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  Home Page > Corporate Banking >Settlement Service >Corporate Settlement Account >Special Deposit Account
Special Deposit Account
 

I. Definition
Special deposit account means a bank settlement account opened by the depositor according to the laws, administrative regulations and rules for the purpose of exclusively managing and applying its special-purpose fund.

II. Product Introduction
Special deposit account is a special account for the depositor to manage and apply various special-purpose funds, and the user is requested to notice the following factors:

1. The fund in the corporate bank card account must be transferred from its primary deposit account. This account accepts no cash collection & payment business.

2. Extra-budgetary fund, stock exchange settlement fund, futures margin and trust fund special-purpose deposit account accept no cash withdrawal business.

3. The depositor that withdraws cash from the accounts of infrastructure fund, renovation and reformation fund, policy real estate development fund, and financial institution's fund in other banks should handle it within the range authorized by the local branch of PBC when opening the accounts.

4. Cash withdrawal from the special-purpose deposit accounts of grain, cotton, and oil purchase fund, social security fund, housing fund, outlay of the party, league, labor union etc. should be handled strictly according to the regulations on cash management of the state.

5. Revenue accumulation account accepts only cash collection business but no cash payment or cash withdrawal business, except for the amount transferred to the primary deposit account or extra-budgetary fund finance special-purpose deposit account.

6. Business expense account can but accept cash payment business except for the amount transferred from the primary deposit account, and the cash withdrawal should be handled according to the regulations on cash management of the state.

7. The fund in the RMB special account should not be used for granting loans or presenting guarantees.

III. Target Client
The depositor can apply to open a special deposit account for the management and use of following fund:
1. Infrastructure fund
2. Renovation and reformation fund
3. Extra-budgetary fund
4. Grain, cotton, and oil purchase fund
5. Stock exchange settlement fund
6. Futures margin
7. Trust fund
8. Fund of financial institution in other banks
9. Policy real estate development fund
10. Corporate bank card reserve fund
11. Housing fund
12. Social security fund
13. Revenue accumulation fund and business expense fund
14. Outlay for any institution established in the unit by the party, league, or labor union
15. Other funds required to be exclusively managed and applied

Revenue accumulation fund and business expense fund are the revenue and expense fund incurred by non-independent accounting unit or agencies affiliated by the depositor.

Special deposit account opeaned for Revenue accumulation fund and business expense fund should use the name of administrative units.

IV. Application Condition
The depositor that applies for a special deposit account should provide ICBC with the documentary evidence required for the depositor to open a primary deposit account, primary deposit account opening approval and the following documentary evidence: (one documentary evidence can only used for the opening for one special deposit account)
1. Infrastructure fund, renovation and reformation fund, policy real estate development fund, housing fund, and social security fund should present the official document issued by the competent department.

2. Extra-budgetary fund should present the certificate issued by the department of finance.

3. Grain, cotton, and oil purchase fund should present the official document issued by the competent department.

4. Corporate bank card reserve fund should present the certificate and document concerned according to the bank card regulation authorized by PBC.

5. Stock exchange settlement fund should present the certificate issued by the securities firm or the securities regulatory department.

6. Futures margin should present the certificate issued by the futures firm or the futures regulatory department.

7. Fund of financial institution in other banks should present the certificate.

8. Revenue accumulation fund and business expense fund should present the certificate concerning the depositor of primary deposit account.

9. Outlay for any institution established in the unit by the party, league, or labor union should present the official document or certificate issued by this unit or the department concerned.

10. Other funds required to be exclusively managed and applied by the regulations should present the regulations and rules concerned or the document concerned of the government agency.


(2006-08-08)
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