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RMB Time Deposit with Lump-sum Deposit and Withdrawal

Overview

The RMB Time Deposit with Lump-sum Deposit and Withdrawal (hereinafter "lump-sum time deposit") is an account in which a customer deposits his/her RMB funds, in a lump-sum, with a savings institution for a fixed period of time. The Customer then receives the certificate of deposit from the savings institution and withdraws the principal amount plus accrued interest, in a lump-sum, upon maturity.

The minimum balance of the lump-sum time deposit is RMB50 without any maximum amount. The deposit term may be three months, six months, one year, two years, three years or five years.

Benefits

Benefits include: higher interest income for the customer; deposit renewal based on prior arrangement; deposit, withdrawal, inquiry; and access to verbal loss reporting services.

Procedures

1. Open an account

The customer opens an account using his/her valid identity certificate. To open an account, the customer must properly fill out the deposit form, deposit an acceptable amount, and specify the deposit term and the way of renewal and withdrawal. The teller then issues the certificate of deposit if no errors are found.

2. Withdraw

When the deposit matures, ABC pays the principal and accrued interest, in a lump-sum, at the rate announced on the date of account opening.

3. Prematurely withdraw

The customer may withdraw all or a portion of the deposit before it matures.

FAQs

1. Can the lump-sum time deposit be withdrawn before maturity?

Yes.

2. Can I withdraw a portion of the lump-sum time deposit before its maturity?

Yes, but only once.

3. How is the interest rate on the lump-sum time deposit determined?

When the time deposit matures, the customer withdraws money and closes the account by presenting the certificate of deposit, and the interest accrues at the rate announced by PBOC for the corresponding term on the date of deposit. For full premature withdrawal, interest accrues at the demand deposit rate applicable on the date of withdrawal. For partial premature withdrawal, a new certificate of deposit is issued for the remaining amount in deposit for the original deposit term and according to the original interest rate. For delayed withdrawal, interest for the delayed period accrues at the demand deposit rate.

4. What is the renewal policy? 

In the renewal of a lump-sum time deposit, the after-tax interest accrued on the lump-sum time deposit is included in the principal amount and converted to a time deposit for a certain term. If the customer opens a personal time deposit without choosing renewal based on prior arrangement, the customer will be deemed to have chosen automatic renewal. If the deposit is automatically renewed or renewed based on prior arrangement, and is withdrawn within the original or renewal period, such a withdrawal is deemed premature, in which case the outlet will request to see and authenticate the customers’ valid identity certificate. If premature withdrawal is made by any person other than the depositor, the valid identity certificate of the other person should be presented.

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.


Note: Please contact your local branch for detailed information about the service.

Customer Service Center : 95599

Outlet

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