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Target Deposit Account


 

Product Name

Target Deposit Account

Product Description

Target deposit allows you to make your deposit by monthly installments instead of a lump sum while enjoying the benefit of the interest rate of a term deposit.

Currency

CAD

Feature

1. Minimum monthly deposit amount is $200 through direct debit payments or $250 for non-direct debit payments; deposit terms are from 18 to 24 months;

2. You can pre-authorize to debit any of your bank accounts (including accounts from other financial institutions) for the monthly payments;

3. Interest rate is fixed at the time you place your initial deposit, payable at maturity.

Target Customers

Suitable for customers with stable income as well as additional capital.

Process

The customer goes through relevant procedures at any branches of Bank of China (Canada) with relevant identity documents.

Required Identity Documents

1. Two pieces of ID required when opening an account. One must be a photo ID (e.g. passport, permanent residence card, citizenship card, or valid Canadian driver’s license and etc.);

2. According to the Canadian regulation, all Canadian residents must provide SIN for any interest bearing account for tax purpose.

Kind Reminder

The minimum initial deposit amount is CAD 1,000.00.

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