Interest Rate of Deposit, Advance Drawing, Loss Reporting and Money Transfer

Interest Rate of Deposit, Advance Drawing and Money Transfer According to Regulations on Deposit Management. Interest rate of deposit is instituted the People’s Bank of China, issued by approval of the State Council. For more information please read Regulations on Deposit Management

Deposit Management: Interest Rate of Deposit

Deposit Management: Interest Rate of Deposit

Chapter 4 Interest Rate and Interest of Deposit

article 22 Interest rate of deposit is instituted the People’s Bank of China, issued by approval of the State Council, or instituted and issued by the People’s Bank of China with the authorization of the State Council.
　
Article 23 Thrift institutions must announce the interest rates of deposit on board, and shall not change them without authorization.
　
Article 24 Total advance-drawing immaturity time deposit interest shall be paid according to date current deposit interest rate which is list-reported; and part advance-drawing interest shall be paid according to date current deposit interest rate; and the leave part interest is paid according to time deposit interest rate of accounts- open- day as it matures.

Article 25 Overdue part of the overdue drawing time deposit interest shall be paid according to date currency deposit interest rate which is list-reported except for the part of promised automatic transfer.

Article 26 If encounter interest rate adjust during deposit duration, time deposit interest is paid according to list-reported rate of accounts open day.
　
Article 27 If encounter interest rate adjust during deposit duration, current deposit interest is paid according to list-reported rate of interest settlement day. Total drawing of current deposit, interest is paid in according to list-reported rate of accounts cancel day.

Article 28 When depositor consider that mistake occurs during the process of deposit interest payment, they have the right to apply for check by the handling thrift institutions; And the handling thrift institutions shall transact and check in time.

Chapter 5 Advance Drawing, Loss Reporting, Inquiry and Money Transfer

Article 29 Depositor drawing immaturity time deposit in advance shall transact with certificates and identity certifications of depositor. The substitute of drawing shall present his (or her) identity certifications.

Article 30 Certificate and bankbook are classified into two kinds of registered and bearer. Registered certificates and bankbooks are allowed to report loss, while the bearer one is not allowed.

Article 31 Depositor who loss certificates, bankbooks or seals of leaving seals in advance, shall provide the situation of depositor’ name, the time of accounts opened, kinds of deposit, amounts, account numbers and permanent residence and apply for loss reporting in written form in the thrift institutions in which the accounts are opened. Under special situations, depositor can apply for loss reporting in oral, telegraph or letter forms with the remedial written forms application in five days. Thrift institution shall stop from paying certain deposit after conducting loss-reporting. Thrift institution is not responsible for compensation in the case of certain deposit is drawing by others before loss-reporting is conducted.

Article 32 Thrift institutions and their staffers are responsible for keeping secret for depositor. Thrift institutions shall not inquire, freeze or transfer deposit instead of any units or individuals, apart from those have prescribed by otherwise laws and administrant statutes.

Article 33 when dispute occurs on ownership of deposit and relates to transaction of transfer, thrift institutions transact transfer procedures according to the judgments and arbitrations of the People’s Court which have active force effect.

Chapter 6 Legal Responsibility

Article 34 Any Units and individuals, who violate these regulations by one of the following actions, shall be charged to correct by the People’s Bank of China and its branches, and can be punished with forfeiture, stopping for internal rectification, or revoking Permit of Operating Financial Business in accordance with the severity of the case. In the case of serious violation, constituting crimes, the violators shall be investigated the criminal responsibilities according to law: (1) Launching deposit business without authorization. （2）Establishing thrift institutions without authorization. (3) Thrift institutions launching new kinds of deposit without authorization.(4) Thrift institutions transact other financial business not mentioned in these regulations without authorization. (5) Stopping business and shortening the operating hours without authorization. (6) Thrift institutions take improper artifices to absorb deposit. (7) In the violation of national interest statutes, altering deposit interest rate without authorization. (8) Cannot keep secret for depositor and inquiry, freeze and transfer deposit instead of depositor without legal proceedings. (9) Other actions violating national deposit laws, statutes and policies. In violation of the 2nd clause of the 3rd article, shall be subjected to relevant national penalty imposed.

Article 35 Related parties can apply for reconsideration in accordance with Statutes of Administrant Reconsideration if certain related parties have exception of the judgment of penalty. And related parties can lodge a complaint to the People’s Court in accordance with The Law of Administrant Lawsuit of the People’s Republic of China if certain related parties have exception of the judgement of reconsideration.

Article 36 Statutes of administration reconsideration will be complied if the applicant of reconsideration fails to indict and fulfill the judgment of reconsideration.

Article 37 Thrift institutions shall be responsible for compensating according to law if thrift institutions violate relevant national statutes, infringe upon the legal interest of depositor and make the depositor loss.

Chapter 7 Supplementary Provisions

Article 38 Time deposit which transacted before these regulations come into effect shall transact interest-paying matters concerned according to the relevant national regulations which are actualized before these regulations during the original duration of deposit.
　
Article 39 The regulations shall be interpreted by the People’s Bank of China, the rules for implementation shall be formulated by the People’s Bank of China.

Article 40 The regulations shall come into force as of the date of March 1, 1993. “The Constitution of the Deposit of the People’s Bank of China” issued by the People’s Bank of China on May 28,1980 thus are hereby nullified.

Interest Rate of Deposit, Advance Drawing, Loss Reporting and Money Transfer According to Regulations on Deposit Management. Interest rate of deposit is instituted the People’s Bank of China, issued by approval of the State Council. For more information please read Regulations on Deposit Management

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