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Agreement Deposit in RMB


 

Introduction

Agreement deposit in RMB is a type of corporate deposits, which is deposited with a agreed savings amount in a current account by a corporate customer and, according to an agreement between the customer and the bank, the amount in excess of the savings amount of such a settlement will be transferred by the bank into another RMB corporate agreement account to accrue interests at a preferential interest rate.

Features

1. High mobility: Agreement deposit in RMB is with characteristics of flexibility and for corporate customers, after opening transactions of agreement deposit in RMB, their daily settlement operations are still free of any impact, while funds keep flowing in and out freely as usual.

2. Relatively high yield: The interest rate level of agreement deposit in RMB is higher than that of Corporate current deposits, therefore, corporate customers surely can greatly improve their fund rate of return through long-term handling of such transactions.

3. same city deposit and withdrawal: In cities where the deposit and withdrawal processed at any branch services are available to corporate customers, in a same city those customers can handle their deposit and withdrawal transactions in all networked offices (at least with an agency rank) of  Bank of China, which greatly facilitates corporate customers' fund transfer and turnover.

4. Quick and convenient service: Corporate customers only need enter into an agreement deposit in RMB contract with Bank of China after consultations, and the corresponding account management is automatically operated by computers, easy handling and with high efficiency.

Minimum Initial Deposit

The least pre-arranged basic savings amount to the agreement deposit in RMB is RMB 100,000 Yuan, and according to their actual conditions corporate customers may determine a specific basic savings amount under consulting with Bank of China.

Interest Rate

In line with the interest rate announced by the People's Bank of China.

Interest Calculation Method

The interests of deposits in a basic savings amount under the agreement deposit in RMB are calculated with the corresponding Corporate current deposits interest rates promulgated by the People's Bank of China. The interests of deposits exceeding the basic savings amount are calculated quarterly, with the corresponding agreement deposit in RMB interest rates promulgated by the People's Bank of China; provided such interest rates are adjusted during the interest calculation period, then it shall be applicable to calculating interests on a multi-stage basis.

Target Customers

Any qualified enterprises, institutions, public organs, military departments, social organizations, self-employed individuals, can apply for agreement deposit in RMB transactions.

Process

1. Corporate customers may go to the nearest subsidiary outlets (with at least an Agency rank) of Bank of China, to open their RMB savings accounts accordingly;

2. Legal representatives or their representative authorized by legal person sign  the Bank of China Limited Agreement Deposit in RMB Contract;

3. After confirmation by both parties, Bank of China will return one copy of contract to the corporate customer;

4. Computer systems automatically establish corresponding relationships between customers' settlement accounts and their agreement de in RMB accounts.

5. From the enforcement of relevant contracts, automatically the very accounts' interests will be calculated with the Interest rates of deposits of agreement savings in RMB.

Kind Reminder

If the average monthly balance in an account of agreement savings in RMB has remained insufficient basic savings amount for two or over two years, such an account will, after clearance of corresponding interests, be handled to be a basic deposit account or a general savings account and, instead of no longer being applicable to interest rates of agreement savings in RMB, its interests shall be calculated subject to corporate current deposits interest rates.

After an agreement savings in RMB account has been in use for a constant two year, if customers still need to use such an account, then the customers shall renew their Bank of China Limited Agreement Deposit in RMB Contract.

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