I. Definition Bank settlement account means a RMB current deposit account opened by the depositor at bank for the purpose of handling cash deposit & withdrawal, account transfer & settlement and other fund collection & payment activities, which is the foundation for the depositor to conduct deposit & loan, and fund collection & payment business. According to different depositors, it can be divided into corporate bank settlement account and personal bank settlement account.
Corporate bank settlement account means a bank settlement account opened by the depositor in the name of corporation. The bank settlement account opened by any private industrial or commercial business in virtue of business license and in the name of the business or the operator should be brought into the administration of corporate bank settlement account.
The management of corporate bank settlement account should be in accordance with The Administrative Measures on RMB Bank Settlement Account published by PBC, which goes into effect as of September1, 2003, and the Administrative Measures on Bank Account promulgated in 1994 is therewith abolished.
II. Product Introduction Corporate bank settlement account is divided into primary deposit account, general deposit account, special deposit account and temporary deposit account by its usage. It should be authorized by PBC to open a basic deposit account or provisional deposit account, or for any budget unit to open a special-purpose deposit account.
Units corresponding to the related regulations of The Administrative Measure on RMB Bank Settlement Account can open a inter-city settlement account.
III. Target Client Government organs, organizations, armies, enterprises, institutions and other organizations (referred as "units") and private industrial and commercial enterprises need to open bank settlement account in China.
IV. Application Condition Please see the settlement account introduction or The Administrative Measure on RMB Bank Settlement Account for detailed information.