licensed bank

Licensed banks (LBs) can carry out “banking business” related activities as prescribed under the Banking Ordinance. These activities can be accepting deposits, providing retail customers current, checking, savings, or other similar accounts, granting loans, paying or collecting cheques drawn paid in by customers, etc. Licensed banks are allowed to accept any deposits regardless of size and maturity.

The differences between demand deposit, saving deposit, and time deposit can be summarized as below: