Laws of the People's Republic of China

Reply of the People's Bank of China on the Related Issues Concerning the Administration on Savings Depositing and Withdrawing Business of Individuals

Yin Ban Han [2000] No. 816 December 15, 2000

The Industrial and Commercial Bank of China,

We have received your Letter of Related Suggestion on the Provisions for the Administration of Savings Depositing and Withdrawing Business of Individuals (Gong Yin Han [2000] No. 355) has been received and the reply is hereby rendered as follows,

1.

In Article 5 of the Notice on Strengthening the Administration on Savings Depositing and Withdrawing Business of Individuals of Financial Institutions (Yin Fa [1997] No. 363, hereinafter referred to as the Notice), it is provided that "The withdrawal of any saving which an individual deposits in 24 hours on the very day shall be handled in the original network branch of deposit." Particularly, the term "on the very day" means the day when the saving is deposited; the term "withdrawal within 24 hours" means the withdrawal of saving that has been deposited on the very day (convenient for operation). Those commercial banks that have opened ATM business have realized their internal networking and unified operation rules and set a quota of maximum cash withdrawal (5, 000 Yuan) so that risks are hedged. Therefore, in case a bankcard holder withdraws money on an ATM machine after depositing some money on the very day, he may not be subject to the related provisions of the Notice.

2.

In Article 6 of the Notice, it is provided that "A financial institution that conducts the savings depositing and withdrawing business of individuals shall, when encountering any client who withdraws more than 50, 000 Yuan (not including 50,000 Yuan) in an one-off manner in one day, require its counter staff to ask the saving withdrawing person for the effective identity certificate, and shall make payment upon the examination and approval of its person-in-charge." Particularly, the term "examination" means the verification on the consistency between the name on the identity certificate and that on the deposit note as well as that on the deposit book and the term "50, 000 Yuan" means the total amount of the principal and interest.

The branches and business management departments of the People's Bank of China shall transfer this document to all urban commercial banks and urban and rural cooperatives within their respective jurisdictions.