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Postal Savings Bank of China (PSBC) is to underwrite the first issue of certificate T-bonds in 2016 from March 10 to March 19, 2016 (no break on holidays during the period). PSBC underwrites 7.5% of this issue of bonds, in an amount of RMB2.25 billion, including RMB1,125 million of three-year bonds with an annual coupon rate of 4% and RMB1,125 million of five-year bonds with an annual coupon rate of 4.42%. This issue is not offered to institutional investors; individual investors who have signed up for wealth management business could go to our outlet to subscribe for the bonds.
In case of pre-redemption of the T-bonds, handling fees of 1‰ of the redeemed principle will be collected, and interests will be calculated and paid to investors according to the length of actual holding and the applicable interest rate.
No interests will accrue if the T-bonds are held for less than half a year; annual interest rate of 0.74% is applicable in case of holding more than half a year but less than one year, 2.47% in case of holding one to two years, and 3.49% in case of holding two to three years. 4.01% is applicable to the five-year T-bonds held three to four years, and 4.15% to four to five years.