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Corporate Call Deposit

Corporate Call Deposit is a sort of deposit, the term of which is not determined on occasion of deposit and which can be withdrawn only after notifying financial organizations first for determining the concrete withdrawal date and amount.

Transaction Guide
Any enterprise, undertaking corporate, organization, army, social group and self-employed business corporate which have opened RMB basic deposit accounts or general accounts in ICBC can apply for transacting the Call Deposit service only by informing the deposit departments of the opening bank via telephone or in writing. Clients do not need to determine the loan term, what they need to do is to keep the bank informed before withdrawing the deposit.

I. Account opening
In order to open a account, the corporate needs to submit the account opening application, original and back-up copies of the business license and Xeroxed copies, etc, and keep the seal preserved. The seal shall contain the corporate's special financial stamp, stamp of the legal representative of the corporate (or stamp of principal responsible person), stamps of financial staff as well as transcoding seals (applicable for branch organizations who have the qualified conditions). ICBC issues the named "ICBC Corporate Call Deposit Account Opening Verification Letter" (hereafter referred to as Verification Letter), and the Verification Letter is only used for verification of the corporate's deposit and shall not be used as pledge rights. In case of loss of the Verification Letter, bank will not transact the loss reporting procedure and will not renew a new Verification Letter. On occasion of withdrawal, clients need to offer the official letter to prove the loss of Certification Letter, and bank will transact the withdrawal procedure by the predetermined manner.

II. Deposit
Call Deposit is a sort of inscribed deposit with the minimum deposit amount of 500,000 yuan which shall be deposited in a lump sum. Client can choose to make deposit in cash or by transferring, and the term will not be determined upon deposit.

III. Call
Despite of the actual term of the deposit, Call Deposit can be divided into two varieties based on the term for the withdrawal notified in advance, they are one-day Call Deposit and seven-day Call Deposit. As for one-day Call Deposit, the notice must be made one day advance for withdrawal of the deposit, and as for the seven-day Call Deposit, the notice must be given at least seven days in advance for withdrawal of the deposit. After the choice is made, the variety of the Call Deposit can't be changed. In order to give notice, the depositor needs to submit the "ICBC Corporate Call Deposit Withdrawal Notice" to the bank. The submission manners include: clients go to the bank in person or notice by fax, but an official notice needs to be submitted on occasion of withdrawal of the deposit.

IV. Withdrawal
Corporate Call Deposit can be withdrawn in a lump sum or by several times with the minimum withdrawal sum not less than 100,000 yuan each time. The interest is settled depending on the withdrawal of the deposit, and the principal and interest of the deposit can only be transferred to the depositing corporate's other deposit accounts and can't be withdrawn in cash. Withdrawal methods include:

1. Withdrawal in a lump sum
The depositing corporate needs to offer the Corporate Call Deposit Verification Letter.

2. Partial withdrawal
Clients need to go to the account-opening bank in order to transact the partial withdrawal. On occasion of partial withdrawal, the retained amount in the account shall not be less than 500,000 yuan. In case of the retained amount less than 500,000 yuan, the account will be cleared once-for-all and the withdrawal and account cancellation procedure will be performed after calculating the interest according to the current interest rate announced on the current day. In case of the retained amount more than 500,000 yuan, bank will issue a new Call Deposit verification letter according to the retained amount, the original deposit start date and the originally determined deposit variety.

V. Notices
1. Clients shall determine on the withdrawal method with bank and fill out the "Call Deposit Withdrawal Method Determination Letter".

2. In order to clear the account, client needs to go to the account-opening bank for transaction, and bank will transfer the principal and interest in the account to the specified account by the predefined transferring method.

3. The interest rate for the Corporate Call Deposit is calculated in accordance with the interest rate in the corresponding period as defined by the People' Bank of China. Corporate Call Deposit is subject to account management, and its account can't be used for settlement.

4. The interest for RMB corporate call deposit is debited on each account based on actual-over-365 and accrued at the rate quoted on the date of withdrawal and by actual deposit days. No calculation in periods if there is a change in the rate.

Corporate Finance