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Call Deposit


 

Name

Call Deposit

Introduction

Call deposit refers to a kind of deposit transactions where the customer does not specifies the savings term and cannot withdraw money until he informs Bank of China in advance and appoints the withdrawal date and amount.

Personal call deposit can be divided into two types, namely, one-day call deposit and seven-day call deposit according to the periods in which the depositor shall give a prior notice, regardless of the length of the actual deposit period. The depositor must inform Bank of China of deposit withdrawal one day in advance in case of one-day call deposit and must inform Bank of China of deposit withdrawal seven days in advance in case of seven-day call deposit. Currency types of call deposit include RMB, HKD, GBP, USD, JPY, EUR, CHF, AUD, and SGD (please consult your local office of Bank of China for the specific business and currencies available).

In order to attract customers to use call deposit products, Bank of China introduced an innovative product that is more liquid, convenient and profitable than traditional call deposits - automatic renewal of call deposit. This product has the powerful function of automatic renewal of every day / every seven days, so it is able to automatically settle interest every one day /seven days according to the interest rate of call deposit as agreed with the customer and automatically renew the sum of principal and interest as new call deposit. There is no need for the customer to handle scheduled transaction as he can make withdrawal at any time without worrying about the loss of the interest of call deposit.

Features

1. This product combines the convenience of current deposit and higher interest rate than that of current deposit;

2. It is suitable for depositors customers who cann't decide the deposit term for the large amount of funds and make deposits and withdrawals frequently;

3. When the stock market or foreign exchange market is depressed, or when customers don't use funds on public holidays or for a short term, it is advisable for them to choose call deposit of Bank of China in order to obtain higher returns;

4.Call deposit is available in various currencies, including RMB and specified foreign currencies.

Target Customers

PRC residents, residents of Hong Kong, Macau and Taiwan, expatriates residing inside and outside the PRC, Chinese of foreign nationality and overseas Chinese all can open call deposit accounts at the outlets of Bank of China by presenting their valid identity documents recognized by the real-name system.

Process

The customer goes through relevant procedures over the counter of any office of Bank of China with valid identity documents.

Required Documents

1. PRC residents

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

2. Residents of Hong Kong, Macao and Taiwan

Re-entry permit/mainland travel permit for Taiwan residents/ or other valid travel documents.

3. Foreign citizens(expatriates, Chinese of foreign nationality and overseas Chinese)

Passport/passport to China held by Chinese of foreign nationality/residence permit for expatriates.

Kind Reminder

The initial deposit amount, minimum withdrawal and minimum balance of RMB call deposit are all RMB 50, 000, and the minimum initial deposit amount of foreign currencies is the equivalent of USD 1000 in other foreign currencies (for the specific minimum initial deposit of different provinces, please consult your local branch of Bank of China). The depositor is required to deposit the money in a lump sum, but he can withdraw the money once for all or in installments.  In case any of the following circumstances occurs, the interest shall be calculated according to the interest rate of current deposit:

1. The actual deposit term is shorter that of call deposit, the interest is calculated upon current deposit rate;

2. In case the depositor makes withdrawals without prior notice, and in this case, the interest of the withdrawn portion shall be calculated according to the interest rate of current deposit;

3. The depositor makes withdrawals in advance although he has gone through the notification procedures or he makes withdrawals after maturity. In each case, the interest of withdrawn portion shall be calculated according to the interest rate of current savings;

4. If the withdrawal amount falls short of or exceeds the agreed amount, the interest of the deficient or excess portion shall be calculated according to the interest rate of current deposit;

5. If the withdrawal amount is less than the minimum withdrawal amount, the interest shall be calculated according to the interest rate of current deposit.

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