Extended data:
Time deposit is also called "time deposit certificate". A deposit in which the bank and the depositor agree on the term and interest rate in advance at the time of deposit and withdraw the principal and interest after maturity. If depositors need funds before maturity, some certificates of deposit can be sold in the market; Some certificates of deposit cannot be transferred. If depositors choose to withdraw funds from the bank before maturity, they need to pay a certain fee to the bank.
Handling guide
Branches and business departments at all levels of commercial banks can handle time deposit business.
First, the deposit method of time deposit can be cash deposit, transfer deposit or payment in the same city.
II. The withdrawal methods of time deposits are as follows:
1. Withdraw in full at maturity, and settle the principal and interest in one lump sum at the specified interest rate;
2. Full withdrawal in advance, and the bank pays interest according to the deposit rate listed on the withdrawal date;
3. Partial withdrawal in advance. If the remaining time deposit is not less than the initial deposit amount, the withdrawal part shall pay interest according to the deposit interest rate listed on the withdrawal date, and the remaining deposit shall be executed according to the original interest rate and term; If the remaining time deposit is less than the initial deposit amount, interest shall be calculated and paid according to the deposit interest rate listed on the withdrawal date, and the time deposit shall be settled.
3. RMB time deposits are usually divided into six interest rate classes: three months, six months, one year, two years, three years and five years; Foreign exchange time deposits of Chinese-funded enterprises are divided into five grades: one month, three months, six months, one year and two years.
4. During the term of deposit, RMB unit time deposits shall bear interest according to the interest rate of time deposits announced on the date of deposit. In case of interest rate adjustment, interest shall not be calculated by sections.
Opening procedure
When a company customer opens a time deposit account, he/she needs to submit a "company deposit receipt" to the bank, and reserve the seal. The bank will transfer the advance deposit from its company's current deposit account, open a fixed deposit account for it, and issue a registered "confirmation letter for opening a fixed deposit account for the company".
Account opening object
Enterprises, institutions, government agencies, armed forces, social organizations and individual economic households that meet the requirements for opening RMB unit current deposit accounts may open RMB unit time deposit accounts and handle local and foreign currency time deposits.
Interest bearing method
When the RMB unit time deposit is withdrawn at maturity, the interest shall be calculated according to the corresponding grade time deposit rate published by the People's Bank of China on the deposit date, and the interest shall be settled with the principal. In case of interest rate adjustment during the deposit period, interest will not be calculated in installments. If the deposit is not withdrawn at maturity, the interest on the demand deposit will be automatically converted into the principal, and will be automatically transferred according to the listing interest rate of the same grade published by the People's Bank of China on the transfer date and the original agreed deposit period. When the small foreign currency time deposit is withdrawn at maturity, the interest will be calculated according to the interest rate of the corresponding time deposit published by China Banking Association on the deposit date. Large foreign currency time deposits can enjoy preferential interest rates, but they cannot be automatically transferred.