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   Position:  Home >>  Corporate Banking  >>  Deposit Services  >>  Corporate Current Deposit In Local Currency
 

Corporate Current Deposit In Local Currency

Definition

Local currency current deposit is a deposit without a specified maturity date and is open to customer withdrawal at any time, with the interests accrued at a demand deposit interest rate on a quarterly basis.

Categories of accounts

BOCOM provides account management services. Accounts include basic deposit accounts, common deposit accounts, special deposit accounts and temporary deposit accounts.

(1)   Basic account

A basic account is an account catering to customers’ daily needs for transfer settlement as well as the cash receipt and payment. Cash withdrawals such as salaries and bonuses can only be conducted through this account. Depositors are only allowed to open one basic deposit account at the bank.

Procedures for opening a basic account:

a. The customer submits to BOCOM the original copy of Corporate Legal Person License or Business License issued by the local industrial and commercial administration authorities, Legal Person Code Certificate of the People’s Republic of China (duplicate) or code card;

b. The customer collects from BOCOM and fills out an Account Opening Application in triplicate, endorsed by company chop and name chop of the legal person’s representative or the name chop of the authorized personnel (attached with the name chops of the subsidiary unit and supervisory unit), along with the unit’s signature card and submits them to BOCOM.

c. Upon review and approval, BOCOM will imprint its company chop on the Account Opening Application form and assign an account number. The bank will maintain a copy for itself and send another copy to the customer;

d. Within two days of opening the account, the customer shall submit a copy of the Account Opening Application form directly to the local branch (accounting office)of the People’s Bank of China, or through a local BOCOM branch.

e. The customer collects a basic deposit account opening permit from the local branch of the People’s Bank of China.

 

(2)   Common account

A common account is an account catering to needs for bank loan and fund transfer among depositors, in addition to their basic deposit accounts. It is opened by a non-independent accounting subsidiary unit at a venue that is different from that of basic deposit account holders. Depositors can make transfer settlements and cash deposits in this account, but they are not allowed to conduct cash withdrawals from it.

General account-opening procedures:

a. The customer submits to BOCOM the original copy of Corporate Legal Person License or Business License, Legal Person Code Certificate of the People’s Republic of China (duplicate) or code card, along with the basic deposit account opening permit;

b. Other account-opening procedures are the same as that of general deposit accounts.

 

(3)   Special account

A special deposit account is an account opened by the depositor for specific purposes.

a. Scope of use

For specific purposes, the required funds will be under management of the special account.

b. Procedures for opening an account

Procedures in applying for and opening a special account are the same as that of basic deposit accounts.

 

(4) Temporary account

A temporary deposit account is an account opened by the depositor due to ad hoc commercial activities. With this account, the depositor can conduct transfer settlement and fund collection and payment in accordance with state regulations on cash management.

a. Scope of use

1) Provisional organization from other cities

2) Ad hoc commercial activities

b. Procedures for opening an account

1) Submit to BOCOM a provisional license issued by the local industrial and commercial administration authorities, and approval documents issued by the competent local authority.

2) Other account-opening procedures are to the same as that of opening general deposit accounts.

 

Rule for Interest-rate calculation

Interest for corporate local currency current deposit is accrued at the current deposit interest rate announced on the day of interest settlement and not subjected to segmental interest calculation in the event of interest-rate adjustments.



 



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