their own
account or for the  accounts of their  customers.  The address of Cede & Co. is:
Cede & Co., c/o The Depository Trust Company,  55 Water Street,  49th Floor, New
York, New York 10041.

     (b) Omitted pursuant to the No-Action Letter.

     (c) Omitted pursuant to the No-Action Letter.

Item 13. Certain Relationships and Related Transactions
                                       
     There have not been, and there are not currently proposed, any transactions
or  series  of  transactions,   to  which  the  Trust  is  a  party,   with  any
Certificateholder  known by the registrant to own of record or beneficially more
than five percent of any series or class of Certificates.

                                     PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

     99.1 Annual  Certificateholders'  Statement  delivered  pursuant to Section
          5.02(d) of the Series 1995-1 Supplement.

     99.2 Annual  Certificateholders'  Statement  delivered  pursuant to Section
          5.02(d) of the Series 1996-1 Supplement.

     99.3 Annual  Certificateholders'  Statement  delivered  pursuant to Section
          5.02(d) of the Series 1997-1 Supplement.

     99.4 Annual  Certificateholders'  Statement  delivered  pursuant to Section
          5.02(d) of the Series 1997-2 Supplement.

     99.5 Annual  Certificateholders'  Statement  delivered  pursuant to Section
          5.02(d) of the Series 1997-3 Supplement.

     99.6 Annual  Certificateholders'  Statement  delivered  pursuant to Section
          5.02(d) of the Series 1997-4 Supplement.

     99.7 Report on the  activities  of PNB,  as  Servicer,  prepared by Ernst &
          Young LLP pursuant to Section 3.06 of the Pooling Agreement.

     (b) Omitted pursuant to the No-Action Letter.

     (c) Omitted pursuant to the No-Action Letter.

     (d) Omitted pursuant to the No-Action Letter.

                                       
                                   SIGNATURES

     Pursuant to the  requirements of the Section 13 and 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                                    PROVIDIAN MASTER TRUST

                                                    By: PROVIDIAN NATIONAL BANK,
                                                        Servicer


                                                    By:/s/ Miranda Mengis
                                                       ------------------
                                                       Miranda Mengis
                                                       Vice President


Date:  March 19, 1999

                                        
     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report has been signed below by the following  Directors and/or Officers of PNB,
as Servicer,  on behalf of the  registrant on March 19, 1999 in the  capacities
indicated.

Signature                                  Title


/s/ Shailesh J. Mehta                      Chairman of the Board of Directors,
---------------------                      Chief Executive Officer and Director
Shailesh J. Mehta                          (Principal Executive Officer)


/s/ Dianne Peterson                        President and Director
---------------------
Dianne Peterson


/s/ David J. Petrini                       Executive Vice President,
---------------------                      Chief Financial Officer and Treasurer
David J. Petrini                           (Principal Financial Officer)


/s/ Daniel Sanford                         Senior Vice President and Controller
---------------------                      (Principal Accounting Officer)
Daniel Sanford                             


/s/ Eric O'Brien                           Vice President and Director
---------------------
Eric O'Brien


/s/ Darrell Hotchkiss                      Director
---------------------
Darrell Hotchkiss


/s/ Janice B. Kitchen                      Director
---------------------
Janice B. Kitchen


                                  EXHIBIT INDEX


Exhibit No.

99.1 Annual Certificateholders'  Statement delivered pursuant to Section 5.02(d)
     of the Series 1995-1 Supplement.

99.2 Annual Certificateholders'  Statement delivered pursuant to Section 5.02(d)
     of the Series 1996-1 Supplement.

99.3 Annual Certificateholders'  Statement delivered pursuant to Section 5.02(d)
     of the Series 1997-1 Supplement.

99.4 Annual Certificateholders'  Statement delivered pursuant to Section 5.02(d)
     of the Series 1997-2 Supplement.

99.5 Annual Certificateholders'  Statement delivered pursuant to Section 5.02(d)
     of the Series 1997-3 Supplement.

99.6 Annual Certificateholders'  Statement delivered pursuant to Section 5.02(d)
     of the Series 1997-4 Supplement.

99.7 Report on the activities of PNB, as Servicer, prepared by Ernst & Young LLP
     pursuant to Section 3.06 of the Pooling Agreement.