Deposit-taking
LR-1.3.16
Deposit-taking is defined as receiving a sum of money paid on terms under which it will be repaid in full, with or without interest or a premium, and either on demand or in circumstances agreed by the parties involved. It excludes sums referable to the giving of security or as a fee paid in advance for goods or services. It also excludes money received by a person in consideration for debt instruments issued by the same person, or money received by a person entering into a loan or other financing agreement.
October 2007LR-1.3.17
The above definition, therefore, includes savings, current, notice, fixed and time deposits.
October 2007
