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Time Deposit is to agree on the terms and interest rate by both the bank and depositor prior to the deposit, and to withdraw principal and interest by the due date. Time Deposit is applied to settlement and withdrawal from the account of time deposit. As for temporary use, customers should apply for advance drawing or partly advance drawing.
Transaction Guide
The service of Time Deposit should be provided to corporation customers at public branches such as (all) business offices and all levels of banking departments of ICBC. The specific transaction procedures and requirements are the same as those of the current deposit.
I. Time Deposit by means of cash deposit, deposit of account transfer and intra-city withdrawal agency of payment. The initial deposit should be RMB￥10，000.
II. Ways of drawing in Time Deposit are as below:
1. Full deposit should be withdrawn upon the due date with a lump-sum settlement of principal and interest according to the bank rules;
2. For advance withdrawal, the interest should be settled at the rate of current deposit listed and publicized upon the day of withdrawal;
3. For partly advance withdrawal, if the balance of account is no less than the initial deposit, the interest of drawings should be settled at rate of current deposit listed and publicized upon the day of withdrawal, whereas the balance be settled at the rate and on the term as agreed. If the balance of account is less than the initial deposit, then the interest of drawings should be settled at rate of current deposit listed and publicized upon the day of withdrawal, whilst the account of time deposit should be cancelled.
III. For time deposit of RMB, the interest rate is generally divided into six categories: three-month-interest, half-year-interest, one-year-interest, two-year-interest, three-year-interest, five-year-interest. For China-funded corporations, interest rate of time deposit of foreign currency includes five types as one-month-interest, three-month-interest, six-month-interest, one-year-interest and two-year-interest.
IV. Within the due date, interest of RMB time deposit should be counted at the rate of time deposit listed and publicized upon the day of deposit, and should not be affected by any adjustments on interest rate.
V. Interest on RMB time deposit shall be debited on each account based on actual-over-365.
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