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Brief introduction to the savings T-Bo

Date: 2016-04-29

1. Subscription: During the period of issuance, the Ministry of Finance divides the sales quota of saving bonds into basic quota and flexible quota. Basic quota is allocated to the underwriters in one time. Flexible quota is approved upon the application of the underwriting bank, and successfully-allocated but unsold quota will be returned to the Ministry of Finance on the day of application, and then the underwriting bank can apply again on the following day till the entire flexible quota is used out. If an outlet of PSBC notifies that the saving bonds of the day has been sold up, clients may try subscribing on the following day. 

2. Interest rate adjustment: If the People’s Bank of China adjusts the interest rate on deposit of financial institutions during the period ranging from the date of announcement to the closing date of the issuance, the saving bonds will be cancelled or suspended for issuance on the date of adjustment.  

3. Interest payment: For saving bonds, the interest will be paid together with the principal or be paid on a regular term. As to the former mode, the principal and interest will be paid in a lump sum upon maturity. As to the latter mode, the interest will be paid once on each interest date, the principal and the last installment of interest will be paid upon maturity. Value date is the starting date of issuance of the corresponding T-bonds. Maturity date is the corresponding date of value date after N year (N means the term of T-bonds).

4. Interest for advance redemption: No interest will be accrued in case of no more than the specified period. Saving bonds may be redeemed through multiple portions. The Bank will transfer the principal and interests (after deducting the handling fee) to the personal settlement account with PSBC in real-time.

5. The aforesaid provisions shall be subject to the administrative measures for saving bonds and supporting documents issued by the Ministry of Finance and the People’s Bank of China.