Deposits Under the local law, foreign banks in China aren't allowed to offer banking services to Chinese individuals, or corporations and foreign banks are required to get permission to handle the local currency (RMB) from the local government. (RMB Services have been available since 2005) Savings Deposit A/C Name Target Customers / Opening Amount Terms and Minimum Deposit Rates(%) Description Savings Deposit Individual and corporate/U$ 10 or more No limit 1.15% Interest is accrued every three months Time Deposit A/C Name Target Customers / Opening Amount Rates (%) Terms 1-Month or longer 3-Month or longer 6-Month or longer 1-Year or longer 2-Year or longer Time Deposit Individual and corporate / U$ 1,000 or more Deposit Rates (prime rates) 2.25% 2.75% 2.875% 3.00% 3.25% Fixed interest is accrued at the time of opening an account and paid at maturity Free Accumulative Time Deposit A/C Name Target Customers Terms Rates(%) Installment Description Free Accumulative Time Deposit Individual and corporate /U$ 500 or more 6 months or longer ~ 3 years 2.75% Interest is paid every 3 months Installment and deposit amount is wholly at the customer's discretion Three early withdrawals can be made once the account has been open for at least three months up until maturity. cash withdrawal service is available Useful Tips The installment savings plan is specifically designed to help consumers accumulate a meaningful sum by placing an unspecified amount whenever it is possible over a fixed period of time. The savings bear interest, compounded on a quarterly basis. Documents required for opening an A/C Individual : Passport Corporation Foreign Exchange Control Certificate from SAFE Foreign-invested enterprises in China are allowed to open a current account and a capital account with a single bank providing they have the approval of SAFE After opening a current account and a capital account with our branch, the foreign-funded enterprise can categorize them into savings deposits, time deposits or installment deposits, depending on the use of the fund Withholding tax on interest earnings Based on the local tax code, the interest earnings on an individual's account are subject to a withholding tax, as of Nov. 1., 1999. Item Taxable: Interest earnings in Yuan accounts and foreign currency accounts held by individuals Tax rate : Koreans - 20% Remittance/Foreign Exchange Inbound remittance from Korea Procedure The money will be immediately deposited into the designated A/C if the funds are remitted from Korea to a KEB A/C in China. (To open an A/C, the applicant needs a passport and US$10 deposits) If the applicant does not have an A/C, our customers can still receive remittances with a passport number and their name, as shown in Latin script in their passport. ie : If the remittance is made from Korea with the recipient's passport number(SC0123456) and name(Hong, Kil-Dong) in the payment order, the beneficiary/recipient will be informed about the remittance by phone; and then, the recipient can receive the money after their identity has been confirmed (passport required). Charges Charges for Inbound remittances Charges for cash withdrawals (U$) Remarks Amount Charge U$300 or less U$10,000 or less More than U$10,000 U$10 U$20 U$25 Amount withdrawn x 0.5% - No limitation in amount of remittance; however, people who have stayed in China for a year or longer can withdraw up to US$10,000 /day according to local regulations - If the cash withdrawal exceeds US$10,000/day, then the remittance must be reported to SAFE USD denominated remittances can be changed to RMB without charge. Time required till receipt of money Category Time of remittance received Using KEB Same day remittance made from Korea* Using other banks About 3~4 days after the remittance has been made in Korea * Within 30 minutes , if the "speedy remittance service" is used. Outbound remittance to Korea Remittances from China to Korea Category Details Personal Resident in another country Remittances can be made up to a maximum of US$10,000 per day or within 50% of the remitter's salary (whichever is lowest). (document required : original copy of income tax report) * Need the ratification of SAFE(State Administration of Foreign Exchange) when remitting more than US$10,000/day (document required : application form, original copy of income tax report, residence permit, passport, employment approval, etc) Re-sending remittances from abroad Can remit up to US$10,000/day, within the balance of A/C remitted from abroad Remitters whose residence in China is less than one year. Can remit up to US$10,000/ transaction (document required : original copy of passport) Corporate Can remit after obtaining ratification from SAFE Charge Charge for remittance Transaction charge Amount of remittance x 0.125% Min. : U$5 Max. : U$200 U$20 / transaction loans Type Business Retail Loans Unsecured Loan Security Loan Corporate Loans Operating Funds Loan Facility Loan Syndicated Loan Public & Other Loans Loans to Government Institutions or Public Institutions Payment Guarantee Overseas Guarantee(STB L/C, L/G issuance) Loan consultation : Documents required for consultation Document of Business Status(form is provided by the bank) Approval Certification of FIE Business License(of Industry and Commerce) Code certificate of legal person of enterprises Articles of Association Report on accounting audit for the past 5 years Business Plan Items to be prepared in China for loan provision : Receipt of loan card at the People's Bank of China Obtainment of loan card application report Copy of business license, original copy of code certificate for the legal person in charge, IC Card : available from the People's Bank of China or through internet(download) Documents required when receiving loan card - The original and duplicate of the business license - Copy of registered capital assessment report, proof of registered capital sources - Copy of ID(ID Card, passport, etc.) of legal representative and responsible person - Copy of code certificate of legal person of enterprises and IC Card - Balance sheet as well as profit and loss statement for the last year and the former month(company stamp) Documents required for the registration of external debt to SAFE before loan is executed Application of External Debt registration (written by the company) (Form is provided by the bank) Original & copy of debt agreement Original & copy of investment agreement and the articles of association Original & copy of Capital assessment report issued by CPA (Certified Public Accountant) Registration certificate for foreign exchange "Application of investment in foreign exchange", "Statement of the signed contracts for External Debt" (Form is provided by the bank) Time required : 5 days Opening account of foreign exchange : Approval of registration certificate for External Debt is required. Report to SAFE after the loan is issued (reported directly by the company) Within 5 days after the loan is executed Payment receipt and statement list(provided by the bank) The registration certificate for External Debt, Statement of the signed contracts for External Debt Application for approval of SAFE before tax is paid: Time required: 5 days Notification of interest(Provided by the bank) Payment receipt and statement list(Provided by the bank) The registration certificate for External Debt, Statement of the signed contracts for External Debt Company stamp Loan agreement Miscellaneous Services(Export & Import Trade Services) Services KEB provides various banking services related to EX/IM transactions, such as opening an import L/C, D/A, D/P, L/C advice, L/C transfer, etc. Commissions Refer to the detailed commission rate table. Advantages of the KEB service KEB provides a quick and fast service when you want to perform transactions in Korea from China. We also provide our customers with accurate knowledge about EX/IM regulations of China. Required documents when commencing EX/IM transactions with us A copy of your Business License (of Industry and commerce) A copy of the Approval Certification of FIE Contract for EX/IM transactions (KEB form) Application form to register the company stamp (KEB form) Trading permit registration with SAFE(State Administration of Foreign Exchange) Opening L/C Required documents - L/C opening application form - Contracts for EX/IM transactions - Loan Card(Issued by The People's Bank of China) - When applying to open an L/C before requesting trade permission from SAFE,    "A records form of import payment in foreign exchange" should be submitted. Required time to open L/C : Immediately after request Procedures - Trading permit registration with SAFE - Sign EX/IM contract with us - Request L/C opening - Open L/E L/C NEGO NEGO application form Original copy of L/C Documents specified in L/C Import D/P, D/A Document receipt Acceptance (D/A) Import payment Export D/P, D/A Application for D/P, D/A Documents specified in contracts Import T/T Contract(Original copy) (Customs) declaration form(Original copy) INVOICE B/L Maritime customs IC Card Export T/T When money is deposited in an export proceeds account, we will provide an Exchange Memo. Required documents for issuing an Exchange Memo : Verification certification form(Original copy) (Customers) declaration form(Copy) Invoice(Copy)