Extended data
Current account is a service with unlimited deposit term. Cash can be accessed at any time through the counter or through bank self-service equipment with bank card or passbook and reserved password during bank business hours. Rmb demand deposit 1 yuan, and the initial deposit amount of foreign currency demand deposit is not less than 20 yuan equivalent to foreign exchange. Demand is that deposits can be withdrawn at any time, and the funds are flexible, but the interest is low.
Adults can open a current account, but China citizens under the age of 16 should open a personal bank account on their behalf by their guardians, and issue a valid ID card of the guardian and a resident ID card or household register of the account user (if the above documents cannot effectively prove the guardianship relationship between the guardian and the account user, a valid guardianship certificate should be issued at the same time). The interest rate of demand deposits is generally lower than that of time deposits.
Time deposit refers to the currency or currency that the depositor temporarily transfers the right to use to the bank while retaining the ownership. It is the most important source of credit funds for banks. Time deposit is a kind of 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.