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Personal RMB Bank Settlement Account


 

Name

Personal RMB bank settlement account

Introduction

In accordance with the provisions of the Administrative Rules for RMB Bank Settlement Accounts of the People's Bank of China, personal bank settlement account system is implemented across the country from September 1, 2003.

Since September 1, 2003, your current accounts would be divided into two categories, namely, personal settlement accounts and savings accounts, which have different functions respectively. If you need to use passbook to handle several types of banking business like cash deposit and withdrawal, bank card, transfer, deduction, investment, inward and outward remittance and the like, it is recommended that you choose personal RMB bank settlement account. The accounts in which passbooks are only used to handle deposit and withdrawal business over counters will be regarded as savings accounts.

All current accounts that had been opened before September 1, 2003, will be deemed as personal settlement accounts and can continue to handle various types of business. If you have any objection regarding this, you can also confirm your current accounts as savings account at relevant outlets of Bank of China.

Process

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

Required Identity Documents

Valid personal identity documents

Kind Reminder

Difference between personal settlement account and savings account

Similarities:

1. Both belong to current accounts;

2. Both have the functions of cash deposit and withdrawal at counters and transfer among personal accounts.

Differences:

Personal settlement account encompasses all the functions of savings account, and can provide the following services at the same time:

1. Pay basic daily fees like water, electricity, gas and telephone rates;

2. Wage payroll, pension or social assistance grants payment;

3. Repayment of consumer credit for houses, vehicles, etc.;

4. Remittance;

5. Third Party Custody;

6. Book-entry T-bonds, open-end funds and other investment business;

7. Shopping by swiping debit cards, deposit and withdraw cash, inquire about balances and transfer via phone banking, online banking, and ATM and other self-service equipment;

8. Use credit-based payment instruments like personal cheque and credit cards.

Savings account only have the functions of depositing and withdrawing cash over counters and making transfers among personal accounts, and cannot handle settlement business of the personal settlement accounts above

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