Overview
The Personal Call Deposit is a deposit in which the depositor does not specify a deposit term at time of deposit, but is required to inform ABC of the date and amount of withdrawal in advance. A RMB call deposit must be made in a lump-sum, yet can be withdrawn in one or more installments. Irrespective of its actual length of term, a personal call deposit is either a one-day call deposit or a seven-day call deposit. The minimum balance is RMB50,000; the minimum withdrawal is RMB50,000. The amount remaining, after a call for withdrawal, should not be lower than the required minimum balance.
Benefits
Higher interest rate relative to demand deposits; flexible deposit term, convenient withdrawal, relatively high return; suitable for large and frequently used deposits.
Procedures
1. The customer applies for a call deposit using his/her valid identity certificate. The certificate of deposit should bear the worlds "call deposit".
2. Upon making the deposit, the customer may openly choose the type of call deposit. Neither deposit term nor interest rate is indicated on the certificate of deposit. Interest accrues at the rate announced on the date of withdrawal for the actual period of deposit, and is paid along with the principal withdrawn in a lump-sum.
3. If the customer withdraws the call deposit in a lump-sum, the certificate of deposit should be surrendered to ABC for account closure; if the customer withdraws a portion of the call deposit, the remaining amount should meet the minimum balance requirement. The account will be closed if the remaining amount is lower than the required minimum balance.
4. To withdraw a call deposit, a one-day or a seven-day prior notice should be given to ABC.
FAQs
1. When does the interest on call deposits accrue at demand deposit rates?
Interest on call deposits accrues at demand deposit rates under the following circumstances: the actual deposit term of less than the notice period; withdrawal without prior notice; early or late withdrawal despite of a prior notice; withdrawal of less or more than the notified amount; and withdrawal of less than the minimum amount required.
2. How many options are available for the term of a call deposit?
There are two options: one-day or seven-day call deposit.
3. Are there any requirements on the call deposit remaining after a partial withdrawal?
After a portion of the call deposit is withdrawn, the remaining amount must be higher than the minimum balance required, otherwise the account must be closed.
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.
3. Give prior notice before withdrawal.
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