The central bank issued the Notice on Improving Personal Bank Account Services and Strengthening Account Management, which put forward the concept of classified management of personal bank accounts for the first time.
Class I account is a full-featured bank settlement account, which must be opened at the counter or through the bank self-service machine and recognized by the bank staff in person. Depositors can handle all financial services such as deposit, purchase of financial products, cash withdrawal, transfer, consumption and payment through Class I accounts, and there is no limit.
Class II and III bank accounts can be opened at the counter or through electronic channels without face-to-face signing, but they must be bound to my class I bank account or credit card account for identity verification.
Type II households can make deposits, purchase financial products such as investment and wealth management products, restrict consumption and payment, and restrict transfer to unbound accounts. Upon face-to-face identification by bank staff, Class II households can also handle cash deposit and withdrawal, transfer of funds from unbound accounts, and issuance of bank cards as physical cards.
Rural credit cooperatives (rural credit cooperatives in English) refer to rural cooperative financial institutions established with the approval of the People's Bank of China, which are composed of members' shares, implement democratic management and mainly provide financial services for members.
Rural credit cooperatives are independent enterprise legal persons, which are responsible for the debts of rural credit cooperatives with all their assets and enjoy civil rights according to law. Its property, legitimate rights and interests and business activities carried out according to law are protected by state laws. Its main task is to raise idle funds in rural areas and provide financial services for agriculture, farmers and rural economic development. In accordance with national laws and financial policies, organize and standardize rural funds, support agricultural production and comprehensive rural development, support various forms of cooperative economy and family economy, and limit and crack down on usury.
Rural credit cooperatives are divided into the following departments: Rural Credit Cooperatives, International Finance Department of Rural Credit Cooperatives, Zhengtong Rural Credit Cooperatives Training School and Credit Department of Rural Credit Cooperatives, which are under the dual leadership of CBRC and the State Council.