Corporate current deposit refers to the deposit that can be saved and withdrawn at any time, with its interest accrued at current deposit interest rate on a quarterly basis. It is mainly transacted through cash or transfer.
There’s no limitation set on terms for current deposit. Interest is calculated on a quarterly basis, at the current deposit interest rate announced at the settlement day.
1. Basic saving account
According to the regulation set by PBoC, one corporation can only select one branch of a bank to open one basic saving account. The account is for daily fund transfer, settlement and cash collection/payment.
1) Company business license;
2) Institution code;
3) Original and photocopy of legal person’s ID card;
4) Company chop, Finance chop and legal person signature/chop;
5) Other documents as specified by PBoC regulation.
This refers to the bank account a corporate opens for special purpose in banks other than the basic saving account bank. The corporate can make fund transfer, settlement and cash saving through this account, but can not make cash withdrawal. A corporate should meet all requirements set for opening a basic saving account to open a general saving account.
This refers to the bank account that a corporate opens for temporary business needs and is only valid for a certain period of time. The corporate can make fund transfer & settlement, and other cash collection/payment through this account. The corporate must submit documentations for basic saving account opening and other required document to the bank.
This refers to the bank account that is opened for the specific use and management of special purpose fund. A corporate must present the bank with basic saving account opening documentations, basic account management card and proof of the special purpose fund.
