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Term Deposit Account


 

Product Name

Term Deposit Account

Product Description

1. Regular term deposits (non-redeemable);

2. Flexible term deposits (redeemable).

Currency

Regular Term Deposits: CAD, USD, CNY (RMB)

Flexible Term Deposits: CAD

Feature

1. Customers deposit their spare capital into the bank account on a selected term; interest payable on maturity which is normally higher than regular savings;

2. Regular Term Deposits in CAD and USD have many terms available, currently Bank of China (Canada) offers 7 days, 1month, 2 months, 3 months, 6 months, 1  year, 2 years, 3 years, 4 years and 5 years;

3. Regular Term Deposits in CNY (RMB) offers 1 month, 2 months, 3 months, 6 months and 1 year;

4.Flexible Term Deposit is redeemable within the first 90 days without interest or thereafter at a pre-determined rate in accordance with our daily Table of Rates, and the term is 1 year.

Target Customers

Any customers have spare capital during the selected terms and with valid IDs.

Process

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

Required Identity Documents

1. Two pieces of ID are 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

1. Minimum initial deposit amount for Regular Term Deposits: CAD 1,000.00, USD 1,000.00, CNY 5,000.00;

2. Minimum initial deposit amount for Flexible Term Deposits: CAD 5,000.00;

3. Foreign currency deposits are not insured by the Canada Deposit Insurance Corporation (CDIC).

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