Big Four State-owned Banks to Automatically Extend Maturing Time Deposits During Coronavirus Outbreak

Four of China’s big state-owned banks have announced that they will automatically extend time deposits maturing in the near term in order to help deal with the potential impacts of the novel coronavirus outbreak.

On 6 February Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) all announced that any maturing time deposits would automatically be extended to 31 March 2020, in order to minimise the need for clients to make external trips.

The extension would apply to both domestic and foreign currency time deposits, with interest rates set at those prevailing when deposits originally were made.

ABC and ICBC both said that the extensions would apply to the time deposits of customers that are set to expire any time from 24 January to 31 March, while BOC said that the extension would also apply to large-denomination certificates of deposit.

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