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Term Deposit with Regular Interest Withdrawal


 

Name

Term Deposit with Regular Interest Withdrawal

Introduction

It refers to a kind of savings that the depositor deposits the principal in a lump sum, withdraws the interest for several times, and gets the principal returned when it is on maturity.

Features

The deposit terms can be divided into three grades, namely, one year, three years, and five years.

The depositor can get paid the interest in installments after he deposits the principal and negotiates about the number of installments for interest payment with Bank of China. The principal and interest can be withdrawn separately during the deposit term. By agreeing upon the number of installments for interest withdrawal with Bank of China, the depositor is able to withdraw the interest in stages. The frequency of interest withdrawal can be monthly or once every several months as agreed by the depositor and Bank of China. Bank of China will calculate the interest payable in each installment according to the principal and the deposit term, and the depositor can withdraw the interest against his passbook/deposit slip and withdraw all the principal on maturity. If the depositor does not withdraw the interest on an interest day, he can withdraw the interest at any time thereafter. In case of premature withdrawal, it is imperative to recalculate the interest according to the actual deposit term and the interest rate of personal demand deposits, and recover the interest that has been paid to the customer in installments.

Computational Formula of Premature Withdrawal:

Interest payable = principal ×deposit term (days)×current annual interest rate/360

Total principal and interest payable to the depositor = principal + interest payable calculated according to demand deposit interest rate - interest amount withdrawn each time× number of installments taken

Target Customers

This account is applicable to all the PRC residents, residents of Hong Kong, Macao and Taiwan, expatriates residing in and outside the PRC, Chinese of foreign nationality and overseas Chinese with valid identity documents approved by the real-name system.

Process

Applicants shall open accounts at counters of the operating offices of Bank of China with relevant identity documents.

Identity Documents Submission

1.The PRC Residents

Resident ID card/temporary ID card/household register/military ID card/armed police ID card/Chinese passport.

2. Residents of Hong Kong, Macao and Taiwan

Re-entry permit/Taiwan residents to and from Chinese mainland permit/ or other valid travel passes.

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

Passport/Chinese passport held by overseas Chinese/residence permit for expatriates.

Kind Reminder

1. Only RMB accounts are available;

2. The minimum initial deposit for account opening shall be RMB 5,000;

3. In case of premature withdrawal during the agreed deopsit term, the interest shall be computed pursuant to the interest rate of personal demand deposits as quoted by Bank of China on the day of interest withdrawal, and the fixed savings interest that has been withdrawn in the deposit term shall be deducted from the principal and interest in a lump sum.

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