People's Bank of China, Circular on Improving Bank Account Services to Individuals and Strengthening the Administration of Accounts

Issued: December 25 2015

Main contents: Depositors may open Type I, Type II and Type III accounts at the counter, by automated teller machine or electronically. Type I accounts are full-function bank settlement accounts; depositors may make deposits, purchase financial products, such as investment and wealth management products, handle consumer and fee payments up to a limited amount, etc. through Type II accounts; and Type III accounts may be used to handle small consumer and fee payments.

The largest differences between Type II and Type I accounts are the inability to deposit and withdraw cash and to make transfers to non-pre-specified accounts through the former. The largest difference between Type III and Type II accounts is that only small consumer and fee payments may be carried out and other matters may not be handled through the former.