The Time or Demand Optional Deposit is a savings deposit in which the customer deposits a RMB principal in a lump-sum without specifying the deposit term, and the principal and after-tax interest accrued are paid in a lump-sum upon withdrawal.
The time or demand optional deposit is only applicable to RMB. The minimum balance is RMB50, and the principal and accrued interest is paid in a lump-sum upon withdrawal. If the deposit continues beyond a term available for lump-sum time deposit (up to one year), the interest rate will be determined by adjusting downwards a certain percentage of the rate announced on the date of withdrawal which is applicable to the lump-sum time deposit for that term, instead of a flexible rate for the term. If the deposit continues less than the minimum term required for a lump-sum time deposit, interest should be calculated according to the demand deposit rate announced on the date of withdrawal.
Benefits
Benefits include: flexible, convenient, higher returns, simple procedure, and reasonable interest rates.
This deposit has flexible deposit terms, suitable for customers not sure about the deposit term.
Procedures
1. Open an account
The customer opens an account using his/her valid identity certificate. To open an account, the customer needs to properly fill out the deposit form, deposit an acceptable amount and specify the method of withdrawal. The teller then issues the certificate of deposit if no errors are found.
2. Withdraw
The customer may withdraw the deposit at any time he/she prefers.
FAQs
1. Is the time or demand optional deposit applicable to foreign currencies?
No. The time or demand optional deposit is only applicable to RMB.
2. Is partial premature withdrawal allowed for the time or demand optional deposit?
No. It is not allowed.
3. How is interest calculated?
If the deposit term is less than three months, interest accrues according to the demand deposit rate on a daily basis; if the term is three months or longer but less than six months, the interest accrues at 60% of the three-month time deposit rate announced on the date of withdrawal; if the term is six months or longer but less than one year, the interest accrues at 60% of the six-month time deposit rate announced on the date of withdrawal; if the term is one year or longer, the interest accrues at 60% of the one-year time deposit rate announced on the date of withdrawal.
Tips
1. Customers should properly keep their deposit certificates, passwords and valid identity certificates. Deposit certificates and identity certificates should be kept separately.
2. Reporting lost deposit certificates or passwords needs to be handled by the customer, in person, at the outlet.
Customer Service Center : 95599
OutletContact Us| Statement Copyright©AGRICULTURAL BANK OF CHINA (ABC) All Rights Reserved
