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Installment Fixed Deposit


 

Name

Installment fixed deposit

Introduction

Installment fixed term deposit refers to the savings deposit method where the customer specifies the savings term when opening an account and deposits the principal in installments, and will withdraw the principal and interest in lump sum at maturity. Deposits will be made on a monthly basis, and the amount deposited each month is fixed. Savings term can be divided into three grades, namely, one year, three years and five years. Fixed amount will be deposited each month and this amount has been agreed upon by the customer and the bank at the time of opening accounts. If the customer omits to deposit any amount halfway, he or she shall supplement the difference in the subsequent month. Failure to deposit the deficient amount will be deemed as a breach, and the interest of the portion deposited following such breach will be calculated according to the interest rate of demand deposit at the time of withdrawal. In case of early withdrawal, the interest will be calculated according to the interest rate of demand deposit as published on the withdrawal day. Amount to be withdrawn after maturity = balance of deposit at maturity * number of days overdue * annual interest rate/360. The interest of overdue portion will be calculated according to the interest rate of demand deposit on the withdrawal day.

Target Customers

It is applicable to all the PRC residents, residents of Hong Kong, Macau and Taiwan, expatriates residing in and outside the PRC, Chinese of foreign nationality and overseas Chinese with their valid identity documents approved by the real-name system. This product is suitable for those customers with fixed income but with small surplus each month.

Process

The customer shall go through relevant procedures at the counter of any branches of Bank of China with relevant identity documents.

Required Identity Documents

1.The PRC residents

Resident ID card/temporary ID card/Hukou book/military ID card/armed police ID card/Chinese passport.

2. Residents of Hong Kong, Macau and Taiwan

Re-entry permit/mainland travel permit for Taiwan residents 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. It is available in RMB only;

2. It does not permit partially premature withdrawal;

3. The minimum initial deposit for opening an account is RMB 5.

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