Organs, groups, troops, enterprises, public institutions, individual economic households and individuals (hereinafter referred to as depositors) and bank and non bank financial institutions (hereinafter referred to as banks) who open renminbi deposit accounts in China must comply with the provisions of the accounts management regulations.

The establishment, use and management of foreign exchange deposit accounts shall be carried out in accordance with the provisions on the administration of foreign exchange accounts issued by the State Administration of foreign exchange.

Depositors should have sufficient funds in their accounts to ensure payment.

A depositor opens a basic deposit account in a bank and implements a permit system for issuing an account by a local branch of the people's Bank of China.

Banks must declare to the branches of the people's Bank of China whether they open or cancel accounts for depositors.

A depositor may not open a basic deposit account in a number of banking institutions in violation of the regulations.

Depositors may not open general deposit accounts in several branches of the same bank.

The depositor's account can only handle the business activities of the depositor himself, and shall not rent or pfer the account.

The opening bank is responsible for the examination of the accounts opened or cancelled according to the provisions of the present measures, correctly handling accounts opening and closing accounts, establishing and perfecting the registration system for the expense households, establishing account management archives, and checking accounts with depositors regularly.

The cancellation of the basic deposit account by the opening bank, the opening or cancellation of the general deposit account, the temporary deposit account, and the special deposit account shall be reported to the local branches of the people's Bank of China within 7 days from the date of opening or cancellation.