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Laws of the People's Republic of China |
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| Category | BANKING | Organ of Promulgation | The State Council | Status of Effect | In Force |
| Date of Promulgation | 1992-12-11 | Effective Date | 1993-03-01 |
|
Regulations on the Administration of Savings |
|---|
Article 1 These Regulations are formulated for the purposes of developing
savings, protecting the legitimate rights and interests of depositors, and
strengthening the administration of savings.
Article 2 Any savings institution handling savings as a business and any
individual participating in savings within the territory of China must observe
the provisions of these Regulations.
Article 3 "Savings" mentioned in these Regulations refer to those
activities in which an individual deposits his own RMB or foreign currency in
a savings institution while the savings institution issues a bankbook or
deposit certificate in return; and when the individual withdraws the principal
and interest on his deposits against his bankbook or deposit certificate, the
savings institution will pay him the principal and interest according to
provisions.
No unit or individual may convert public funds into savings deposited on
an individual's behalf.
Article 4 "Savings institution" mentioned in these Regulations refers to
those institutions under banks or credit cooperatives which handle savings
services with the approval of the People's Bank of China or one of its
branches, and those under postal enterprises which handle savings services
statutorily.
Article 5 The State protects the ownership, other legitimate rights and
interests over legal savings deposits of individuals and encourages
individuals' participation in savings.
In handling savings businesses, savings institutions shall observe the
principles of voluntariness in depositing, freedom of withdrawal, interest on
every deposit and keeping secret for depositors.
Article 6 The People's Bank of China shall be responsible for the
administration of savings throughout the country.
The People's Bank of China and its branches shall be responsible for the
approval of savings institutions and savings services, for the coordination of
various savings institutions in their savings businesses and for the mediation
of their disputes, for the supervision and auditing of savings services, and
for correction and punishment of violations of the State laws, regulations and
policies governing savings.
Article 7 The People's Bank of China may, with the approval of the State
Council, take proper actions in the interest of depositors for the stability
of savings.
Article 8 With the exception of savings institutions, no other unit or Article 9 To establish a savings institution, the principles of unified Article 10 To establish a savings institution, a report shall be Article 11 To establish a savings institution, the following requirements (1) having its own name, organizational structure and place of business; (2) having no less than four workers qualified for savings services; and (3) having necessary security and protective equipment. Article 12 A savings institution may establish its agency with the Article 13 A savings institution shall conduct its business during its Article 14 Savings institutions shall ensure the payment of the principal Article 15 Savings institutions shall not resort to unfair means to Article 16 A savings institution may handle the following RMB savings (1) current deposits; (2) time deposits by which a fixed sum may be put in and withdrawn when it (3) time deposits by which odd money may be put in as savings and a round (4) time deposits by which the interest may be withdrawn and the principal (5) time deposits by which a round sum may be put in and petty cash be (6) deposits with a current or fixed account at the depositor's (7) time deposits for a fixed sum of overseas Chinese RMB; and (8) savings deposits of other kinds approved by the People's Bank of China. Article 17 With the approval of foreign exchange control departments, a (1) current deposits; (2) time deposits by which a fixed sum may be put in and withdrawn when it (3) foreign currency savings deposits of other kinds approved by the The principle and interest on foreign currency savings deposits shall be Article 18 In handling a time deposit service, a savings institution may, Article 19 Based on the State policies regarding housing reform and Article 20 With the approval of the People's Bank of China or one of its (1) distributing and cashing securities offered to individual residents (2) extending small secured loans on personal time deposit certificates; (3) other financial services. Article 21 A savings institution may act as an agent issuing wages, Article 22 Rates of interests on savings deposits shall be proposed by Article 23 Savings institutions shall openly list interest rates of Article 24 For an undue time deposit the whole of which is to be Article 25 For an overdue time deposit, the interest during the Article 26 For a time deposit of which the interest rate has changed Article 27 For a current deposit of which the interest rate has changed Article 28 Any depositor who thinks the payment of the interest on his Article 29 A depositor must hold his deposit certificate and his own Article 30 Bankbooks or deposit certificates shall be in the form of Article 31 A depositor must without delay apply to the savings The savings institution must suspend payment on the savings deposits Article 32 Savings institutions and their personnel shall have an Savings institutions shall not inquire into, freeze or allocate savings Article 33 If a dispute arising from a savings deposit results in the Article 34 If any unit or individual commits any of the following actions (1) handling savings services without approval; (2) establishing a savings institution without approval; (3) handling a new savings service by a savings institution without (4) handling financial businesses not described in these Regulations by a (5) suspending business or shorten business hours without approval; (6) absorbing savings deposits by unfair means by a savings institution; (7) changing interest rates of savings deposits in violation of the State (8) disclosing information concerning a depositor's savings, or inquiring (9) committing other actions violating the State laws, administrative Any violator of the provisions of the second paragraph of Article 3 in Article 35 Any party who refuses to accept a decision of punishment may Article 36 In a case where an applicant for reconsideration neither Article 37 A savings institution that, in violation of the relevant State Article 38 For those time deposits with their accounts opened prior to Article 39 The People's Bank of China shall be responsible for the Article 40 These Regulations shall come into effect on March 1, 1993. The
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individual may handle savings services.
Chapter II Savings Institutions
planning, convenience for the masses, focusing on efficiency and ensuring
security shall be abided by.
submitted to the People's Bank of China or one of its branches for approval
according to the relevant State provisions, and a Permit for Financial
Business be applied for, unless otherwise provided for by the State laws and
administrative regulations.
must be met:
approval of the local branch of the People's Bank of China. Measures for the
administration of savings agencies shall be formulated by the People's Bank of
China.
fixed business hours and shall not suspend business or shorten its business
hours at will.
and interest on savings deposits and shall not illegally refuse payment.
absorb savings deposits.
Chapter III Savings Services
services:
becomes due;
sum made up and withdrawn when it becomes due;
remaining till it becomes due;
withdrawn within a fixed time period;
convenience;
savings institution may handle the following foreign currency savings services:
becomes due; and
People's Bank of China.
paid in foreign currency.
at the request of the depositor, handle the automatic renewing of the time
deposit account when it becomes due.
actual needs and with the approval of the local branch of the People's Bank of
China, a savings institution may handle personal housing savings services.
branches, a savings institution may handle the following financial services:
such as State treasury bonds, financial bonds and enterprise bonds;
and
collecting house rents, water and electricity charges, and providing other
services.
Chapter IV Rates and Calculation of Interests on Saving Deposits
the People's Bank of China and published with the approval of the State
Council, or shall be fixed and published by the People's Bank of China with
the authorization of the State Council.
savings deposits and shall not change them without approval.
withdrawn ahead of time, the interest shall be calculated at the rate
of current deposits listed openly on the date of withdrawal. If only part of
an undue deposit is to be withdrawn ahead of time, the interest on this part
withdrawn ahead of time shall be calculated at the rate of current deposits
listed openly on the date of withdrawal, and the interest on the remaining
shall, when it becomes due, be calculated at the rate of time deposits listed
openly on the date of the opening of the account.
overdue period shall be calculated at the rate of current deposits listed
openly on the date of withdrawal unless a renewal of the time deposit has been
handled as agreed upon between parties.
before it becomes due, the interest shall be calculated at the rate of
the time deposit listed openly on the date of the opening of the account.
during the period in which it was deposited, the interest shall be calculated
at the rate of current deposits listed openly on the date of the settlement of
the interest. If the whole of a current deposit is to be withdrawn, the
interest shall be calculated at the rate of current deposits listed openly on
the date of the closing of the account.
savings deposits is in error shall be entitled to apply for a review by the
savings institution concerned, which shall accept the application and review
the calculation of the interest in time.
Chapter V Withdrawing Ahead of Time, Registration of Loss, Inquiry and
Transfer of Ownership
identity certificate when withdrawing ahead of time his undue time deposits.
If another person acts as an agent withdrawing the deposits for the depositor,
the person must hold his own identity certificate.
nominated or unnominated certificates. The loss of nominated certificates may
be registered and the loss of unnominated ones may not be registered.
institution with which he opened his account to register the loss of his
deposit certificate, bankbook or his seal having its impression on record by
holding his own identity certificate and providing the relevant data such as
the depositor's name and address, date of the opening of the account, category
and amount of the deposits, and account number. If special circumstances
exist, a depositor may register the loss orally or by letter or by telegram
provided that he complete the formality of registering the loss in writing
within five days.
concerned upon acceptance of the application for registration. If the savings
deposits has been withdrawn by another person before the acceptance of the
application, the savings institution shall be exempted from the liability for
compensation.
obligation to keep secret the depositors' savings and relevant information.
deposits on behalf of any unit or individual, unless otherwise provided for by
laws and administrative regulations of the State.
transfer of ownership, the savings institution shall handle the formality of
the transfer according to the legally effective written judgments or orders or
conciliation statements made by the people's court.
Chapter VI Legal Liability
in violation of the provisions of these Regulations, the People's Bank of
China or one of its branches shall order it or him to make corrections, and
may impose a fine, or order it or him to suspend business operations for
rectification, or revoke the Permit for Financial Business according to the
seriousness of the circumstances. If the circumstances are serious enough to
constitute a crime, the offender shall be investigated for criminal liability.
approval;
savings institution without approval;
provisions governing interest rates;
into, freezing or allocating savings deposits on others' behalf without
completing legal procedures; or
regulations or policies governing savings.
these Regulations shall be punished according to the relevant State provisions.
apply for reconsideration according to the provisions of the Administrative
Reconsideration Regulations. If he refuses to accept the reconsideration
decision, he may bring a lawsuit before a people's court according to the
Administrative Procedure Law of the People's Republic of China.
brings a lawsuit nor performs the decision of reconsideration within a time
limit, the provisions of the Administrative Reconsideration Regulations shall
apply.
provisions, infringes upon the legitimate rights and interests of depositors
and thereby causes losses to them shall be bear liability for compensation
according to law.
Chapter VII Supplementary Provisions
the implementation of these Regulations, the interest during the period in
which savings are deposited shall be calculated according to the previous
relevant provisions of the State.
interpretation of these Regulations and for the formulation of the
implementation rules.
Rules of the People's Bank of China for Savings Deposits, promulgated by the
People's Bank of China on May 28, 1980, shall be invalidated on the same date.
URL: http://www.asianlii.org/cn/legis/cen/laws/rotaos442