Corporate Banking

RMB Time Deposit

1. Product Definition

The corporate time deposit is a type of deposit, of which the deposit term is determined in advance, namely the depositor and the Bank reach an agreement on the deposit term and interest rate in advance upon depositing and the money deposited cannot be withdrawn until its maturity. The threshold amount of corporate RMB time deposit is RMB 10,000, and three terms are offered, 3-month, 6-month and 1-year. 

2. Product Features

The interest rate of corporate time deposit is subject to that given by the People’s Bank of China. Within the deposit term, the interest will be calculated at the time deposit rate listed on the date of deposit, and the interest will not be calculated on a staged basis in case of interest rate adjustment. 

The Bank can open four types of RMB corporate time deposit accounts for customers, namely basic deposit account, general deposit account, temporary deposit account and special deposit account. 

3. Application Procedures

When handling the time deposit, the customer must fill in all columns of the “Account Opening Application”, specify the type, term and amount of deposit and the source of funds, submit the original business license for enterprise as a legal person or business license issued by the administrative department for industry and commerce, and have the seals reserved. Seals required include the special seal for finance, the seal of legal representative (or leading officer), and the seal of financial officer of the entity concerned. 

The Bank issues the certification for opening corporate time deposit account to the depositor. If any customer needs to apply for pledge loan, he or she is required to apply for a time deposit receipt with the Bank. 

If the “certification” is lost, the depositor should go through the formalities for loss report, fill in the “Application for Loss Report” and the “Application for Replacement of Seals”, specify the reason of loss report, and present the official letter from the entity concerned. Upon review, the Bank will go through the formalities for replacement of seals and loss report on “certification”.