'Education' Savings Deposit Service Initiated in China
In addition to postal savings deposit service, all financial institutions going in for banking savings deposit operations in China are given the right to handle education savings deposit business, according to "Measures on Education Saving Management" lately promulgated by the People's Bank of China.
The "Measures" stipulate that a favorable interest rate free of taxation will be provided when education savings deposit services are given by the bank institutions related.
The aim of the "Measures" is to encourage people to save enough money for a non-compulsory high school education, secondary technical schooling, undergraduate / postgraduate course study in universities to advance China's education.
In addition to postal savings deposit service, all financial institutions going in for banking savings deposit operations in China are given the right to handle education savings deposit business, according to "Measures on Education Saving Management" lately promulgated by the People's Bank of China.
