Bank of China BOC Time Deposits

Bank of China BOC Time Deposits

We look at Bank of China BOC Time Deposits this July 2010.

Bank of China BOC Time Deposits come in the version of Passbook of Time Deposits.


Passbook of time deposits (Bank of China BOC Time Deposits) is a method of deposit where by lump-sum deposit and withdrawal time deposits in multiple currencies and maturities are handled in a single passbook.

The minimum amount of Renminbi deposit is RMB50, that of B-type foreign currency deposit is the equivalent of RMB500, and that of C-type foreign currency deposit is the equivalent of RMB50.

Characteristics of Bank of China BOC Time Deposits

1.Deposits of multiple currencies are put in a single passbook.
A passbook of time deposits puts time deposits of multiple currencies including Renminbi, Hong Kong dollar, U.S. dollar, Japanese yen, Pound sterling, Euro in a single passbook. Each deposit is shown in a separate certificate number which specifies the value date, due date, type of deposit, length of maturity, type of currency, amount and interest rate. Each certificate number is followed by a blank row for recording the withdrawal records of the deposit. The passbook shows clearly the deposit and withdrawal conditions. It changes the past method of one certificate of deposit for one type of currency and is convenient for the client??s keeping and financial planning.

2.Deposits of different lengths of maturity are put in a single passbook.
A Passbook of time deposits puts time deposits of different maturities in a single passbook for the convenience of keeping.

3.City-wide automatic banking.
A passbook of time deposits permits deposit and withdrawal at all local units of the Bank of China connected by the computer network, instead of being limited to the one single depository bank only in handling time deposits in the past. This provides great conveniences to clients.

4.Automatic redeposit of principal and interest.
When a deposit in a passbook of time deposits is due, the bank will automatically redeposit the related principal and interest according to the interest rate on the date due, and the client does not need to handle the redepositing procedures at the bank. Only a record shall be made on the passbook.


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