Deposits

Smart Tips on Deposits
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- Hong Kong maintains a three-tier system of deposit-taking institutions, namely, licensed banks, restricted licence banks, and deposit-taking companies. They are collectively known as authorized institutions and need authorization of the HKMA.
- Licensed banks may accept deposits of any size and maturity from the public.
- Restricted licence banks may take deposits of any maturity of HK$500,000 and above.
- Deposit-taking companies may take deposits of HK$100,000 or above with an original term of maturity of at least three months.
- Before placing any deposits, remember to go to check HKMA website to ascertain whether the financial institution is an authorized institution.
Deposit Protection Scheme
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The Deposit Protection Scheme (DPS) offers statutory protection to bank depositors in Hong Kong. Administered by the Hong Kong Deposit Protection Board (the Board) under the Deposit Protection Scheme Ordinance, the DPS is a key component of Hong Kong’s financial safety net that helps maintain the stability of our banking system.

Unless otherwise exempted by the Board, all licensed banks are members of the DPS and deposits placed with each Scheme member are protected up to HK$500,000 per depositor. There is no need for the depositors to pre-register, apply or pay for such protection.
- The Following Types of Deposits are Protected by the DPS:
  - Conventional deposits denominated in any currency* (e.g. deposits in savings and current accounts, and time deposits with a term not more than 5 years)
  - Deposits held by individuals (including joint accounts**) or companies
  - Secured deposits
  * A depositor’s deposits in separate accounts with the same Scheme member will be aggregated for calculating the protected deposit amount.
  
  ** Holders of a joint account are deemed to have an equal share in the deposits concerned.
- The Following Types of Financial Products are not Protected:
  - Structured deposits (e.g. foreign currency-linked deposits and equity-linked deposits)
  - Time deposits with a maturity longer than 5 years
  - Bearer instruments (e.g. bearer certificates of deposit)
  - Offshore deposits (i.e. deposits placed with a Scheme member’s offices outside Hong Kong)
  - Non-deposit products (e.g. bonds, stocks, warrants, mutual funds, unit trusts, insurance policies and stored value facilities)

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Last revision date : 15 February 2024