How much is the interest rate for a notice deposit at Bank of China? How is the interest on bank deposits in China calculated?

How much is the interest rate for a notice deposit at Bank of China? How is the interest on bank deposits in China calculated? Notice deposit refers to a deposit service in which the customer does not agree on a deposit term and needs to notify the bank in advance when withdrawing the money, and agree on the withdrawal date and amount before the money can be withdrawn.

Regardless of the actual deposit period, personal notice deposits are divided into two types: one-day notice deposits and seven-day notice deposits according to the length of the depositor's advance notice. For a one-day notice deposit, you must notify the agreed withdrawal of the deposit one day in advance, and for a seven-day notice deposit, you must notify the agreed withdrawal of the deposit seven days in advance. The currencies for call deposits are RMB, HKD, GBP, USD, JPY, EUR, CHF, AUD and SGD (please consult your local Bank of China for specific services and currencies).

In order to attract customers to use notice deposit products, Bank of China has launched an innovative product that is more liquid, convenient and profitable than traditional notice deposits - automatic transfer of notice deposits. This product has a powerful function of automatic transfer every 1 day/7 days. According to the agreement with the customer, interest will be automatically settled every 1 day/7 days at the notice deposit rate, and the total amount of principal and interest will be automatically transferred to a new notice deposit (generally calculated according to the listed interest rate of the corresponding term of Bank of China). Customers do not need to make reservations for transactions and can withdraw funds at any time without worrying about losing the interest during the deposit period.

Features

1. It has the convenience of demand deposits and higher interest rates than demand deposits;

2. Suitable for depositors who have difficulty determining the deposit period for large amounts of funds and deposit and withdraw funds frequently;

3. When the stock market and foreign exchange market are down, or during statutory holidays or when you don't need money for a short period of time, you can get greater returns by choosing Bank of China's call deposit;

4. Notice deposits can be denominated in various currencies, including RMB and specified foreign currencies.

Target customers

Chinese citizens, residents of Hong Kong, Macao and Taiwan, and foreign citizens residing in and outside China can open a deposit and interest account at the Bank of China with a valid identity document recognized by the real-name system.

Process

Please go to the counter of any Bank of China branch with a valid ID.

Submit documents

1. Chinese citizens who have registered permanent residence in the People's Republic of China should produce their resident identity card; Chinese citizens under the age of 16 who live in the country should have their guardians open personal bank accounts on their behalf and produce the guardian's valid identity card and the account owner's resident identity card or household register (if the aforementioned documents cannot effectively prove the guardianship relationship between the guardian and the account owner, a valid guardianship certificate must also be produced).

If a soldier or armed policeman has not yet obtained a resident identity card, in addition to producing his or her soldier or armed police identity document, he or she should also produce a soldier security card or certification issued by his or her unit proving that he or she has not yet obtained a resident identity card.

2. Residents of the Hong Kong and Macao Special Administrative Regions should produce a Mainland Travel Permit for Hong Kong and Macao Residents.

3. Residents of Taiwan should produce a Mainland Travel Permit for Taiwan Residents.

4. Chinese citizens residing abroad should produce their Chinese passports.

5. Foreign citizens should produce their passport or permanent residence permit for foreigners.

Kind tips

The minimum deposit, minimum withdrawal and minimum retention amount for RMB notice deposits are all RMB 50,000, and the minimum deposit amount for foreign currencies is USD 1,000 or its equivalent (please consult the local branch for the specific minimum deposit amount for each province). Depositors need to make a lump sum deposit and can withdraw the funds all at once or in installments. If the following situations occur,

Demand deposit interest rate calculation:

1. If the actual deposit period is less than the notice period, interest will be calculated based on the current deposit rate;

2. If the funds are withdrawn without prior notice, the interest on the withdrawn portion will be calculated based on the interest rate for demand deposits;

3. If the withdrawal is made in advance or overdue after notification procedures have been completed, the interest on the withdrawn portion will be calculated at the interest rate for demand deposits;

4. If the withdrawal amount is less than or exceeds the agreed amount, the insufficient or excessive amount will be calculated at the interest rate of demand deposits;

5. If the withdrawal amount is less than the minimum withdrawal amount, interest will be calculated based on the current deposit rate.

Bank of China Deposit Interest Rate Table According to the above Bank of China Deposit Interest Rate Table, it can be known that the annual interest rate for Bank of China's notice deposit in 2020 is 0.55% for one day and 1.10% for seven days.