Corporate local currency time deposit is subject to account management. When opening such an account, it is necessary to submit an account opening application, the original copy of the business license, and an imprint of the official chop.
(1) The customer signs a transfer cheque for submission to BOCOM, which, upon its satisfactory review and confirmation, will issue a “Corporate Time Deposit Account Opening Confirmation” certificate. BOCOM will keep the first and third copies, while the second copy shall be returned to the customer as a deposit certificate with a company chop. The confirmation certificate will offer clear indication of the date, company name, account number, maturity term, amount of deposit and interest rate.
(2) When the time deposit reaches maturity, the customer completes the withdrawal procedures at BOCOM with the second copy of the confirmation certificate endorsed by company chop.
(3) The time deposit can be renewed upon maturity, by which BOCOM will take back the confirmation certificate, settle the interest and issue a new confirmation certificate, with the interest starting to accrue on the day of renewal.
(4) When changing the company chop for the confirmation certificate, the customer will submit the official letter and original company chop of the confirmation certificate for the formal procedures at BOCOM. If the customer makes a loss report due to misplacement, damage or theft of the confirmation certificate, BOCOM will check the deposit upon the stop payment request made by the letter issued by the customer. If it has not been withdrawn, BOCOM will process the loss report and issue a new confirmation certificate.
(5) For advance withdrawal of the time deposit, it is necessary to produce a written document with imprint of the official chop, giving proper reasons for the withdrawal.
(6) Time deposits may be withdrawn as follows:
a) Lump-sum withdrawal upon maturity, with the principal and interest withdrawn as stipulated;
b) Total withdrawal in advance, with BOCOM paying out the interest calculated at the current deposit interest rate announced on the day of withdrawal.
c) Partial advance withdrawal (remaining portion is not less than the deposit amount at its starting level), with the interest calculated at the current deposit interest rate announced on the day of withdrawal, while a new confirmation certificate will be issued for the remaining portion based on the original maturity term at the original interest rate; if the remainder is less than the deposit amount at its starting level, the interest accrued will be calculated at the current deposit interest rate announced on the day of withdrawal and the account will be cancelled.