Foreign Currency Deposit
1. Deposit category
The corporate foreign currency deposit is divided into three types: current deposit, time deposit and call deposit.
Domestic institutions including enterprises, public institutions, administrative organs, military forces, and social organizations, and foreign institutions in China can open foreign currency deposit accounts with the branch offices that can offer foreign currency related businesses with the approval of the Bank, and make foreign currency deposit.
2. Deposit currencies
Currencies that are freely convertible include: USD, HKD, JPY, SGD, CAD, CHF, AUD, and GBP, etc.
3. Deposit terms
The corporate foreign currency time deposit can be divided into five types based on deposit terms, namely 1-month, 3-month, 6-month, 1-year and 2-year.
For the corporate foreign currency call deposit, only 7-day is available, and it can only be withdrawn in part once.
4. Deposit rate
For small-amount foreign currency deposit below USD 3 million (or other foreign currencies of equivalent value), the interest rate is subject to the rate for small-amount foreign currency deposit announced by the People’s Bank of China.
For large-amount foreign currency deposit above USD 3 million (inclusive) (or other currencies of equivalent value), the interest rate may be determined through negotiation with the customer based on the benchmark rate for large-amount foreign currency deposit of the Bank.
5. Threshold amount
For current deposit account, the threshold amount of foreign currency is generally worth not less than RMB 1,000;
For time deposit account, the threshold amount of foreign currency is generally worth not less than RMB 10,000, and automatic renewal upon maturity is allowed without limitation.
For call deposit, the threshold amount of foreign currency is generally worth not less than RMB 500,000, and the withdrawal amount not less than RMB 100,000.TOP