The China Banking Regulatory Commission and the Central Bank issued the Notice on Launching the Pilot Work of Specific Endowment Savings. The notice clearly stated that from June 20, 2022, China Industrial and Commercial Bank, China Agricultural Bank, China Bank and China Construction Bank will carry out specific old-age savings pilot projects in Hefu, Guangfu, Chengfu, Xi 'an and Qingfu. The pilot period is tentatively set at one year. In the pilot stage, the total scale of specific old-age savings business of a single pilot bank is limited to RMB 654.38+0.8 billion. Specific old-age savings products include lump sum deposit and withdrawal, lump sum deposit and withdrawal and lump sum deposit and withdrawal.

The term of specific old-age savings products is divided into four grades: 5 years, 10 years, 15 years and 20 years; The term of ordinary deposit is 3 months, 6 months, 1 year, 2 years, 3 years and 5 years. Specific old-age savings can be included in the scope of personal pension investment and enjoy legal tax preferences in China; Ordinary deposits cannot enjoy this preferential scheme. The interest rate of some old-age savings products is slightly higher than the listed interest rate of five-year time deposits of large banks.

The difference between specific old-age savings and ordinary deposit products is reflected in two aspects: first, the deposit period is longer, and second, tax incentives. Specific old-age savings products include lump sum deposit and withdrawal, lump sum deposit and withdrawal and lump sum deposit and withdrawal. You can buy pension savings products directly through pilot banks, or you can buy pension savings through personal pension accounts and enjoy the statutory preferential tax policies in China.

At present, the specific pension savings are still in the pilot. Not every city or bank has this product. If you want to buy this, you can pay attention to the pilot banks in your city.