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Corporate Notice Deposits


 

Introduction

Corporate notice deposits, as a type of large amount deposits, mean that corporate customers, when handling savings transactions, don't pre-arrange the savings term but freely select a deposit type, namely one-day notice deposit or seven-day notice deposit; and accordingly when in need of withdrawals, corporate customers shall notify relevant banks one day or seven days in advance to appoint the specific date and amount for withdrawals.

Features

1. High degree of planning: This product is applicable to enterprises with standard financial management practices; as long as enterprises have selected such above types of deposits, corporate customers can notify their banks one day or seven days in advance to appoint a specific date and amount for withdrawals, and thus achieve arranging use of funds according to their corporate financial plans.

2. Relatively higher profit: With comparatively higher interest rates than those of corporate demand deposits, this type of deposits can provide corporate customers with stable and relatively higher interest incomes without affecting their use of funds.

3. Intra-city deposit and withdrawal: Where in cities the deposit and withdrawal processed at any branch bank 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.

Currency

Corporate notice deposits include two types: one type is in RMB, and the other type is in foreign currencies.

Minimum Initial Deposit

RMB Corporate Notice Deposits need a minimum balance of RMB 500,000, which is required to be fully deposited first. Full or partial withdrawal is allowed while the withdrawal amount and the retained amount each time shall not be less than RMB 100, 000 and that of the minimum balance respectively.

Corporate Notice Deposit (Foreign Currencies) needs a minimum balance of USD 50,000or equivalent in other currencies, which is required to be fully deposited first. Full or partial withdrawal is allowed while the withdrawal amount and the retained amount each time shall not be less than USD 10, 000 or equivalent in other currencies and that of minimum balance.

No interest is accrued to Corporate Notice Deposits with an actual savings period less than seven days. For Corporate notice deposits to be withdrawn by notices, the interests are accrued, interest with principal, with the base to be the principal amount of deposits, at the corresponding interest rate of seven-day notice deposits on the date of withdrawal and according to actual deposit days.

Interest Rate

When handling withdrawals of RMB corporate notice deposits, the corresponding interests are accrued at the listed interest rate of deposits on the date of withdrawal and, in case of partial withdrawal, the savings period for retained amount shall still be calculated from the original opening date of the account.

When handling withdrawals of corporate notice deposits in a foreign currency, the corresponding interests are accrued, interest with principal, on the base to be to be the principal amount of deposits and at the corresponding interest rate of seven-day notice deposits on the date of withdrawal and according to actual deposit days.

Target Customers

According to regulatory provisions by the China Banking Regulatory Commission, People's Bank of China and the State Administration of Foreign Exchange, any large and medium enterprises or government institutions including domestic institutions, agencies in China, enterprises and public institutions, government departments, etc., with RMB or foreign currency corporate current deposits account (including RMB basic savings account, general savings account, temporary account, special account, foreign currency capital item account or current account) already opened in Bank of China, all can apply for such transactions.

Process

1. Corporate customers go to the nearest subsidiary outlet (with at least an agency rank) of Bank of China for the opening of a corporate demand deposits account in RMB or a foreign currency.

2. Corporate customers need to sign an agreement on notice deposit withdrawal means with Bank of China, and submit relevant documents including transfer cheque, corporate time deposits slip, etc. for withdrawal procedures; the Bank of China opens corresponding notice deposits account in its computer system with the notification of savings account opening confirmation of notice deposits for corporate customers.

3. The Bank of China prints opening a account confirmation letter of corporate time deposits and then give them to corporate customers.

4. One day or seven days before official withdrawals, corporate customers shall notify the Bank in a written form to appoint the specific date and amount for such withdrawals.

5. Corporate customers make the pre-arranged withdraw procedure with the corporate time deposits slip and the original notification on the given date of withdraw, will be received of the bank slip from the Bank of China.

Kind Reminder

1. Corporate customers shall, one day or seven days before a pre-arranged date, fill out a withdrawal notice of corporate notice deposits and, with necessary corporate seals affixed and in means of bearer delivery, notify the Bank of China the pre-arranged date and amount; and on the pre-arranged date, corporate customers go to the Bank of China for processing the above withdrawals. If corporate customers fail to go to the Bank of China for the above withdrawals, then the notice this time automatically avoids.

2. If customers cannot deliver such a notice to the Bank of China in advance, then they may notify the Bank of China with fax or letter and, on a pre-arranged date, go to the Bank of China to submit the original notice for processing of withdrawals.

3. In case the corporate customer loses the saving confirmation letter, Bank of China will not accept loss report, or issuance of supplimentary piece. The customer can withdraw the deposits with corporate official letters.

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