What Is a Direct Deposit Account?

A personal deposit account is a deposit account opened by a natural person for investment, consumption, settlement, etc. that can handle payment settlement business.

Personal deposit account

Article 1 These regulations are formulated in order to ensure the authenticity of personal deposit accounts and safeguard the legitimate rights and interests of depositors. Article 2 Financial institutions in the People's Republic of China and individuals who open personal deposit accounts with financial institutions shall abide by these regulations.

Article 3 The term "financial institutions" as mentioned in these Provisions refers to institutions that establish and operate personal deposit businesses in accordance with law in China.

Article 4 The personal deposit accounts referred to in these regulations refer to RMB and foreign currency deposit accounts opened by individuals in financial institutions, including demand deposit accounts, time deposit accounts, fixed-money deposit accounts, notice deposit accounts and other forms of individuals Deposit account.

Article 5 The real names referred to in these regulations refer to the names used on identity documents that comply with laws, administrative regulations and relevant state regulations.

The following identity documents are real-name documents:

(1) Chinese citizens residing in China shall be resident ID cards or temporary resident ID cards;

(2) Chinese citizens under the age of 16 who live in the territory, which are household registration books;

(3) Soldiers of the Chinese People's Liberation Army, serving as military identification documents; Chinese People's Armed Police, serving as armed police identification documents;

(4) Residents of Hong Kong and Macao are Hong Kong and Macau residents 'passports to the Mainland; Taiwan residents are Taiwan residents' Mainland passports or other valid travel documents;

(5) Foreign citizens are passports.

If there is no provision in the preceding paragraph, it shall be implemented in accordance with relevant laws, administrative regulations and relevant state regulations.

Article 6 When opening a personal deposit account at a financial institution, an individual shall show his or her identity card and use his real name.

When opening a personal deposit account at a financial institution on behalf of another person, the agent shall present the identity documents of the principal and the agent.

Article 7: When opening a personal deposit account with a financial institution, the financial institution shall require it to show its identity document, check it, and register the name and number on its identity document. When opening a personal deposit account with a financial institution on behalf of another person, the financial institution shall require them to present the identity documents of the principal and the agent for verification, and register the names and numbers on the identity documents of the principal and the agent.

A financial institution shall not open a personal deposit account for a person without presenting his or her identity or using the name on his or her identity document.

Article 8 Financial institutions and their staff members are responsible for keeping secrets in the case of personal deposit accounts.

A financial institution shall not provide any unit or individual with information about a personal deposit account, and shall have the right to refuse any unit or individual to inquire, freeze, or deduct an individual's money in a financial institution; except as otherwise provided by law.

Article 9 If a financial institution violates Article 7 of these regulations, the People's Bank of China may issue a warning and may impose a fine of more than 1,000 yuan and less than 5,000 yuan. Other directly responsible persons shall be subject to disciplinary sanctions in accordance with law; if a crime is constituted, criminal responsibility shall be investigated in accordance with law.

Article 10 Individual deposit accounts that have been opened with financial institutions before the implementation of these regulations shall be implemented in accordance with the relevant national regulations before the implementation of these regulations; , The real name shall be used in accordance with these regulations.

Article 11 These regulations shall be implemented by the People's Bank of China.

Article 12 These regulations shall come into effect on April 1, 2000.

1. The types of accounts are: personal bank settlement account, personal current savings account, personal time deposit account; personal notification deposit account, etc.
2. The constituent elements of the account are: the name of the bank that opened the account, the type of deposit, the name of the depositor, and the digital number of the account. At present, there is no scientific unified establishment and management of personal deposit accounts in China. There are too many passbooks (cards) for depositors, and passwords are easy to decipher. In 2009, Zuoheshui put forward the proposal of "implementing the" one person, one number "system for personal bank deposit accounts" following the implementation of the "Real-name System for Personal Deposit Accounts" in China, that is, a depositor will use his account regardless of the number of commercial banks he has The ID number constitutes the "digit number" element of its account. In this way, the use and management of banks and individuals are more convenient, and it can also facilitate the handling of cases and anti-corruption by the judicial department.