What Is an Individual Savings Account?

A personal savings account refers to a RMB savings account opened by a natural person in a bank savings institution in the name of a natural person with a valid personal identity document to handle fund deposit and withdrawal business. The main purpose is to obtain interest income. The personal savings deposit interest rate is formulated and announced by the People's Bank of China.

Personal savings account

According to the frequency of deposit and withdrawal, the amount of funds can be

The differences between personal savings accounts and personal settlement accounts are as follows:

Common points:

(1) Both can access cash.

(2) Interest income can be obtained from deposits (the interest rate on the settlement account deposit is the same as the current savings account).

(3) The personal settlement account and current savings account in my name can be transferred to each other.

difference:

(1) After the implementation of the "Administrative Measures on RMB Bank Settlement Accounts", when transferring external funds or accepting external fund transfers (including remittances in my non-local accounts), they can only be handled through settlement accounts.

(2) The savings account can only handle deposits and withdrawals and transfers in its own name, and it cannot transfer funds to or from other people or units.