January this year, CCB launched the All Personal Call Deposits in One Account (hereinafter referred to as “All in One Account”) nationwide and is well accepted by customers. It is said that by the end of March over 158,000 customers have opened the All in One Account with a total deposit of more than RMB30 billion. Why should All in One Account be so attractive to customers? As a smart wealth management product initiated by CCB, All in One Account records more than one call deposits of customers in one account and allows the automatic transfer between the account and customers’ current deposit accounts, enabling customers to enjoy both the flexibility of current deposit and the yield of seven-day call deposit. The minimum deposit and account balance of All in One Account must be over RMB50,000 or foreign currency equivalent US$5,000 (including US$5,000).

The product has six major merits. First, it is managed in the way of current deposit account and allows easy deposit and withdrawal with a clear record. Second, as call deposit it increase interest income. The product adopts the interest rate of seven-day call deposit which according to the current interest rate is 2.25 fold of that of current deposit. Third, Automatic redeposit is agreed once the All in One Account is opened. All deposits in the account with a term over 7 days (including 7 days) will be re-deposited automatically with interest paid at the rate of seven-day call deposit. Fourth, it is applied to both RMB and foreign currency deposits. Fifth, customers may choose the “Happy Investor” wealth management card or deposit book as the transaction tool of All in One Account. Sixth, it offers automatic wealth management functions. When the current deposit account balance of customers exceed the agreed retention amount, the surplus will be transferred to their All in One Account and enjoy the interest rate of seven-day call deposit. In case of consumption, ATM withdrawal, paying bills and making repayment, if the current account balance of customers is insufficient, the All in One Account will off automatic fund transfer.

Background information

All in One Account adopts the same management model as current account and allows easy deposit and withdrawal.

——Product merit one

All in One Account enables higher yield for the idle money of customers. The traditional personal call deposit is made on a one-by-one basis with the deposit and withdrawal procedures as complicated as those of term deposit, but the All in One Account is an innovative product of CCB developed on the basis of personal call deposit. Adopting the management model of current account, it records multiple call deposits in one account and allows easy deposit and withdrawal as current account with a clear record, making breakthroughs in terms of flexibility and convenience.

Call deposit generates bigger yield

——Product merit two

As call deposit, the All in One Account generates bigger yield. At present, the interest rate of current deposit is 0.72% and of seven-day call deposit is 1.62%, with the former 2.25 fold of the latter. How to use the All in One Account to generate the interest income of call deposit for your idle money? The minimum balance of All in One Account is required to be RMB50,000. Once the account balance is kept over RMB50,000 with a term of over 7 (including 7) days, interest rate of seven-day call deposit will be applied.

Customers may require linking their current account with their All in One Account. Setting the retention amount of current account, the surplus of their account will be transferred to their All in One Account automatically and allow them to enjoy the interest income of call deposit.

Easy automatic redeposit

——Product merit three

All in One Account offers automatic redeposit services which relieve the trouble of staff redeposit service and enables customers to enjoy the compound interest income based on the call deposit interest rate by transferring the post-tax interest income into principal automatically.

Under the following two circumstances, All in One Account makes automatic fund transfer and adds the interest income to the principal for customers:

First, when customers make deposit or withdrawal, interest of the deposits which have a term of over 7 days in the All in One Account will be settled at the rate of seven-day call deposit and renewed automatically together with both principal and its accrued interest. The renewal date will be the value date of the next interest period.

Second, regular monthly redeposit. Interest of the deposits which have a term of over 7 days in the All in One Account will be settled at the rate of seven-day call deposit at the end of each month and renewed automatically together with both principal and its accrued interest. The renewal date will be the value date of the next interest period.

For example, Mr. LI opened an All in One Account and deposited RMB100,000 in the account. Seven days later he withdrew RMB10,000 and the account balance became RMB90,028.8.

If no deposit or withdrawal is made in the All in One Account of Mr. Li, seven days later it will be the monthly automatic redeposit date of the account and the account balance will become RMB100,028.8. If the original RMB10,000 remains intact within 1 year, automatic redeposit will be made each month with both the principal and its accrued interest. In this way, Mr. Li actually enjoys an annual percentage yield of 1.6321%.

If Mr. Li makes several deposits in his All in One Account, the account will settle the interest of the deposits with a term of over seven days, redeposit both the principal and its accrued interest and then withdraw in the order of the term of each deposit each time he withdraws money, maximizing the interest income of customers.

Convenient automatic wealth management

——Product merit four

The strongest merit of All in One Account is convenient automatic wealth management. Customers just designate a current deposit account and sign an agreement on the automatic transfer between the account and their All in One Account and will enjoy two automatic wealth management services, i.e. automatic transfer from current account to All in One Account and automatic transfer from All in One Account to current account (bankbook only offers the function of automatic transfer from current account to All in One Account. Customers need sign separate agreement on each of the two services). To put it specially, it includes the following services:

Transfer from current account to All in One Account raises the value of idle money. When the current account balance of customers exceed the agreed retention amount (set by customers as necessary), CCB will transfer the surplus to the All in One Account automatically at the interest rate of seven-day call deposit, increasing the interest income of current deposit immediately.

When customers swipe the wealth management card nationwide for shopping and the current account balance is insufficient, the All in One Account will offer real-time fund support and enable customers to enjoy happy shopping experiences.

When customers withdraw money at CCB ATMs or UnionPay ATMs nationwide with their wealth management card and the current account balance is insufficient, the All in One Account will offer real-time fund support to customers.

If customers have signed the agreement on paying various bills (water, electricity, telephone, etc.) automatically, automatic personal loan repayment, automatic repayment of debit card with the wealth management card and the current account balance is insufficient, the All in One Account will offer real-time fund support to customers.

For example, Mr. Li needs to provide a current account number and set the retention amount of the current account when applying for the automatic wealth management function of “transfer from current account to All in One Account”. After that, each day the All in One Account system will automatically transfer the surplus over the retention amount of the current account to the All in One Account (each transfer should be over the minimum amount required by CCB). If Mr. Li also signs agreement on the wealth management service of transfer from All in One Account to current account, the All in One Account will offer real-time fund support to him when he pays for shopping or making ATM withdrawal, automatic payment of bills and automatic repayment with his current account and the current account balance is insufficient.

Flexible choice – card or deposit book

——Product merit five

In response to customers’ different choices of transaction tools, CCB offers two options to the customers of All in One Account, i.e. the “Happy Investor” wealth management card or the deposit book which have different automatic wealth management functions.

Customers who choose the “Happy Investor” wealth management card as the transaction tool of All in One Account usually use fund frequently, especially via various electronic transaction channels, so CCB offers those customers two-way automatic wealth management services, i.e. both the transfer from current account to All in One Account and automatic transfer from All in One Account to current account.

Customers who choose the deposit book focus more on the savings function and have lower frequency of using the electronic transaction channels compared with those choosing the wealth management card, so CCB only offers the wealth management function of transfer from current account to All in One Account.

Value increase of multiple currencies

——Product merit six

Currently CCB provides deposit services for 9 different foreign currencies, i.e. US dollar, HK dollar, Australian dollar, Japanese Yen, Singapore dollar, Euro, sterling, Canadian dollar and Swiss Franc. To fully meet the diversified wealth management needs of customers, All in One Account offers multiple currency options. Customers can open the All in One Account for each of the foreign currencies available at CCB outlets.

Customers choosing the “Happy Investor” wealth management card as the transaction tool of All in One Account may open a RMB All in One Account and a cash account and a remittance account under a card. Customers choosing deposit book as the transaction tool of All in One Account need to open a new bankbook for each foreign currency.