The Notice on Interest-bearing Settlement of RMB Deposits and Loans issued earlier by the People's Bank of China will be officially implemented on July 1 2005. The new regulations change the current interest settlement method of personal demand deposits from annual settlement to quarterly settlement, and allow financial institutions to calculate interest on deposit types such as call deposit, agreement deposit, time deposit and time deposit, deposit and withdrawal, lump sum deposit and withdrawal.
The principle is not to exceed the upper limit of the deposit interest rate of the same grade in the same period of the People's Bank of China. This means that when individual depositors and borrowers handle the same deposit or loan in different banks, the interest rate is different.
Extended data:
Policy stipulation
In addition to demand deposits and lump-sum deposits, interest-bearing and settlement rules for call deposits, agreed deposits, lump-sum deposits and withdrawals, lump-sum deposits and withdrawals, etc. , as long as it does not exceed? The People's Bank of China may set the upper limit of the deposit interest rate of the same term and grade, and all banks may set it by themselves.
In addition to the above deposits, personal loans can also be negotiated between individuals and banks according to the regulations of the People's Bank of China, but banks must inform customers in advance so that customers can choose different bank deposits or loans. Few tellers can clearly tell reporters how the bank will modify the interest settlement method, and most tellers even say that they have not received the notice from their superiors.
Baidu encyclopedia-bank interest settlement