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

中国人民银行关于改进个人银行账户服务 加强账户管理的通知

January 05, 2016 | BY

Susan Mok

PBOC strengthens administration of bank 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.

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