Special deposit account

Service Description

The special deposit account is the bank settlement account opened by the depositor according to the laws and administrative regulations and rules for the management or use of its special-purpose fund.

Features

Special deposit account applies to receipt and payment of the special funds. Except grain, cotton, and oil purchasing funds, social security funds, housing funds, and the Party/League/Trade Union expenditures that can be withdrawn in cash in accordance with the provisions of cash management, other cash withdrawals shall be reported to the People’s Bank of China for approval. Income remittance account of the special deposit account applies only to receipt not to payment, and cash cannot be withdrawn, except that it transfers funds to its basic deposit account or financial special deposit account of extra-budgetary funds. Business expenses account applies only to payment not to receipt except that it transfers funds from its basic deposit account. Its cash withdrawal must be handled in accordance with the provisions of cash management.

Application Scope

The depositor can apply for opening a special deposit account for management and use of the following funds:
1.Capital construction fund 2.Renovation fund 3.Financial extra-budgetary fund 4.Grain, cotton, or oil purchasing funds. 5.Securities transactions settlement fund 6.Futures margin 7.Trust fund 8.Deposits from other financial institutions 9.Policy-oriented real-estate development fund 10.Unit imprest for bank cards 11.Housing fund 12.Social security fund 13.Income remitting fund and operating expenses 14.Unit expenditures of the Party, League, and Trade Union 15.Other funds in need of special management and use

Income remitting fund and operating expenditure refer to the income and payment of the non-independent accounting unit or subsidiaries attached to the depositor of the basic deposit account.
Special deposit account for income remitting fund and operating expenditure shall be opened with the name of the subordinate unit.

Documents for Application

The depositor shall issue to the bank certificates for opening basic deposit account, license of opening basic deposit account, and the following certificates when applying for opening the general deposit account.
1.The documents of approval by competent authorities shall be issued for capital construction fund, renovation fund, policy-oriented real-estate development fund, housing fund, and social security fund. 2.Certificate by financial sector shall be issued for the extra-budgetary fund. 3.The documents of approval by competent authorities shall be issued for food, cotton, and oil purchasing funds. 4.Relevant certificate and information shall be issued for unit imprest for bank card according to bank card articles approved by People’s Bank of China. 5.Certificate by the relevant securities company or securities administration department shall be issued for securities transactions settlement fund. 6.Certificate by futures company or futures administration department shall be issued for futures transaction margins. 7.Certificate shall be issued for deposits from other financial institutions. 8.Relevant certificate of depositor of the basic deposit account shall be issued for income remitting fund and operating expenditure. 9.The approval or certificate of the unit or relevant department shall be issued for unit expenditures of the Party/League/Trade union. 10.Relevant documents of related laws and regulations or government sections shall be issued for other funds in need of special management and use as required. 11.A depositor can only open one special deposit account with the same certificate; the qualified offshore institutional investors need no permit of opening the basic deposit account when applying for opening QFII special deposit account.