Current Deposit

The current deposit refers to a service without any deposit term limitations that cash deposits and withdraws can be made at bank counters, bank self-service equipments with bank card，passbook or reserved password during bank business hours. The minimum deposit amount of RMB current deposit is RMB1.00, and the minimum deposit amount of foreign currency current deposit is not less the value of foreign current that is equivalent to RMB20.00. In deposit terminology, the term Current Deposit refers to a deposit to a bank account or financial institution without a specified maturity date. These types of Current Deposit account generally only earn demand deposit interest.

Current Deposit Example

For example, a Current Deposit will often be made into a bank or other financial institution’s account in the local currency. The deposit will then generally be made available to the customer for withdrawal at any time and without an early withdrawal penalty. Funds are typically made immediately available to the customer for withdrawal by writing a check. Such Current Deposit accounts are generally used for businesses that have a need for issuing checks to pay employee salaries and bonuses, as well as to provide cash for inventories and other such business expenses. The bank or financial institution where the Current Deposit account is held usually pays out interest on the funds periodically, such as monthly or quarterly.