The time Deposit is a method of bank deposit with a definite date of maturity, made for one time or by many times on schedule (during the appointed deposit term),or withdrawn together with the interest in a lump sum or by installment.
According to the way of deposit and withdrawal, the time deposit has the following categories: lump-sum deposit &. withdrawing, small savings for lump-sum withdrawal, interest withdrawal on a principal deposited, big money saving and small withdrawing time deposit,etc.
Time deposit of small savings for lump-sum withdrawal refers to savings deposit whose terms are agreed, and whose fixed amount is deposited every month when opening an account. The minimum amount of deposit is 5 RMB yuan and the maturities range from three grades: 1 year, 3 years and 5 years.
1. Such deposit is deposited monthly with a certain amount of deposit, and suitable for depositors with fixed income.
2. Time deposit of small savings for lump-sum withdrawal has the characteristics of long maturity and high interest rate, and suitable for depositing of savings that will not be used within a quite long period of time, which is specifically meet the depositor’s needs for accumulated funds on schedule.
3. The deposit amount is set by the depositor. He can deposit money at a time every month. The interest rate is computed at the same rate on the lump-sum deposit &. withdrawal time deposit. If there is any omission of deposit within the agreed period, you must make up the amount next month. Falure to make it up, the interest will be calculated on the real amount of deposit and the real deposit term, and the interest rate will accord to the rate on savings deposit at the time of withdrawal.
III. Procedures for Account Opening来源:www.examda.com
1.In opening an account of time deposit of small savings for lump-sum withdrawal, the depositor shall present his or her ID card or other valid credentials.
2.Such deposit may be withdrawn fully or partly prior to maturity for once, or, upon authorization in advance, and handled on agency renewal of depositing upon maturity by the bank.
3.At the time of account opening, the client may choose the method of withdrawal by password or with a passbook. If the method of withdrawal by password is chosen, the depositor shall enter on the spot a six-digit password into your savings account through the password processor on the counter.