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  Home Page > Corporate Banking >Corporate Deposit >Corporate Agreement Deposit
Corporate Agreement Deposit
 

Corporate Agreement Deposit is based on the 'Agreement Deposit Contract' signed by customers and the bank, which decides on the terms and line of basic deposit withheld in settlement account. Interests of savings within the line of basic deposit should be counted at rate of current deposit on the day of settlement or withdrawal. Interests of savings exceeding to the line of basic deposit should be settled at rate of agreement savings publicized by People's Bank Of China on the day of settlement or drawing, which is higher than the interest of current deposit and lower than that of the 6-month-time deposit.

Transaction Guide
After signing 'Corporate Agreement Deposit Contract' with customers, ICBC should open an account of agreement savings together with the settlement account, and decide on the line of basic deposit withheld in settlement account. Meanwhile, ICBC should transfer the savings, which exceeds the line of basic deposit, from settlement account into the account of agreement savings, and count the interest of it separately at rate of agreement savings.

I. Opening Account
Corporations should sign the 'Agreement Deposit Contract' with the bank of deposit, which holds for one year (inclusive) in maximum. The contract will be extended automatically if none of the two parties suggests a termination or amendment for this contract prior to its expiration. The corporation applying for opening agreement deposit account in ICBC must open a basic deposit account or general deposit account ('settlement account' for short below) for the accounting of normal economic activity. It's is called A type account and computers will automatically create an agreement deposit account (B type account below). If a corporation already has settlement account, ICBC will transact its agreement deposit procedures and take the intrinsic settlement account as a type account.

II. Deposit
Please consult to the local ICBC business office for the initial amount of agreement savings.

III. Withdrawal
Account of agreement savings (A type) should be managed and used as general settlement account, which is applied to the withdrawal of cash transfer service. No overdraft is allowed in account of type A and B. Being the deposit account of provision for settlement account, B type account should not be directly involved in any transactions, nor be applied to any external withdrawal services.

IV. Interest Settlement
The interest of agreement savings should be settled on the 20th day of the last month in each quarter, or when the owner of agreement savings account (B type) cancels the account. And interests settled for each quarter should be deposited into account the next day; if the Agreement Savings Contract is expired with no further renewal, the unsettled interests prior to the cancellation should be counted into the settlement account (A type) on the day of interest settlement in each quarter.
Interest for corporate agreement deposit refers to the applicable rate for RMB current deposit. 

V. Cancellation of Account
When the Agreement Savings Contract is expired, the account of agreement savings should be cancelled if the corporation suggests a termination of contract. After the principal and interest in account of agreement savings (B type) are settled, all of them should be transferred into a basic or general account of deposit. B type account must be settled at the same time when a type account is settled.
However, within the validity of contract, customers should not require a settlement in principle unless special circumstances occur, and only under which the customers could apply for cancellation of account and be permitted after their written statement is verified and approved by the bank.

VI. Notices
1. In banks that provide services of automatic deposits and withdrawals, funds from accounts of agreement savings (A type) should be available in other institutions connected with the bank through networks.

2. The account of agreement savings, of which the balance has been lower than the initial deposits for two years (inclusive), should be considered as general account and deprived of preferential interest rate after the settlement of interest.

3. Customers, who would like to keep the account of agreement savings after using it for two consecutive years, should sign the 'Agreement Deposit Contract' with the bank.


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