How to settle interest on Agricultural Bank of China card? When is the interest due?

Current deposits adopt the cumulative interest calculation method and settle interest on a quarterly basis. The 20th of the last month of each quarter is the interest settlement day. The interest is transferred to the current account on the 21st, usually on the 21st of March, June, September and December. Interest is shown on the day. The after-tax interest calculated based on the listed demand deposit interest rate on the interest settlement date (interest tax has been suspended at present, and the interest tax rate is zero) will be incorporated into the principal interest.

Interest is paid when the time deposit matures.

Extended information

The "Notice on the Calculation and Settlement of Interest on RMB Deposits and Loans" issued earlier by the People's Bank of China will be officially implemented from July 1, 2015.

The new regulations change the current interest settlement method for personal demand deposits from annual settlement to quarterly settlement, and allow financial institutions to collect interest from call deposits, agreement deposits, fixed deposits, principal deposits, and lump sum withdrawals. The interest calculation and settlement rules for deposit types such as lump sum deposits and partial withdrawals shall be formulated independently based on the principle of not exceeding the People's Bank of China's deposit interest rate ceiling for the same period.

This means that individual depositors and loan customers will receive different interest rates when they apply for the same deposit or loan at different banks.

Baidu Encyclopedia-Bank Interest Settlement