Do you need to explain the source of large deposits?

Large cash deposits need to indicate the source.

According to Article 9 of the Measures for the Administration of Reports on Large-value Transactions and Suspicious Transactions of Financial Institutions, financial institutions shall report to the China Anti-money Laundering Monitoring and Analysis Center for cash receipts and payments in the form of cash deposits, cash withdrawals, cash settlement and sale of foreign exchange, cash remittance and cash bill settlement with accumulated RMB transactions of more than 200,000 yuan or the equivalent of more than 6,543,800 US dollars. The bank account of a non-natural person customer is a transfer declaration for a single or accumulated transaction of RMB 2 million and the equivalent of more than US$ 200,000 on that day. Therefore, large cash deposits generally require us to explain the source. Banks will never conceal or omit what we have answered when inquiring about the source of funds.

In addition, different banks will have different regulations on large deposits. For example, China Merchants Bank generally does not need to make an appointment for large deposits, and the outlets will handle them according to the actual risks, which can be confirmed with the outlets first. If the accumulated deposit amount of ICBC outlets reaches or exceeds 50,000 yuan on the same day, valid identity documents are required. When deposits in some areas reach a certain amount, a "cash source" is needed. See the reply at the outlet for details.

Large deposit is a business that foreign banks started very early, usually to attract huge deposits. Large deposits generally refer to more than 50,000. There is a large certificate of deposit mark when opening a certificate of deposit. You need to make an appointment one day in advance to withdraw money Large deposits are in the form of certificates of deposit, and the interest rate is directly negotiated by depositors and banks. The deposit is fixed and there is no compound interest. Generally, it is not allowed to withdraw money in advance before the order expires. Unless otherwise agreed, interest will still be paid at the original agreed interest rate in case of interest rate adjustment. The certificate of deposit is registered and can be reported for loss, and the denomination is not fixed.

Notice deposit is defined as the depositor's failure to agree on the deposit term at the time of deposit. Deposits that can only be withdrawn after notifying financial institutions in advance and agreeing on the date and amount of withdrawal. There are two kinds of deposits: "one-day notice deposit" and "seven-day notice deposit", and the deposit type is freely chosen by the depositor when depositing. Financial institutions shall bear interest according to the corresponding interest rate level announced on the withdrawal date and the actual deposit period, and the interest shall be settled with the principal. However, for those who have gone through the notice procedures but do not withdraw or cancel the notice within the notice period, it is stipulated that there will be no interest during the notice period, that is, the interest-free days for seven-day notice deposits are seven days, and the interest-free days for one-day notice deposits are 1 day.

Minimum initial deposit and minimum withdrawal amount of notice deposit: 50,000 yuan for an individual. Depositors need to deposit the principal in one lump sum, and can withdraw it in one lump sum or by installments, and take registered deposit. Notice deposit is a new type of deposit introduced in recent years, and people are not familiar with it. Originally, there were many disadvantages in the method of making notice deposits by provinces themselves, but now the unified deposit method in the whole country makes it more standardized. This kind of deposit has the characteristics of two stools with fixed life, but the interest rate is higher than that of "two stools with fixed life", and it has the advantage of partial withdrawal, which is more suitable for the storage of large amounts of funds with uncertain deposit period within 1 year.