The Foreign Currency Demand Deposit refers to the service that individual customers deposit their foreign currency funds with ABC without specifying deposit term, and obtain passbooks from ABC. They can renew the deposit or withdraw a discretionary amount through the passbook from time to time.
Foreign currency demand deposit is subject to a minimum balance equivalent to RMB20.
Benefits
Safeguard funds of customers, generate interest income, and meet customers' needs for appreciation of foreign exchange funds.
Procedures
1. The customer opens an account by presenting valid identity certificate. To open an account, the customer needs to correctly fill out the deposit form, deposits an acceptable amount and specifies the way of withdrawal. The teller issues the certificate of deposit if no errors are found.
2. The customer renews the deposit and withdraws money with the passbook in the specified way. Each transaction is printed or recorded on the passbook.
3. The customer may close the account at our outlet if he/she no longer needs the passbook.
FAQs
Which currencies can be deposited?
Basic currencies for foreign currency demand deposit are U.S. dollar, Hong Kong dollar, Japanese yen, Euro, Great Britain pound, Australian dollar, Canadian dollar, Swiss franc or Singapore dollar. For deposit of any other freely convertible currency, the customer needs to convert it into any of the foregoing currencies at the exchange rate applicable on the date of deposit.
Is the interest paid monthly on foreign currency demand deposit?
No. The interest on foreign currency demand deposit is paid quarterly, on the 20th day of the last month of each quarter. The interest is calculated at the foreign currency demand deposit rate announced on the date of interest payment. If the account is closed before the date of interest payment, the interest will be calculated up to the day immediately before the date of closing, at the foreign currency demand deposit rate announced on the date of closing.
Tips
1. Customers should properly keep their deposit certificates, passwords and valid identity certificates. Deposit certificates and identity certificates should be kept separately.
2. Loss reporting of deposit certificates or passwords needs to be handled by the customer in person at the outlet.
Customer Service Center : 95599
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