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☆ Introduction
Education Deposit refers to the service to accumulate funds for non-compulsory educations with the favorable interest rates from bank; and education deposit can be made at different times, and both principals and interests can be withdrawn at one time on maturity day.
☆ Targeted customers
The targeted customers are primary school students at grade four (including grade four) and above.
☆ Deposit terms and minimum deposit amount
The education deposit terms are one year, three years, and six years respectively. And the minimum deposit amount of education deposit is RMB 50. And the up limit on the principal of an account is RMB 20,000.
☆ Features
1. Favorable taxation policies. According to associated state policies and stipulations, the tax of interest revenue from the education deposit can be exempted upon related certificates.
2. Making many a little become a miracle. It is suitable for accumulating tuitions for children, and to bring up financing habit.
☆ Deposit interest rates
1. The interests of one-year and three-year education deposits will be paid according to the interest rates of same class of lump fixed deposits on the account opening day; the interests of six-year education deposits will be paid according to the interest rates of five-year lump fixed deposits on the account opening day. The interests will not be calculated in different interest timeframes even if there are some interest rate adjustments.
2. Customers are required to deposit fixed amount of funds set by the agreement every month. If there are some missed deposits during the term, the customers need to make up the missed deposit funds at immediate next month, the customers that didn't make up the missed deposit will be processed according to the associated rules on Installment Fixed Deposits.
3. Withdraws ahead of the maturity day, education deposits must be totally withdrawn if it must be withdrawn ahead of the maturity day. When withdrawing the education deposits ahead of the maturity day, the interest will be paid according to the interest rates of same class of lump fixed deposits on the account opening day based on the actual deposit term if customers can provide "Certificates", and the interest revenue tax will be exempted; and the interest will be paid according to the interest rates of current deposits on the withdrawal day based on the actual deposit term if customers can't provide "Certificates", and interest revenue tax will be collected according to related stipulations.
4. Withdraws after the maturity day, the interest of the funds exceeding the deposit term will be paid according to the interest rates of current deposits on the withdrawal day, and interest revenue tax will be collected according to related stipulations.
5. Interest for RMB education deposit shall be accrued aggregately.
☆ Service channel
The account opening and withdrawal can only be made at banking outlets, redeposit can be made through the Internet Banking.
☆ Operation Guide
1. Account opening: when opening accounts, customers themselves (students) need to go to savings institutions to open deposit accounts under the name of the customers themselves (students) with their resident registration booklets or residential IDs, and the financial institutions register the names and numbers of the certificates according to above certificates. The targeted customers are primary-school students at grade four (including grade four) and above.
2. Deposit: customers are required to deposit a fixed amount of funds stipulated by the agreement with the bank every month. If there are some missed deposits during the term, the customers need to make up the missed deposit funds at immediate next month, the customers that don't make up the missed deposit will be processed according to the associated stipulations on Installment Fixed Deposits.
3. Withdrawal: customers can withdraw both principals and interests at one time with passbooks, IDs, resident registration booklets (residency certificate), and the ID certificates (printed by tax bureaus) of the students receiving non-compulsory educations provided by schools. Each copy of the "Certificates" can only receive the interest tax favorable treatment once. If customers can't provide "Certificates", their education deposits can't receive interest rate favorable treatments, i.e. the interests of one-year and three-year education deposits will be paid according to the interest rates of same class of Installment Fixed Deposits on the account opening day; the interests of six-year education deposits will be paid according to the interest rates of five-year Installment Fixed Deposits on the account opening day. Meanwhile, the savings deposit interest revenue tax will be collected according to related stipulations.
4. Withdrawal ahead of the maturity day: education deposits must be totally withdrawn if it must be withdrawn ahead of the maturity day. When withdrawing the education deposits ahead of the maturity day, the interest will be paid according to the interest rates of same class of lump fixed deposits on the account opening day based on the actual deposit term if customers can provide "Certificates", and the interest revenue tax will be exempted; and the interest will be paid according to the interest rates of current deposits on the withdrawing day based on the actual deposit term if customers can't provide "Certificates", and interest revenue tax will be collected according to related stipulations.
5. Withdrawal after the maturity day: the interest of the funds exceeding the deposit term (exceeding portion) will be paid according to the interest rates of current deposits on the withdrawal day, and interest revenue tax will be collected according to related stipulations.
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