People's Bank of China, Administration of Renminbi Bank Settlement Accounts Measures

Issued: April 10 2003
Effective: September 1 2003
Interpreting authority: People's Bank of China (PBOC)
Applicability: "Depositors" includes enterprises and natural persons and "banks" includes wholly foreign-owned banks, Sino-foreign equity joint venture banks and branches of foreign banks that are approved by the People's Bank of China to engage in payment and settlement business (Article 2).

Main contents: Part Two sets out the eligibility, Measures and requirements for opening of bank settlement accounts, namely, "basic deposit account" for daily transfer, settlement and cash receipt and payment (Article 11); "general deposit account" for loans or other settlement needs (Article 12); "specific deposit account" for the funds with specific purposes for exclusive administration and uses according to laws, administrative regulations and rules (Article 13); "provisional deposit account" for funds for temporary needs and used within a prescribed term (Article 14); and "personal deposit account" for natural persons for investment, consumption and settlement purposes (Article 15). The bank shall verify the bank account opening documents and report the same to the local PBOC branch for approval or record filing (Article 28). Part Three sets out the uses and operations of these accounts. Settlement accounts cannot be leased out, lent or used for credit borrowing (Article 45). Part Four deals with the amendment to or cancellation of bank settlement accounts. If a circumstance specified in Article 49 arises, or if the account is dormant for a year and there is no outstanding payment, it shall be cancelled.
Related legislation: PRC People's Bank of China Law, Mar 18 1995, CLP 1995 No.5 p23 and PRC Commercial Banking Law, May 10 1995, CLP 1995 No.5 p32
Repealed legislation: Administration of Bank Accounts Measures, Nov 1 1994, CLP 1994 No.10 p4