American civil rights leader Martin Luther King Jr.'s birthday, which falls on Jan. 16, is marked as a federal holiday in the United States.

The day celebrates the social change led by Martin Luther King Jr, a Nobel Peace Prize laureate.

As government agencies, federal offices, banks and many corporate offices do not operate on federal holidays, here is what's open and what's closed on MLK Day this year:

Mailing services

The United States Postal Service (USPS) will not be operational Monday. However, private alternatives like United Postal Service (UPS) and FedEx will work, CNN reported. FedEx Express and FedEx Ground Economy, however, will have "modified services," the outlet reported.

Retail and wholesale stores

Major grocery stores like Kroger will not shut their doors for MLK Day. Other major retailers, including Target, Walmart, Costco and Sam's Club, will also be open. However, many local convenience stores may decide to remain closed Monday.

Banks and other financial institutions

Nearly all major banks across the U.S. will not open on MLK Day. These include Bank of America, Chase, CitiBank, Wells Fargo and U.S. Bank, according to USA Today. However, ATMs and online banking services will be an exception.

The New York Stock Exchange and NASDAQ will be closed on Jan. 16. Markets are scheduled to reopen Tuesday, the report added.

Food and entertainment hubs

Most big restaurant chains are expected to be operational on MLK Day, including Applebee's and Olive Garden, USA Today reported. As per, McDonald's and Starbucks will also be open.

Most shopping malls and cinemas are also open on the federal holiday, the website said.

History of MLK Day in the US

Four days after the civil rights leader was assassinated in 1968, a legislation was introduced to declare his birthday a federal holiday. In November 1983, then-U.S. president Ronald Reagan signed the King Holiday Bill into law.

The law designated "the third Monday in January a federal holiday in observance of civil rights leader Dr. Martin Luther King, Jr," according to The National Museum of African American Culture and History.

American civil rights leader Martin Luther King (1929-1968) addresses crowds during the March On Washington at the Lincoln Memorial, Washington D.C., Aug. 28, 1963. Central Press/Getty Images