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In order to implement the Regulation of the State Council on the Administration of Savings (hereinafter referred to the Regulation), the People's Bank of China has formulated Some Provisions on the Implementation of the Regulation on the Administration of Savings, which are hereby printed and distributed to you, please make all the preparations and publicity work earnestly. Article 1. The term of "savings deposit" refers to the deposit in Renminbi or foreign currencies that is owned by individuals and is deposited in the savings outlets within the territory of China. No entity may change public money into individual savings deposit. The public money shall encompass any money listed in the accounts of state organs, state-owned enterprises and public institutions; the premium deposit absorbed by all insurance institutions, enterprises and public institutions; the money falling within the scope of public financial deposit; the cash of state organs, state-owned enterprises and public institutions. Article 2. The term of "savings outlet" refers to the outlets of each bank, urban credit cooperative, rural credit cooperative, and postal enterprise that can provide individual savings deposit services upon approval of the People's Bank of China or any of its branches. Article 3. The Constitution protects the ownership of lawful individual savings deposit from infringement. A savings outlet shall, when providing savings services, follow the principles of voluntary deposit and free withdrawal, paying interest to depositors and keeping secret for depositors. Article 4. The People's Bank of China is the organ in-charge of the savings cause of China and responsible for the savings administrative work of the whole country. The People's Bank of China can, in light of macro economy, finance and the requirements for protecting the interests of depositors, take some necessary measures upon approval of the State Council so as to stabilize the savings and finance. Article 5. Without approval of the People's Bank of China, no department, entity or individual may provide individual savings services or similar savings services. Article 6. The establishment of savings outlets shall be governed by the principles of unified planning, reasonable layout, being convenient to the masses, stressing practical results, and ensuring safety. Each business management department for savings outlets shall report the plan for adding the number of savings outlets in the following year to the local branch of the People's Bank of China, and the local branch of the People's Bank of China shall examine and collect such plans and report them to the Head Office of the People's Bank of China for examination and approval before the year-end. Each local branch of the People's Bank of China shall, according to the approved plan, gradually handle the formalities for examination and approval of savings outlets, and uniformly issue Financial Business Permits unless it is otherwise prescribed by the laws or administrative regulations of the State. Article 7. For the establishment of a savings outlet, the following three requirements shall be met: (1) There is the name, organizational body and business place for the savings outlet; (2) There are four or more employees familiar with savings services, and at least two persons serving before the counter at the business hours; and (3) There are necessary safety protection facilities. Article 8. All the savings outlets directly handling savings deposit services shall be the grass-roots bodies of each bank, any other financial institution or postal enterprise specifically for providing savings services, and have no legal person qualification. Article 9. Savings agencies shall be the enterprises, organs, schools, armies, or other agencies entrusted by a bank to provide savings services. The launching and management of agency services shall be strictly governed by the relevant provisions in the Regulation. Article 10. The renaming, move or merger of a savings outlet shall be reported to the local branch of the People's Bank of China in advance, and shall not be announced to the general public until it is approved by following the prescribed procedures. Article 11. The business management department for savings outlets shall be responsible for directly leading and managing its subordinate savings outlets and their savings services, and shall earnestly implement the savings policies of the State and do a good job in the supervision and check of its subordinate savings outlets. Article 12. A savings outlet shall provide services at the prescribed business hours, and shall not illegally suspend business or shorten business hours. Article 13. Each savings outlet shall guarantee the withdrawal of savings deposit, and shall not refuse it in any pretext. Article 14. A savings outlet shall be governed by the tenets of developing the savings cause of China and providing quality services for depositors. Any of the following acts belongs to the "absorption of deposits by unjustifiable means": (1) Absorbing savings deposit by sending out valuable prizes; (2) Sending out various kinds of deposit canvassing payments; (3) Making use of ambiguous advertisements for the publicity purpose; (4) Making use of remittance, loans or any other business means to force depositors to deposit money; or (5) Paying interests, prizes or other fees more than those that should be paid in any other pretext. Article 15. With respect to the following types of savings, a savings outlet can run all or part of them in light of its own conditions: (1) Current deposit: it is defined as one in which the minimum amount is set at 1 yuan, and the savings outlet gives the depositor a certificate of deposit, with which the depositor may deposit or withdraw deposit at any time; (2) Time deposit of lump-sum deposit and lump-sum withdrawal: it is defined as one in which the minimum amount is set at 50 yuan, and the maturities range for six grades: three months, half a year, one year, two years, three years and five years, and the principal must be deposited at a lump, and the savings outlet gives the depositor a certificate of deposit, with which the principal and interest may be withdrawn when due; (3) Time deposit of small savings for lump-sum withdrawal: it is defined as one in which a fixed amount of money is deposited monthly with the minimum amount of 5 yuan, and the maturities range for three grades: 1 year, 3 years and 5 years. The deposit amount is set by the depositor himself, and he can deposit money once every month. If there is any omission of deposit within the agreed period, the depositor must make up the amount next month. Failure to make it up, the interest will be calculated on the real amount of deposit and the real deposit term; (4) Time deposit of principal receiving and interest withdrawing: it is defined as one whose principal is deposited by lump sum, whose minimum amount is set at 5,000 yuan, and whose maturities range for three grades: one year, three years and five years. For which, the savings outlet gives the depositor a certificate of deposit, the principal is withdrawn at a lump when due, and the interest is withdrawn by installments upon the strength of the certificate of deposit, and can be withdrawn once in a month or several months according to the stipulations between the depositor and the savings outlet. If the depositor does not withdraw interests when due, he can do so at any time. If the depositor wants to withdraw the principal in advance, the savings outlet will calculate the interest for the deposit term according to the provisions on the withdrawal ahead of time and deduct the excessive interest already paid; (5) Time deposit of lump-sum saving for small withdrawal: it is defined as one whose principal is deposited at a time with the minimum amount of 1,000 yuan, and whose maturities range for three grades: 1 year, 3 years and 5 years. For which, the savings outlet gives the depositor a certificate of deposit, with which the depositor can withdraw the principal by installments, or at a time in one month, 3 months or half a year, which can be negotiated between the depositor and the savings outlet, and the interest is paid when the deposit is due; (6) Time-demand optional deposit: it is defined as one for which the savings outlet gives a certificate of deposit with the minimum amount of 50 yuan in the account; the certificates of deposit can be divided into two types: registered or unregistered. The loss of a registered certificate or passbook can be reported while the loss of an unregistered certificate can not be reported. The interests for such kind of deposits deposited after the implementation of the Regulation shall be calculated uniformly according to the following provisions: if the length of maturity is not set at the time of deposit and the actual length of maturity is less than three months, the interest is computed at the interest rate for current deposit on the basis of the actual number of days. If the actual length of maturity is three months or more but less than half a year, the interest for the whole length of maturity is computed at a rate equal to 60% of that for three-month time deposit of lump-sum deposit and lump-sum withdrawal at the date of withdrawal. If the actual length of maturity is half a year or more but less than one year, the interest for the whole length of maturity is computed at a rate equal to 60% of that for six-month time deposit of lump-sum deposit and lump-sum withdrawal at the date of withdrawal. If the length of maturity is one year or more , regardless of the actual length, the interest for the whole length of maturity is computed at a rate equal to 60% of that for one-year time deposit of lump-sum deposit and lump-sum withdrawal at the date of withdrawal. The interest for such kind of deposits deposited before the implementation of the Regulation shall be calculated according to the former prescriptions; (7) (Renminbi) time deposit of overseas Chinese: it is defined as one in which the overseas Chinese, Hong Kong, Macao and Taiwan compatriots remit or carry foreign currencies or foreign exchanges (including gold and silver) into the territory of China from abroad and sell them to the People's Bank of China or each professional bank so as to convert them into Renminbi for the deposit. It must be in the form of time deposit of lump-sum deposit and lump-sum withdrawal with the maturities of one year, three years and five years. The interest of deposit is calculated at the preferential interest rate prescribed. The depositor handles the depositing formalities within the prescribed time limit upon the strength of a "certificate of foreign exchange conversion" or "certificate of foreign exchange of overseas Chinese", and the savings outlet gives a certificate of deposit, with which the depositor can withdraw the deposit when due. If the depositor stipulates the withdrawal by seal, he must present the seal at the time of withdrawal. The withdrawal in advance will be handled according to the provisions on the Renminbi time deposit of lump-sum deposit and lump-sum withdrawal. Such deposit can be withdrawn only in Renminbi but not in any foreign currency, nor can it be remitted to Hong Kong, Macao or Taiwan or abroad. The renewal formalities can be handled after the deposit is due, and the interest can also be deposited as the principal. Article 16. To run any other type of savings than those prescribed in Article 15 of these Provisions, a savings outlet shall report it to the Head Office of the People's Bank of China for approval. In case a savings outlet illegally runs a new type of savings without examination and approval, the People's Bank of China and its branch shall punish it, and transfer such deposit to the local branch of the People's Bank of China. The interests for the said deposits up to maturity after they are transferred to the People's Bank of China shall still be assumed by the savings outlet. Article 17. Upon approval of the provincial foreign exchange administrative department, a savings outlet can provide foreign currency savings services. The types, interest rates and levels of individual foreign currency savings deposits as well as the measures for paying interests shall be uniformly regulated by the Head Office of the People's Bank of China. For providing any other kind of foreign currency savings services, a savings outlet shall report it to the Head Office of the People's Bank of China for examination and approval. Article 18. When a savings outlet opens time deposit accounts for depositors, it can, at the request of depositors, handle the stipulated or automatic renewal of time deposits when they become due. The specific measures for the stipulated or automatic renewal shall be formulated and promulgated by the department in-charge of savings. Article 19. Upon approval of the provincial branch of the People's Bank of China, a savings outlet can handle personal housing savings services. The interest rate of housing savings shall be prescribed by the Head Office of the People's Bank of China. The use of housing savings deposits shall be directly connected to the construction and sales of commercial residential buildings, and shall not be used for other purposes. Article 20. Upon approval of the People's Bank of China or its branch, a savings outlet can provide the following financial services: (1) Distributing and cashing securities such as State treasury bonds, financial bonds and enterprise bonds offered to individual residents; (2) Handling small-amount secured loans on individual time deposit certificates, for which the specific measures shall be drafted by the department in-charge of savings outlets, and which shall not be handled until it is declared to and approved by the provincial branch of the People's Bank of China; and (3) Other financial services approved. Other financial services that are handled by the savings outlet upon declaration and approval and do not belong to savings services shall be governed by the legal provisions of the State. Article 21. A savings outlet may act as an agent for paying wages, collecting house rents, water, electricity and telephone charges, or providing other services, and the agency services shall be determined upon consultation between the department in-charge of the savings outlet and the trustor. Article 22. The interest rates of savings deposit shall be uniformly proposed by the People's Bank of China, and shall be promulgated after being reported to the State Council for approval, or shall be formulated and promulgated by the People's Bank of China upon authorization of the State Council. All the savings outlets shall openly list the interest rates of savings deposit and strictly enforce uniform standards for interest rates prescribed by the State, and shall not change them in any form. Article 23. For all types of time savings deposit deposited before the implementation of the Regulation, if the interest rate within the originally agreed deposit term is increased, the interest shall be calculated by installments. Article 24. For all types of time savings deposit deposited before the implementation of the Regulation, if the depositors draw them ahead of time, the interest for the part withdrawn ahead of time shall be calculated according to the former provisions. Article 25. For all types of time savings deposit deposited before the implementation of the Regulation, the interest for overdue part of deposit shall be calculated on the basis of the date of effectiveness of the Regulation (March 1, 1993), and the interest for the overdue part before March 1, 1993 shall be calculated according to the former provisions, and the interest for the overdue part after March 1, 1993 shall be calculated at the interest rate for current deposits quoted on the date of withdrawal. Article 26. For all types of time savings deposit that is newly deposited after the implementation of the Regulation, if the interest rate is changed within the originally agreed deposit term, whether it is increased or decreased, the interest shall be calculated and paid at the interest rate determined on the day when the certificate of deposit was opened, and shall not be calculated by installments. Article 27. For the time savings deposit that is newly deposited after the implementation of the Regulation, the interest for all or part of deposit that is withdrawn ahead of time shall be calculated at the interest rate of current savings quoted on the date of withdrawal, and the interest for the part that is not withdrawn ahead of time shall be calculated and paid at the interest rate on the original certificate of deposit. Article 28. For all types of time savings deposit that is newly deposited after the implementation of the Regulation, the interest for the overdue part shall be calculated at the interest rate for current deposits quoted on the date of withdrawal. Article 29. For the current deposit deposited at any time after the implementation of the Regulation, if the interest rate is changed, the interest shall not be calculated by installments, but at the interest rate for current deposits quoted on the date of interest settlement (June 30 each year shall be the date of interest settlement, the interest settled shall be consolidated into the principal for calculating interests, and the interest for the mantissa behind the digit of yuan shall not be calculated). If an account is closed prior to the date of interest settlement, the interest shall be calculated up to the day prior to the day of account closing at the interest rate for current deposits quoted on the day of account closing. Article 30. In case the time deposit is due on a statutory holiday, and which makes the depositor unable to withdraw deposit on time, the depositor can withdraw it at the savings outlet on the day prior to the said holiday. For which the formalities shall be handled as those for withdrawing deposit ahead of time, while the interest shall be calculated as if the deposit is due. Article 31. In case a depositor finds any mistake in the interest payment, he shall have the right to inquire of the savings outlet about it, and the savings outlet shall carry out a timely review for the depositor, and make faithful correction if the mistake is found upon verification. Article 32. In case a savings outlet increases interest rates illegally or in a disguised form, the local branch of the People's Bank of China shall order it to make correction, and circulate a notice of criticism. The deposit absorbed due to the illegal increase of interest rates shall be turned over to the local branch of the People's Bank of China for special management and no interest will be granted to such deposit. And the interest for the said deposit upon maturity shall still be paid to the depositors by the said savings outlet. Article 33. Those savings outlets that absorb public deposits shall be ordered to make liquidation within a time limit by the local branch of the People's Bank of China. Any savings outlet that fails to make liquidation on schedule shall be given a fine of 0.05% of the deposits it has absorbed. A savings agency shall be given a fine of 0.05% of the deposits it has absorbed, at the same time, the interests or agency charges it has collected from the bank shall be recovered. Any savings outlet that provides services without approval shall be ordered to be shut within a time limit once it is found out, and the savings deposits it has absorbed shall be transferred to a nearby savings outlet designated by the local branch of the People's Bank of China. Article 34. A depositor shall hold his certificate of deposit and his own identity certificate (identity card, permanent residence booklet or military card for a Chinese, and passport or certificate of adobe for a foreign depositor, similarly hereinafter) for drawing undue time deposit. If another person acts as an agent for drawing undue time deposit, he shall also show his own identity certificate. In case it is invalid to present any other identity certificate for drawing undue time deposit, the issue shall be decided by the department in-charge of the savings outlet. Article 35. For the request of any depositor for withdrawing the time deposit ahead of time, the savings outlet can, when the conditions prescribed in Article 34 of these Provisions are met, pay the said undue time deposit after verifying that the name of the person who opened the certificate of deposit is identical with that on the certificate. Article 36. The certificates of deposit (deposit passbooks) can be divided into two types: registered or unregistered. The loss of a registered certificate or passbook can be reported while the loss of an unregistered certificate can not be reported. Article 37. If the certificate of deposit or the deposit bankbook of a depositor is lost, he shall, upon the strength of his identity certificate and the relevant conditions on his name, time, type and amount of deposit, account number and address, immediately report the loss for payment suspension in written form to the savings outlet where he opened the account. The savings outlet can, after confirming that the deposit has not been withdrawn yet, accept the loss report. The depositor shall, seven days after the loss is reported, stipulate the time with the savings outlet for making up a new certificate of deposit or deposit bankbook or withdrawing the deposit. In case the depositor can not go to the savings outlet for handling such formalities by himself, he can entrust someone else to handle it, however, the trustee shall present his identity certificate. In case the depositor can not handle the formalities in written form, he shall report the loss by telephone, telegraph or letter, and shall make up the formalities for reporting the loss in written form within five days after the original loss report, otherwise, the original loss report will be invalidated. In case the deposit has been withdrawn before the loss is reported or the loss report is invalidated, the savings outlet shall not assume any liability. Article 38. In case a savings outlet finds that any person forges, alters certificates of deposit (deposit passbooks) or obtains deposits by using someone else name, it shall retain the certificates of deposits (deposit passbooks) and report it to the relevant department for disposal. Article 39. In order to maintain the interests of depositors, the inquiry, freeze or deduction of individual deposits shall be conducted according to the laws and administrative regulations, and no entity can illegally inquire about, freeze or deduct the deposit of depositors. In case the people's court, people's procuratorate, public security organ or state security organ, needs to inquire of the savings outlet about the individual deposit directly relating to a case for the purpose of investigating, filing a prosecution for or trying a case, it shall submit to the savings outlet a formal letter for inquiry issued by the court, procuratorate, public security organ or state security organ, at or above the country level, and provide relevant clues on the depositor, such as his name, name of the savings outlet, date of deposit, etc., and the savings outlet could not provide original ledgers and can only provide the photocopy. The organ applying for inquiry shall keep secret the deposit conditions provided by the savings outlet. Article 40. A dispute arising from the ownership of savings deposit that relates to the formalities for transfer or payment of such deposit shall be handled in a prudent manner: (1) Where the depositor is dead, his statutory inheritor shall apply for a certificate on his inheritance right to the notary public office at the locality of the savings outlet (if there is no notary public office, the application shall be field to the people's court of the county or city, similarly hereinafter) in order to prove his identity and his right to withdraw the deposit, and the savings outlet shall handle the formalities for transfer or payment of deposit upon the strength of the said certificate. Any dispute arising from the inheritance right to the said deposit shall be adjudicated by the people's court, and the savings outlet shall handle the formalities for transfer or payment of deposit upon the strength of the judgment, verdict or mediation paper rendered by the people's court; (2) Where the depositor is dead, but the holder of the certificate of deposit neither declares the inheritance process to the savings outlet nor holds the judgment of the people's court at the locality of deposit, and directly goes to the savings outlet for withdrawing or transferring the deposit of the deceased depositor, the savings outlet shall regard it as a normal withdrawal or transfer of deposit, and shall not be responsible for any other dispute about inheritance of savings occurred thereinafter; (3) Where an overseas Chinese or Hong Kong, Macao or Taiwan compatriot, abroad who deposits money in a domestic savings outlet or entrusts a bank to keep his deposit is dead, and his statutory inheritor stays at home, the said inheritor can, upon the strength of the death certificate of the original depositor, apply to the notary public office at the locality of the savings outlet for a certificate on the inheritance right, and the savings outlet shall handle the formalities for transfer or payment of deposit upon the strength of the said certificate; (4) The formalities for transfer or payment of deposit in the savings outlets of China that is owned by foreign citizens (including stateless persons) resided in China shall be identical with those for Chinese depositors, and shall be handled according to the aforesaid provisions. The said formalities for the deposit of foreign residents shall be handled according to the specific provisions in the bilateral consular agreement with China if there is such an agreement; (5) Where the inheritor stays abroad, he can apply to the notary public office of China for a certificate on the inheritance right upon the strength of the death certificate of the original depositor or the certificate of kinship upon authentication of the embassy or consular of China stationed in that country, and the savings outlet shall handle the formalities for transfer or payment of deposit upon the strength of the said certificate. In case the country where the inheritor stays is a country that prohibits the remittance of foreign exchange and it is difficult to handle the formalities according to the aforesaid provisions, the inheritor can apply to the notary public office of China for issuing a certificate on the inheritance right after a local overseas Chinese group, friendly group, or patriotic overseas Chinese or friendly people may issue a certificate and this certificate is authenticated by the Chinese assembly or consular stationed in that country, the savings outlet shall handle the formalities for transfer or payment of deposit upon the strength of the said certificate. In case the country where the inheritor stays has not established the diplomatic relationship with China, the said dispute shall be specially handled in light of special circumstances. Whether the deposit in the savings outlet of China inherited by the inheritors residing abroad can be remitted from the territory of China, this issue shall be decided by the relevant provisions in the regulation on the foreign exchange control of China; and (6) Where there is neither statutory inheritor nor will after a depositor is dead, according to the certificate issued by the local notary public office and the provisions of the department of finance, the deposit shall be turned over to the state treasury if the depositor is an employee worked for a wholly state-owned enterprise or public institution, state organ or mass organization, or shall be owned by the collective if the depositor is an employee worked for a collectively-owned enterprise or public institution. The interests for such deposit that is turned over to the state treasury or transferred to the collective shall not be paid. Article 41. In case an entity or individual commits any act prescribed in Article 34 of the Regulation on the Administration of Savings, the People's Bank of China or any of its branches shall order it or him to make correction, and may impose a fine, or order it or him to suspend business operations for rectification, or revoke the Financial Business Permit according to the seriousness of the circumstances. If the circumstances are serious enough to constitute a crime, the offender shall be investigated for criminal liability by the relevant department. Any related party who refuses to accept a decision of punishment may apply for reconsideration according to the provisions of the Regulation on Administrative Reconsideration. If he refuses to accept the reconsideration decision, he may bring a lawsuit before the people's court according to the Administrative Procedure Law of the People's Republic of China. In case the relevant party neither brings a lawsuit nor performs the decision of reconsideration, the provisions of the Regulation on Administrative Reconsideration shall apply. Article 42. In case a savings outlet violates the relevant provisions of the State and infringes on the legitimate rights and interests of depositors and causes losses, the savings outlet shall assume the liability of compensation according to law. Article 43. Any problem encountered during the course of the implementation of the Regulation and these Provisions shall be timely reflected to the Department of Interest Rates and Savings of the Head Office of the People's Bank of China. Article 44. The People's Bank of China will promulgate the Detailed Rules for the Implementation of the Regulation on the Administration of Savings at a proper time according to the conditions on the implementation of the Regulation and these Provisions. |
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