The RMB Demand Deposit (hereinafter "demand deposit") is an account in which customers deposit their RMB funds into a bank without specifying the deposit term. Customers then receive a deposit certificate from the bank and may further deposit or withdraw a discretionary amount at any time.

The personal demand deposit account is divided between a personal settlement account and a personal savings account.

The personal settlement account is an RMB demand deposit account a person opens with a savings institution for investment, consumption and settlement purposes, in his/her name, showing valid identity certificate. The personal settlement account is used for personal fund transfers and cash deposits or withdrawals. It must be opened in RMB, yet allows for foreign currency deposits after the initial opening.

The personal savings account is an RMB savings deposit account a natural person opens with a savings institution for fund deposit and withdrawal purposes, in his/her name, showing valid identity certificate. The personal savings account is only limited to cash deposit and withdrawal. Fund transfer is not allowed. The personal savings account may be opened in any or more than one currency. The minimum balance is RMB1 without any maximum amount.

Benefits

It is a convenient temporary deposit for daily spending money and idle money. Benefits also include: flexible and convenient deposit and withdrawal; deposit, withdrawal, inquiry and verbal loss reporting services; collection and payment agency; and payroll services.

Procedures

1. Open an account

The customer opens an account using his/her valid identity certificate. To open an account, the customer needs to correctly fill out the savings deposit slip, deposit an acceptable amount and specify the method of withdrawal. The teller then issues the certificate of deposit if no errors are found.

2. Deposit and withdraw

The customer deposits and withdraws money using the passbook in the specified way. Each transaction is printed or recorded on the passbook. 

3. Close the account

The customer may close the account at the outlet if he/she no longer needs the passbook.