Corporate Deposit

Corporate current deposit

  Interest accrued on corporate current deposit is calculated at the rate quoted on the settlement date according to interest rate benchmark of PBOC. Interest shall be calculated in periods if there is a change in the rate in between. For details please refer to <Table of Interest Rates for Local and Foreign Currencies>.

  According to enterprises’ different need, the corporate current deposit can be divided into basic deposit account, general deposit account, temporary deposit account and special deposit account.

  Basic deposit account is for the purposes of cash revenue and expenditure as well as settlement and transfer of account. For example, withdraw cash of salary and bonus. According to the central bank’s rules, an entity is only allowed to open one basic account regardless of the bank it chooses.

  Procedure for Opening Corporate Basic Deposit Account

  The applier should submit at least one of the following proof documents for the Bank’s discretion:

  Original copies of "Corporate Legal Person License" or "Business License" issued and validated by industrial and commercial administrative authorities;

  "Account Opening Permission" or "Account Opening Certificate" issued by financial departments at corps or higher level in the People’s Liberation Army, or at squadron level or higher in the People’s Armed Police Force;

  Permission from competent departments for their auxiliary units to open bank account;

  Permission issued to permanent representative institutions by competent department of the host cities;

  Contract signing agreement signed by both parties;

  Other supporting documents that regulated by PBOC.

  Ordinary Deposit Account is for the purposes of settlement and transfer of account as well as cash lodging, but not for cash withdrawal and salary distribution. Institutional clients may apply for this account after opening their basic deposit account. The applier should submit the following proof documents for the Bank’s discretion:

  Loan contract or debit note;

  Other related supporting documents about the purpose of settlement.

  Temporary Deposit Account is available for temporary business activities. If you desire an account for capital fund verification, you can submit the following proof documents for the Bank’s discretion:

  Corporate Name Advance Approval Notice" issued by the Industrial and Commercial Administrative Bureau

  Approval documents from local authority department that agreed to set up provisional institutions.

  Deposit Account for Special Purposes is available for special purposes such as funds for capital construction, renovation fund. Apart from the proof documents needed for a basic deposit account, you have to present to the bank at least one of the following proof documents in a bid to apply for a deposit account for special purposes:

  Projects launch permission from competent authorities;

  Other supporting documents required by the bank.