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  Home Page > Personal Banking >Convenient Banking >Personal Settlement Account
Personal Settlement Account

☆ Introduction
A RMB current/saving account opened by personal customer with his (her) valid identity certificate under the name of natural person for handling fund collection and payment settlement business.

☆ Features
As the biggest domestic commercial bank, ICBC offers better account management services to customers with its rich settlement products, nationwide business network and leading technological system.

1. Variety of products. ICBC boasts rich settlement products and extensive connection with all industries. Through ICBC personal settlement account, you can not only handle remittance by transfer, bankcard consumption, online shopping, payment and other family financing business, but also apply for various loan and make investment business.

2. Nationwide business network. You can handle the settlement business at any of more than 17,000 ICBC banking outlets throughout the country. In addition, you can get the most convenient trans-territorial remittance service at any of 112 ICBC overseas institutions.

3. Leading e-Banking system. ICBC boasts comprehensive e-banking system like Internet Banking, Telephone banking and WAP as well as the most ATMs in China. All of them provide strong support for safe, fast and accurate settlement services. ICBC is the first bank in China that has realized data centralization within the country, so that transfer, remittance and inter-city deposit can be credited into account real time. Meanwhile, you can easily handle various investment business like transactions of stock, fund and foreign exchange through Internet Banking and Telephone banking so that you can grasp any investment opportunity.

☆ Operation Guide
You can apply for opening a new personal settlement account, or converting the existing current/saving account into a personal settlement account. Just apply at any local ICBC banking outlet with your ID card and current deposit bankbook/Money Link Card. Account can also be opened on behalf (therefore ID document of someone open on behalf has to be provided).

According to People's Bank of China,if your current deposit bankbook /Money Link Card is a account for receiving payroll/bonus from your institution, the account will automatically be converted into a settlement account without any need to confirm at ICBC.

☆ FAQs
1. What is the difference between personal settlement and saving accounts?   
According to People's Bank of China, after Management Practices of RMB Settlement Account come into force, all fund payment and collection between you and others or institutions must be realized through settlement accounts. The difference and commonness between personal settlement account and current/saving account are as follows:

(1) Common features
a. Both can be used for deposit and withdraw in cash. 
b. Both have interest accrued on deposit (the deposit interest rate of the settlement account is the same as that of current/saving account).
c. Transferred can be made between the personal settlement and current/saving account under own name.  

a. After Management Practices of RMB Settlement Account come into force, only through settlement account can you handle the fund transfer out or receive the fund transferred in (including remittance from your account in different cities).
b. Your saving account only can be used to handle the deposit, withdrawal and transfer under your own name, can’t be used to transfer the fund to others or institutions, or receive the funds transferred from others or institutions.

ICBC converts those current/saving accounts in application and used as settlement account before as settlement account for your convenience. You just need to confirm the nature of the account when you handle business in ICBC.  

2. Which business must be handled through settlement account?
According to People's Bank of China,following business shall be handled through settlement account at bank.    
(1) Receive fund transferred form others or institutions (such as payroll agency account, or receiving remittance from others or institutions).
(2) Transfer /remittance to other accounts in own name (including current/saving account and settlement account in own name). 
(3) Outward transfer/remittance (to others or institutions by transfer)
(4) Use card for payment (use ICBC Money Link Card /Elite Club Account card to pay or shop online)
(5) Pay bill (such as telephone and mobile fees)
(6) Invest (buy T-bond, fund, insurance, security, etc)
(7) Loan (release and repayment of various loans like housing loan, auto loan and credit loan)
(8) Settlement for credit card and personal cheque.

3. Is there any limit to number of the personal settlement?
According to People’s Bank of China,there is no any limit on the number of the personal settlement account, so you can open multiple settlement accounts at same or other city according to the demand.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.