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Postal Savings Bank of China (PSBC) is to underwrite the first and second issues of savings T-bonds (electronic) in 2016 from April 10 to April 19, 2016 (no break on holidays during the period). PSBC underwrites 9.1% of the bonds, in an amount of RMB2,548 million, including RMB1,274 million of three-year bonds with an annual coupon rate of 4% and RMB1,274 million of five-year bonds with an annual coupon rate of 4.42%.
These issues are only offered to individual investors. Individual investors who have signed up for wealth management business could subscribe for the bonds over our counter or through internet banking.
The starting date of pre-redemption of the two issues is the next day following the end of the issuance period, that is, April 20. To handle redemption in advance, investors have to pay handling fees of 1‰ of the redeemed principal, and interests will be calculated and paid to them according to the actual days from the last interests payment date (inclusive) to the pre-redemption date (exclusive) and the applicable interest rate, which is: starting from April 10, 2016, with no interests accrued for holding the two issues of bonds for less than six bonds, interests accrued at the coupon rate with 180 days’ interests deducted for holding of 6 to 24 months, interests accrued at the coupon rate with 90 days’ interests deducted for holding of 24 to 36 months, and interests accrued at the coupon rate with 60 days’ interests deducted for holding the second issue of bonds for 36 to 60 months.