China to scrap 34 bank service fees as of July

13:34, March 15, 2011      

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China's banking regulator said via a circular on Monday that 34 kinds of bank service fees will be scrapped from July 1 to raise the efficiency of banking services.

The fees to be abandoned include fees for opening or canceling a personal savings account or balance account, changing the password of a bank card and making deposits and withdrawals within the bank card's issuing city.

Financial institutions should inform clients of the relevant fees beforehand and offer them right to choose services, said the circular.

The circular was jointly issued by the China Banking Regulatory Commission (CBRC), the People' s Bank of China (PBOC) and the National Development and Reform Commission (NDRC).

Source: Xinhua
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