Corporate Term Deposit

A time deposit refers to enterprises, institutions, organs, and groups depositing their funds that meet certain requirements and will not be used within a certain period to CMB once for all, specifying the deposit term. CMB will issue a confirmation of time deposit to them, which they may use to withdraw the principal and interest through the certificate of deposit when the deposit matures.

Business Process

1. The customer, when transacting the time deposit, shall sign a check for transfer to CMB, which, after reviewing it for errors and keeping it properly, will make out a confirmation in triplicate. It will keep the first and third copies with it, and return the second copy to the customer as a deposit certificate after stamping it with its business cachet. CMB will stipulate the date, enterprise name, account number, deposit term, amount, and interest rate on the confirmation; the customer must reserve its signature;
2. When the deposit matures, the customer shall hold two copies of the bank slip and the second copy of the confirmation with its signature kept to conduct transfer with CMB. In case the customer has not left any signature, it may conduct the transfer through its cachet;
3. If the customer prefers to withdraw the time deposit before its maturity, it shall present the written certificate stamped by its cachet and provide a justified reason for the premature withdrawal. CMB will calculate the principal and interests according to the interest rate of demand deposit publicized on the date of withdrawal. For the premature withdrawal of a part of the deposit, the interests of the withdrawn deposit will be calculated according to the interest rate publicized on the date of withdrawal; the residual deposit will be conferred a new certificate of deposit, and its interests will be calculated and paid according to the interest rate of the time deposit publicized on the date when the original certificate of deposit was issued and the original deposit term;
4. After the maturity of the time deposit, the customer may transact the renewal procedure. CMB will withdraw the certificate of deposit, clear the interests, issue a new confirmation, and calculate interests according to the date of renewal;
5. When the signature on the certificate of deposit is changed, a letter of the customer and confirmation shall be submitted to CMB to transact the procedures of signature change. In case the certificate of deposit is reported lost, damaged, or stolen, CMB can only transact the procedure for reporting the loss after confirming that the deposit has not been paid according to the customer's letter on payment suspension, and reissue a new certificate of deposit. If the deposit is withdrawn fraudulently by others before the customer declares to stop the payment, CMB cannot report its loss;
6. The certificate of deposit is not transferable or negotiable.