The single-day payment limit for ICBC Type II accounts is 10,000 yuan, and the account balance for Type III accounts is 1,000 yuan.

On December 25, 2015, the People's Bank of China issued the "Notice on Improving Personal Bank Account Services and Strengthening Account Management", proposing to establish a bank account classified management mechanism and conduct personal bank management based on identity information verification means and methods. Accounts are classified, and personal RMB bank accounts are divided into Type I accounts, Type II accounts and Type III accounts, and the service scope and authority enjoyed by different types of bank accounts are different.

The "Notice" clarifies that for bank account opening applications submitted through the counter, depositors can open Type I accounts, Type II accounts and Type III accounts. For bank account opening applications submitted through self-service machines such as remote video teller machines and smart teller machines, depositors can open a Type I account if bank staff verify identity information on-site; if bank staff do not verify identity information on-site, depositors can only open a Type I account. Set up a Type II household or a Type III household. Depositors who submit bank account opening applications through electronic channels such as online banking and mobile banking can only open Type II accounts or Type III accounts.

The "Notice" points out that banks can provide depositors with services such as deposits, purchase of investment and financial products, transfers, consumption and payment, and cash deposits and withdrawals through Type I accounts. Through Type II accounts, depositors can be provided with services such as deposits, purchase of investment and financial products, consumption of limited amounts, and payment of premiums. Banks can provide limited-amount consumption and payment services to depositors through Type III accounts. However, Class II bank accounts and Class III bank accounts are not allowed to deposit or withdraw cash, and are not allowed to allocate physical media.

Extended information:

ICBC officially launched personal banking Class III account services on June 1, 2016. As long as individual customers register and log in to the ICBC mobile banking client, they can quickly apply to open a Type III account with one click.

After customers open a Type III account online, they can bind a physical debit card account (Type I account) with the same name. After the transfer is activated, they can make consumption, utility payment, etc. As a virtual electronic debit account, Type III accounts will not be issued with physical media such as bank cards. They can cooperate with ICBC e-payment or third-party payment to provide services for customers in various online consumption scenarios such as online shopping and payment. The maximum account balance is 1,000 yuan. ICBC does not charge any fees for the management and services of Class III accounts, and all fund transfers between bound accounts are free of charge.

ICBC launches Personal Banking Class III account service, which can not only meet the needs of customers for daily small-amount quick payments, but more importantly, ensure the security of customers’ funds and information through account classification management, providing inclusive, safe, and Convenient financial payment services. Since the customer's Type I account is a full-featured bank account, equivalent to a "treasury", the Type III account is mainly used for small online consumption and payment, equivalent to a "wallet". Category management of Class I accounts and Class III accounts, and isolation of "treasury" and "wallet" can better avoid the risk of online payment fraud and protect the safety of customer funds.

Reference material: Official website of Industrial and Commercial Bank of China - ICBC launches cross-bank online personal bank account opening service