Name
Term-current Optional Deposit
Introduction
Term-current optional deposit refers to such a method of savings deposit where the customer does not designate the deposit term at the time of making deposit, so he can withdraw money at any time, and the interest rate varies with the length of the deposit term. It combines the advantages of time deposits and the convenience of current deposits, and is subject to no restriction in terms of deposit and withdrawal, thus making it more convenient for the customer to make financial planning. The interest can be calculated as follows:
1. Where the deposit term is shorter than 3 months, the interest will be paid based on the interest rate of demand deposits as quoted on the day of interest withdrawal;
2. Where the deposit term is above 3 months (including 3 months) yet shorter than half a year, the interest will be calculated according to 60% of three-month interest rate of lump-sum time deposit on the withdrawal day during the entire deposit term;
3. Where the deposit term is above half a year (including half a year) yet shorter than a year, the interest rate will be calculated according to 60% of the semiannual interest rate of lump-sum time deposit on the withdrawal day;
4. Where the deposit term is above a year (including a year), the interest will be calculated according to 60% of the one-year interest rate of lump-sum time deposit on the withdrawal day during the whole deposit term, regardless of the length of the deposit term.
Target Customers
PRC residents, residents of Hong Kong, Macao and Taiwan, expatriates residing in and outside PRC, Chinese of foreign nationality and overseas Chinese all can open time-demand optional deposit accounts with Bank of China against valid identity documents approved by real-name system.
Process
The applicant shall open the account at the counter of any office of Bank of China with relevant identity documents.
Required Identity Documents
1. PRC Residents
Resident ID card/temporary ID card/household register/military ID card/armed police ID card/China passport.
2. Residents of Hong Kong, Macao and Taiwan
Re-entry permit/Taiwan residents to and from Mainland China permit/ or other valid travel passes.
3. Foreign nationals (expatriates, Chinese of foreign nationality and overseas Chinese)
Passport/China passport held by Chinese of foreign nationality/residence permit for expatriates.
Kind Reminder
1. Only RMB business is available.
2. Premature withdrawal partially is disallowed.
3. Term-current optional deposit can only be made on term all-in-one account.
4. The minimum initial deposit of the account is RMB 50.
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