Deposit interest rates are unified by the People's Bank of China, the implementation of all commercial banks are the same, from July 7, 2011 the implementation of the new deposit interest rates are as follows:

I. 0.5% for demand deposits

II. Time deposits

(i) Whole deposits and withdrawals

3.1% for three months, 3.3% for six months, 3.5% for one year, 4.4% for two years, 5% for three years, and 5.5% for five years.

(2) Zero deposit, whole deposit, zero deposit, capital deposit

3.1 percent for one year, 3.3 percent for three years and 3.5 percent for five years.

(3) Fixed deposit and cash deposit, at 60% discount on the same rate for regular whole deposit and cash deposit within one year.

The interest rate on time deposits is the rate of remuneration paid by the bank to the depositor for the amount of time deposited as remuneration for placing the deposit with the bank on a regular basis.

Fixed-term deposits are deposits in which the bank and the depositor agree in advance on the period and interest rate, and the principal and interest are withdrawn upon maturity. It has the shortest deposit period of 3 months, the longest 5 years, the choice of large, more stable interest earnings characteristics.

Expanded Information

Time deposits are available in the following ways:

1.Whole Deposit and Whole Withdrawal

The customer chooses the term of the deposit, and deposits the whole amount, and withdraws the principal and interest at maturity.

2. Zero Deposit and Withdrawal

Customers who need to gradually build up their monthly balances can choose the "zero deposit and withdrawal" deposit method. Zero deposit and withdrawal is a type of regular savings in which an amount is agreed upon in advance, deposited month by month at the agreed amount, and the principal and interest are withdrawn at maturity.

3. Capital and interest withdrawal

If a customer has a sum of money that he or she does not need to use for a certain period of time, and only needs to withdraw the interest on a regular basis for daily use, the customer can choose "capital and interest withdrawal" as his or her form of fixed-term savings deposit. The "capital withdrawal" business is a kind of fixed-term savings where the principal is deposited once, the interest is withdrawn in installments, and the principal is withdrawn at maturity.

4. Whole Deposit and Zero Withdrawal

If a customer has a large sum of money and needs to withdraw it in installments over a certain period of time, he or she can choose the "Whole Deposit and Zero Withdrawal" method as his or her own form of savings deposit. The "whole deposit and zero withdrawal" business is a kind of fixed-term savings with a pre-agreed deposit period, a whole amount of money deposited at one time, an average withdrawal of principal in installments, and a withdrawal of interest at maturity.

Baidu Encyclopedia - Time Deposit Interest Rates

Baidu Encyclopedia - Time Deposit