|Home » Articles » Banking|
Chinabank Initial Deposit, Minimum Maintaining Balance and Interest Rates
1. ADB refers to Average Daily Balance or the sum of the daily end-of-day balances in the account for a month divided by the number of days in that month.
2. Euro (EUR) and Chinese Yuan (CNY) accounts are available at selected branches only. For CNY accounts, only Series 5 (1999) and 2005) CNY 50.00 and CNY 100.00 denominated bills shall be accepted as deposits. No coins are allowed for USD, EUR, CNY accounts.
3. Deposits on foreign currency accounts are subject to a holding/float period (6 banking days for cash, 15 banking days for USD/EUR checks/drafts, from date of deposit). No interest shall be earned during the holding/float period and withdrawals shall only be allowed after the holding/float period.
4. Peso Account interest earning is subject to 20% withholding tax. For residents, Foreign Currency Account interest earning is subject to 7.5% withholding tax.
5. Interest shall be credited at the end of each quarter (i.e., March 31, June 30, September 30, and December 31) for the above types of accounts except MoneyPlus Savings Acount. For MoneyPlus Savings Account, interest shall be credited on the last day of the month, and if there are more than two (2) withdrawals in a given month, the regular Peso Savings Account interest rate shall apply.
"Chinabank Initial Deposit, Minimum Maintaining Balance and Interest Rates" was written by admin under the Banking category. It has been read times and generated 0 comments. The article was created on .
|Total comments: 0|